AXA XL Risk Consulting has teamed up with Italian artificial intelligence (AI) specialist Expert System to improve its property risk engineering risks capabilities.
As part of the collaboration, AXA XL will use Expert System’s Cogito platform to recognise the correct meaning of words and expressions, and understands the relationship between different concepts.
The new technology will automate the processing of site survey reports, which will enable AXA XL’s team to use risk engineering time on high impact areas.
The technology vendor said that its platform will further enhance AXA XL’s ability to decrease client site risk, as well as help underwriters to reduce 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.”
Corinne Vitrac, CEO of AXA Matrix, now part of AXA XL, stated, “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.”
AXA XL delivers insurance and risk management products and services for mid-sized companies and reinsurance solutions to insurance companies worldwide.