TL;DR:
- Quantiphi introduces AI-led Intelligent Underwriting Platform (AiUP) in collaboration with Unqork and Google Cloud.
- AiUP combines Quantiphi’s Dociphi, Unqork’s codeless platform, and Google Cloud services for digitizing and automating insurance underwriting.
- Goal is to enhance application processing times, user experience, and quote-to-bind ratios in commercial insurance.
- Built on Google Cloud, AiUP utilizes Unqork’s codeless tech and Dociphi’s AI-driven capabilities to expedite underwriting.
- Collaboration aims to transform insurance industry through accelerated digital underwriting and improved customer experience.
Main AI News:
In a groundbreaking stride towards innovation, Quantiphi, a pioneering AI-centric digital engineering company, has unveiled its latest brainchild: the AI-led Intelligent Underwriting Platform (AiUP). This groundbreaking platform finds its place within the esteemed Google Cloud Industry Value Network (IVN) solutions, seamlessly amalgamating the prowess of Quantiphi’s Dociphi, a platform for intelligent document processing, the ingenious codeless capabilities of Unqork’s platform, and the robust suite of services offered by Google Cloud, including the formidable Document AI. The primary aim? To revolutionize the insurance underwriting landscape through digitization and automation.
Bhaskar Kalita, the astute Global Head of Financial Services and Insurance at Quantiphi, spoke of the company’s unwavering dedication to unraveling intricate challenges within the financial and insurance domains. “AiUP,” he articulated, “embodies our commitment to furnishing an all-encompassing platform that empowers carriers to seamlessly automate the labyrinthine underwriting processes entrenched in commercial insurance.” The overarching goal is to catalyze application processing times, enrich the user journey for brokers and agents, and, in the grand scheme, augment the efficacy of quote-to-bind ratios.
The very crux of AiUP rests upon the sturdy foundations of Google Cloud, bolstered further by the codeless architecture championed by Unqork’s platform. This formidable combination is accentuated by Dociphi’s ingenious patent-pending generative AI-driven submission intake capabilities, facilitating an unswervingly integrated and expedited underwriting experience. This marriage of technologies enables insurers to wield the power of time compression, remarkably shrinking the temporal expanse required to traverse the entirety of the underwriting process—a transformation that can manifest within mere hours, obliterating the erstwhile weeks-long ordeal.
Farooq Sheikh, the erudite Global Head of Insurance at Unqork, emphasized the seismic shift this collaboration instigates within the very nucleus of the underwriting process. “The alliance with Quantiphi and Google Cloud forges an exciting chapter in the saga of codeless technology’s prowess,” Sheikh proclaimed. Through AiUP, insurers are poised to fast-track and digitize the underwriting trajectory, in turn expediting service provision for their clientele—an evolution that promises an elevated and more gratifying experience for both insurers and customers alike.
Kevin Ichhpurani, the sagacious Corporate Vice President of Global Partner Ecosystem & Channels at Google Cloud, hailed the strategic significance of their Industry Value Networks in navigating industry-specific challenges. “Quantiphi’s pioneering AI-imbued insurance underwriting platform affords carriers the pivotal means to mechanize the multifaceted underwriting journey entrenched in commercial insurance,” Ichhpurani underscored. This alliance is set to reshape the paradigms of underwriting through the formidable convergence of technology and strategic collaboration.
Conclusion:
The strategic collaboration between Quantiphi, Unqork, and Google Cloud to introduce the AI-led Intelligent Underwriting Platform (AiUP) marks a pivotal moment in the insurance industry. By synergizing cutting-edge technology and expertise, this collaboration paves the way for a transformative shift in underwriting processes. AiUP’s innovative approach promises to revolutionize the market, enabling insurers to automate intricate processes, reduce processing times, and ultimately deliver an elevated experience for both agents and customers. This strategic alignment underscores the industry’s commitment to embracing technological advancements for enhanced efficiency and customer-centricity.
