GROUPASSUR
“ This allows them to focus on doing actual underwriting work without having to go and search for all of the data that they need to make a decision . It ' s really about simplifying their operation ; we ' re not removing the human from the equation , because we are an underwriting business .
“ We also think that technology is not at the stage , for the foreseeable future , where it can make underwriting decisions . Those are too complex , especially in the commercial sector . Instead , what we ' re doing is making sure that our technology routes the right case to the right underwriter – the one who is the most qualified to perform that case extremely efficiently .”
GroupAssur ’ s new processes are made possible through its partnerships and new APIs . The company has forged several alliances with data providers that are already integrated into Guidewire ’ s platform . The AI-driven solutions extract the information from the different channels that receives submissions . They then feed that straight into Guidewire along with some of its own inferred analysis & insights – thus completely removing the data entry and clerical work portion of the labour . The availability of insights is also essential , says St-Jean Mercier , because it guides all management decisions in the company ’ s strategy .
“ We have already built a live business intelligence hub that tracks all of our KPIs , all of our performances , our markets , our brokers ’ performance throughout the years , month by month . We can slice it anyway we want and go back as far as 10 years . It contains unified data from all the different legacy systems that we have , and we designed it so that it can scale with acquisition , because part of our strategy is around acquisition .”
“ When you do underwriting , you want to make sure that you do it right – that you check every box – that you cover every angle , because you don ' t want to have a bad risk ”
FREDERIC ST-JEAN-MERCIER CHIEF INFORMATION OFFICER , GROUPASSUR INC .
Within just a few short months , GroupAssur can bring a legacy system from an acquisition onto the data lake and begin migrating it over to the Guidewire platform . Ultimately , they aim to complete the post-merger integration of the entire system within three-to-six months following a transaction .
“ That ' s the gist of our transformation ,” St-Jean Mercier says . “ So , what kind of value does it bring to our stakeholders ?
“ If I ' m an insurance company and I see that GroupAssur ' s technology allows faster and more efficient quoting to their brokers - at no additional cost to them and with a loss ratio equal to or greater than the current ratios - than it ' s a no-brainer for these companies to partner with us and create more programs .“
“ From the broker standpoint , It ' s all about giving them flexibility and speed . They don ' t want to have to enter data on a portal for six different MGAs and four different insurance carriers for every quote . That ' s not sustainable . So we want to make it easy for them to send
90 July 2022