Aventum, an international (re)insurance group, has announced the launch of an innovative AI Underwriting Assistant.
This development follows the conclusion of Aventum’s inaugural Bear Cave Innovation Challenge, a company-wide initiative aimed at fostering innovation within the organisation, according to InsurTech Insights.
The AI Underwriting Assistant was developed in response to the challenge, which encouraged all members of Aventum to propose ideas that could drive revenue growth, improve efficiency, enhance workplace conditions, or secure a sustainable competitive advantage.
The challenge attracted over thirty suggestions from employees, many of which focused on environmental sustainability and AI-driven solutions aimed at enhancing claims processing efficiency.
Aventum, a global leader in the (re)insurance sector, offers a wide range of bespoke insurance solutions through its various subsidiaries, including Rokstone, one of the world’s largest specialist (re)insurance underwriting businesses. With a commitment to innovation, Aventum continues to push the boundaries in the InsurTech space.
The newly introduced AI Underwriting Assistant is designed to triage insurance submissions and accurately identify risk appetite using advanced AI technology.
This tool, which emerged as the winning idea from the Bear Cave Innovation Challenge, was proposed by Lee Ellis, a specialist underwriter in Aventum’s Rokstone iFarm division.
The assistant is currently in the proof-of-concept stage, with ongoing development in Aventum’s Innovation Lab, a dedicated division fully equipped with resources and funding.
In addition to triaging submissions and assessing risk, the AI Underwriting Assistant is expected to streamline the underwriting process, reducing the time needed to process claims and improving overall efficiency.
This aligns with Aventum’s broader strategy to leverage AI and machine learning to enhance its service offerings.
Aventum has also revealed that the Innovation Lab is using large language model (LLM) technology to build a prototype of the AI Underwriting Assistant. The lab, a crucial part of Aventum’s innovation strategy, continues to be a hub for developing cutting-edge solutions within the (re)insurance industry.
Aventum Chief Executive Officer David Bearman commented,“This perfectly highlights what can be achieved when you harness the collective genius of a talented team, and no team is more talented than ours. The Bear Cave Challenge was a great opportunity to build on our culture of innovation and empowerment.
We were inundated with incredible ideas from team members worldwide across every part of the Group. Congratulations to Lee, his idea was incredible and certainly pushes the boundaries of what’s possible, something we collectively strive for. Currently in the proof-of-concept stage, watch this space for updates on the development of this exciting new technology.”
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