AXA XL partners with AI specialist Expert System on property risk engineering risks
AXA XL Risk Consulting has partnered with Expert System, a specialist in the use of artificial intelligence (AI), to help its underwriters make better decisions to when assessing property risk engineering risks.
Expert System is an Italian software company that develops cognitive computing software based on AI algorithms. In order to help with the assessment of property site surveys, the team is using Cogito – an Expert System platform that uses AI to identify the correct meaning of words and expressions in context, and understands the relationship between different concepts.
Automating the process of reading site survey reports through natural language processing enables the risk consulting team to expand the breadth of documentation and volume of accounts that can be reviewed, focus risk engineering time on high impact areas, increase its ability to mitigate client site risk, and allow underwriters to decrease their speed-to-quote time.
Jonathan Salter, head of property risk engineering at XL Catlin, now part of AXA XL, AXA’s P&C and Specialty division, 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.”
Steven Walden, director of strategy operations for global property at XL Catlin, added: “Our risk engineers deal with an increasing amount of data; a trend that keeps accelerating. As a result, the industry is turning to technology to help analyse it. Delivering enhanced data and analytical capabilities, both internally and externally, is an essential element of our journey, and the work completed in partnership with our Risk Consulting team and Expert System adds to the AXA XL tool kit.”
Corinne Vitrac, chief executive officer of AXA Matrix, now part of AXA XL, commented: “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.”
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