MS Amlin has launched an AI-powered wordings tool, known internally as Wordy Bot, that analyses reinsurance contracts against its underwriting standards. The tool is expected to halve contract review times.
Wordy Bot identifies missing clauses, wording differences, and potential inconsistencies for review by MS Amlin's underwriters and Wordings team. The company says this will help underwriters respond to brokers more quickly, reduce rounds of questions and revisions, and give greater clarity over coverage. It also gives insights into the risks being taken on.
The tool is already deployed for MS Amlin's North American Property reinsurance book and will support the team during the 1 January renewal season. The planned roll-out covers North American Casualty reinsurance next, then the rest of the reinsurance portfolio and, subsequently, direct insurance.
Wordy Bot is used internally by MS Amlin's underwriters and wordings team and is not a product sold to clients.
Martin Burke, Chief Underwriting Officer at MS Amlin, said: "January renewals involve a significant volume of business being negotiated against tight deadlines. For brokers, the value of Wordy Bot is the potential for quicker reviews, fewer avoidable questions and greater clarity over the wording before a contract is finalised. Importantly, it means underwriters can spend more time interpreting wording changes rather than identifying them."
He added: "Wordy Bot does not make underwriting decisions or replace the judgement of our underwriters and wordings team. It helps them review contracts more quickly and consistently, while gaining a clearer understanding of the risk."
The tool was developed by MS Amlin teams in London with MSIG Asia in Singapore through its global automation programme. Development was led by Dr Fei Ling Woon, Head of Robotics, in MS Amlin's business services team.
MS Amlin describes itself as the Lloyd's global specialist (re)insurer.
