Mark Kollar Consulting Group and Understudy Insurance Services have launched a joint venture into Renewal Book Solutions, LLC, an AI-powered renewal book marketplace.
With the technology offered through Renewal Book Solutions, teams can harness the power of AI to manage the business more effectively and scale future growth, the pair say.
The company will provide the technology necessary to manage business books more effectively.
“We are very excited to partner with Renewal Book Solutions, LLC to support the growing needs of the underwriting renewal market,” commented Tariq Timol, President and CEO of Understudy Insurance Services. The Understudy AI platform is specifically designed to support all aspects of underwriting, providing powerful visibility into exposures.
“For Renewal Book Solutions, Understudy is ideally positioned to provide unique, advanced insights into exposures that may have changed from the initial policy term. This insight will provide Renewal Book Solutions underwriters an advantage as it ensures risk is appropriately priced, validated, etc. , and will reduce the amount of time underwriters will spend processing renewals.Using our AI technology will not only put your current renewal book in the best position, but will provide significant value for future policy terms.
In the course of the project, the company plans to sell a more complete Understudy platform.
The platform can be calibrated to document current compliance with underwriting guidelines. This reviews ratings, applicable credit and debt, price integrity, compliance with policy language with coverage portions and endorsements provided, companies explain.
Additionally, it can verify exposure information, along with creating a risk score based on criteria established with underwriting managers.
Added Mark Kollar, founder of Mark Kollar Consulting Group, “There’s one thing AI can’t do – walk long distances down the hall explaining to your COO why you wrote that account that blew up amazingly. Systems can’t take responsibility for decisions, people can They are the ones who bear it.AI enhances underwriter capacity and that is why you should deploy our underwriters in a well-defined portfolio – your renewal book.Unleash AI by working with our underwriters who will use the Understudy platform.
