Howden unit HX partners with expert.ai to augment underwriting

The Howden Group's data analytics business HX has partnered with insurtech  expert.ai to augment underwriting and and unlock new opportunities with advanced data insights.

Expert.ai for Insurance automates the reading and analysis of contracts by leveraging natural language understanding (NLU) and streamlines the extraction of key policy parameters from historical submissions available on Lloyd's marketplace. It also identifies emerging risks, trends and signals to improve service and product innovation.

By leveraging expert.ai's technology, HX aims to help re/insurers and brokers enhance their policy submissions analysis, as well as identify emerging risks, trends and signals to improve service and product innovation.

"We registered record demand across our services as the insurance market reacted to the pandemic, and we were already solidly positioned to advance digitalization," said David Crompton, head of data assurance at HX.

"Our offering distinguishes as it includes the most innovative, results-oriented solutions as those provided by expert.ai, which gave us an immediate competitive advantage over other less developed solutions in the market. Thanks to their unique NLU/NLP capabilities, we are able to augment data services for our clients whilst ensuring tangible ROI and business outcomes."

Ian McLoughlin, expert.ai business development executive, added: "In the insurance industry, the COVID-19 pandemic has accelerated the need to develop a more sustainable, customer-centric approach. Artificial intelligence is proving to be a key enabler in the evolution from 'detect and repair' to 'predict and prevent.

"We are honored that HX has selected expert.ai to optimize its data analytics and delivery costs optimization for underwriting."