Zurich North America partners with Chisel AI to improve construction underwriting
Zurich North America has partnered with technology provider Chisel AI to improve its construction underwriting processes.
Zurich North America has implemented Chisel AI’s policy quote support and verification products to automate basic construction underwriting and placement processes, ensure policy quality, and reduce the cost of policy. overhaul and reissue of policies, announced Chisel AI.
Using machine learning, Chisel AI’s products will read, extract, and ingest unstructured data from long and complex digital insurance documents and automate manual quote entry and policy verification tasks.
“We are excited to be working with Zurich to roll out quote receipt and policy verification to help them improve underwriting efficiency and the broker and policyholder experience,” said Jason McDermott, President and CEO. from the management of Chisel AI. âBusiness line submissions require extensive manual effort to gather information from emails and multiple attachments before an underwriter can assess risk. Our bid receipt solution will allow Zurich to extract key data points from bids in real time for transmission to downstream systems, while our policy check will automatically compare a policy with a workbook to identify errors more quickly and omissions, with the aim of reducing the policy recovery ratios and accelerating the speed of issuance.
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âAs a customer-driven organization, Zurich invests in innovation that supports our efforts to deliver high quality products and services,â said Jeffrey Gallimore, COO, US National Accounts, for Zurich America North. âChisel AI brings the type of innovation that we seek on behalf of our customers and distributors. “
In addition to its construction activity, Zurich North America is evaluating the potential use of Chisel AI technologies in other areas of activity.