Expert.ai Case Studies Accelerating Property Risk Engineering for AXA XL

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	Accelerating Property Risk Engineering for AXA XL Expert.ai

Accelerating Property Risk Engineering for AXA XL

Expert.ai

Technology Category	Analytics & Modeling - Natural Language Processing (NLP)
Applicable Functions	Business Operation
Use Cases	Automated Disease Diagnosis
Services	Data Science Services
Challenge	Risk evaluations are central to the underwriting process as they provide critical information about buildings, factories, production processes and more. Underwriters use this information to evaluate critical risk factors and grade them based on internally established grading standards. While the process itself is relatively straightforward, it is time consuming and leads to scoring inconsistencies due to individual subjectivity. AXA XL Risk Consulting was looking for a solution to help assess their property site surveys and automate the reading and analysis of site survey reports. Read More
About Customer	AXA XL is a global insurance and reinsurance company with 7,400 employees spread across more than 100 offices on 6 continents. The company is involved in the underwriting process, which involves risk evaluations that provide critical information about buildings, factories, production processes and more. These evaluations are used to grade risk factors based on internally established grading standards. However, the process is time-consuming and can lead to scoring inconsistencies due to individual subjectivity. Read More
Solution	AXA XL Risk Consulting tasked expert.ai to help assess their property site surveys. Expert.ai’s natural language technology enabled AXA XL to automate the reading and analysis of site survey reports through contextual understanding of words and expressions as well as the relationships between them. By automating the process, AXA XL’s risk consulting team was able to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Natural Language Processing (NLP)

Applicable Functions

Business Operation

Use Cases

Automated Disease Diagnosis

Services

Data Science Services

Challenge

Risk evaluations are central to the underwriting process as they provide critical information about buildings, factories, production processes and more. Underwriters use this information to evaluate critical risk factors and grade them based on internally established grading standards. While the process itself is relatively straightforward, it is time consuming and leads to scoring inconsistencies due to individual subjectivity. AXA XL Risk Consulting was looking for a solution to help assess their property site surveys and automate the reading and analysis of site survey reports.

About Customer

AXA XL is a global insurance and reinsurance company with 7,400 employees spread across more than 100 offices on 6 continents. The company is involved in the underwriting process, which involves risk evaluations that provide critical information about buildings, factories, production processes and more. These evaluations are used to grade risk factors based on internally established grading standards. However, the process is time-consuming and can lead to scoring inconsistencies due to individual subjectivity.

Solution

AXA XL Risk Consulting tasked expert.ai to help assess their property site surveys. Expert.ai’s natural language technology enabled AXA XL to automate the reading and analysis of site survey reports through contextual understanding of words and expressions as well as the relationships between them. By automating the process, AXA XL’s risk consulting team was able to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients.

Impact #1	The automation of the reading and analysis of site survey reports allowed AXA XL’s risk consulting team to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients.

Impact #1

The automation of the reading and analysis of site survey reports allowed AXA XL’s risk consulting team to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients.

Benefit #1	Increase review capacity by 400%
Benefit #2	Reduced risk engineering review time by 4 hours per property
Benefit #3	Automated grading of 10 risk factors

Benefit #1

Increase review capacity by 400%

Benefit #2

Reduced risk engineering review time by 4 hours per property

Benefit #3

Automated grading of 10 risk factors

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Overview

Accelerating Property Risk Engineering for AXA XL

Operational Impact

Quantitative Benefit