AXA XL Risk Consulting, a unit of global insurance and risk management provider AXA XL, is leveraging artificial intelligence (AI) to boost its property risk engineering capabilities.
Image: AXA XL is a recently created division from the merger of AXA and XL Group. Photo: courtesy of Kokky92/Wikipedia.org.
According to AXA XL, AI will increasingly become a major part of the insurance industry’s processes as complexity and breadth of data available to insurers continue to grow.
A recently created subsidiary following the $15.3bn merger between AXA and XL Group, AXA XL focuses on large P&C commercial lines and specialty risks.
The AXA subsidiary said that its risk consulting unit is currently working with Italian software company Expert System, which develops cognitive computing software based on AI algorithms.
It revealed that its team has started using Cogito, an Expert System platform for assessment of property site surveys. Cogito makes use of AI to identify the right meaning of words and expressions in context while having the ability to understand the relationship between various concepts.
AXA XL said that by automating the process of reading site survey reports by natural language processing, its risk consulting team can expand the breadth of documentation and volume of accounts that can be looked into.
AXA Matrix CEO Corinne Vitrac said: “In the future, the value of risk consulting will notably reside in its ability to collect and model numerous quantitative and qualitative risk data from various internal and external sources.
“That will help us to better assess the risks our clients face and provide even better prevention recommendations. By adopting AI-based capabilities, AXA XL Risk Consulting can enhance its risk modelling capabilities, be more efficient in the management of low value tasks, and ultimately better serve clients.”
Through the automation process, the risk consultant team can focus risk engineering time on high impact areas, enhance its ability to mitigate client site risk, and help underwriters to reduce their speed-to-quote time, said the AXA unit.
AXA XL claims that its risk consultants can extract the knowledge and insights from 100+ page engineering surveys in matter of minutes using the automation process.
XL Catlin property risk engineering head Jonathan Salter said: “When assessing our clients’ risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports.
“On average, they go through more than 10,000 of these reports every year. By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.”