Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has launched an analytics feature to improve P&C carriers’ efficiency.
Sure Premium Audit Analytics, a new product of Insurity’s Sure Premium Audit solution, incorporates robust predictive analytics from Insurity Predict into the auditing processes to optimise premiums and operational efficiency by up to 15%.
For many P&C carriers, Insurity said detecting exposure risk remains challenging in the premium auditing process.
It can be complex, if not rare, for premium audit departments to have the ability to audit their entire book of business. Rather, the current premium auditing process for many carriers is highly reactive and based on standard policy features, including location, premium, and industry.
According to Insurity, Sure Premium Audit Analytics tackles these challenges head-on with robust predictive models, and machine learning.
With Sure Premium Audit Analytics, Insurity said carriers can enhance their audit workflows with embedded AI and machine learning to optimise the premium audit process by predicting audit results before the audit is even ordered.
Carriers can also streamline the auditing process by creating custom predictive models on a low-code, configurable interface.
Sylvester Mathis, chief insurance officer at Insurity, said, “Premium audits can be a time-consuming process, resulting in carriers leaving hundreds of thousands, if not millions, of dollars of missed premium on the table.
“Sure Premium Audit Analytics takes the guesswork out of identifying premiums to audit by proactively flagging policies possessing the characteristics to generate exposures outside initial estimates. Audit costs are reduced or practically eliminated and time-consuming processes are removed by leveraging the most efficient audit methods.”
In July last year, Specialist insurer Beazley adopted Insurity’s Sure Program Underwriting Distribution solutionto grow its Lloyd’s book of business and automate the distribution of its Personal Articles Floater (PAF) line of business in the US.
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