Expert.ai > Case Studies > Accelerating Property Risk Engineering for AXA XL

Accelerating Property Risk Engineering for AXA XL

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Company Size
1,000+
Country
  • Worldwide
Product
  • expert.ai natural language technology
Tech Stack
  • Natural Language Processing
Implementation Scale
  • Enterprise-wide Deployment
Impact Metrics
  • Cost Savings
  • Productivity Improvements
Technology Category
  • Analytics & Modeling - Natural Language Processing (NLP)
Applicable Functions
  • Business Operation
Use Cases
  • Automated Disease Diagnosis
Services
  • Data Science Services
About The Customer
AXA XL is a global insurance and reinsurance company with 7,400 employees spread across more than 100 offices on 6 continents. The company is involved in the underwriting process, which involves risk evaluations that provide critical information about buildings, factories, production processes and more. These evaluations are used to grade risk factors based on internally established grading standards. However, the process is time-consuming and can lead to scoring inconsistencies due to individual subjectivity.
The Challenge
Risk evaluations are central to the underwriting process as they provide critical information about buildings, factories, production processes and more. Underwriters use this information to evaluate critical risk factors and grade them based on internally established grading standards. While the process itself is relatively straightforward, it is time consuming and leads to scoring inconsistencies due to individual subjectivity. AXA XL Risk Consulting was looking for a solution to help assess their property site surveys and automate the reading and analysis of site survey reports.
The Solution
AXA XL Risk Consulting tasked expert.ai to help assess their property site surveys. Expert.ai’s natural language technology enabled AXA XL to automate the reading and analysis of site survey reports through contextual understanding of words and expressions as well as the relationships between them. By automating the process, AXA XL’s risk consulting team was able to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients.
Operational Impact
  • The automation of the reading and analysis of site survey reports allowed AXA XL’s risk consulting team to expand the breadth of documentation and volume of accounts they could review. This allowed underwriters to reallocate their time to high-impact activities and standardize their approach to risk scoring by removing subjectivity from the process. This helps to mitigate risk and allow underwriters to decrease their speed-to-quote time. In addition to helping underwriters, the automated process also frees up engineers to better understand their clients and advise underwriters. In turn, they can provide better solutions and faster quotes to brokers and clients.
Quantitative Benefit
  • Increase review capacity by 400%
  • Reduced risk engineering review time by 4 hours per property
  • Automated grading of 10 risk factors

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