Mulberri has unveiled its revolutionary AI-powered risk engine to enhance workers compensation, streamline underwriters’ decision making and boost profitability

Mulberri, the cutting-edge embedded insurance platform driven by artificial intelligence (AI), has announced the launch of its groundbreaking Risk Engine, a unique risk assessment solution for workers compensation underwriters. 

Already adopted by prominent organisations like Paychex’s PEO department, the Risk Engine utilises advanced machine learning models to provide underwriters with immediate access to crucial information, enabling them to make prompt and accurate decisions.

Key predictions that underwriters can make using the Risk Engine include:

1. Claim Propensity: Likelihood of an insured party filing a claim within the next twelve months.
2. Claim Frequency: Frequency of claims occurring within a twelve-month period.
3. Claim Severity: Anticipated severity of a claim if it were to occur.
4. Loss Ratio: Likelihood of the loss ratio deteriorating beyond a profitable level.

Underwriters and insurers face mounting challenges in their daily operations, including a surge in application volume, difficulties in obtaining relevant data, pressures to minimize losses, and intensifying market competition. 

While workers’ compensation represents a multi-billion-dollar market, existing underwriting processes have yet to fully harness the power of data, particularly AI. 

Mulberri’s Risk Engine has been meticulously designed to address the specific needs of underwriters and their clients, expanding upon Mulberri’s existing portfolio of insurance products tailored to payroll businesses, HR providers, brokers, and small to medium-sized enterprises.

Mulberri is revolutionising insurance landscape via innovative delivery of services

“Our mission since day one has been to leverage technology to complement underwriters’ expertise, simplifying and streamlining the business insurance process while ensuring transparency,” stated Hamesh Chawla, CEO and co-founder of Mulberri. “The Risk Engine represents a transformative leap forward in achieving that mission.”

Mulberri has extensively trained its Risk Engine to identify factors that influence claims, utilising millions of data points encompassing firmographic information, past loss experiences, and workers compensation details. 

This cloud-based product offers intuitive access to on-demand predictions via any SaaS application, along with easy deployment capabilities. Users can analyze and score prospects individually or in bulk, with all data obfuscated to ensure the safety of personally identifiable information (PII).

Join Mulberri in New York at Insurtech Insights USA 2023

Join Hamesh Chawla at Insurtech Insights USA 2023, the USA’s fastest growing Insurtech conference on June 7th and 8th at the Javits Center in New York, as he and three other other, leading cyber insurance experts take part in the live panel discussion: ‘The Technologies Creating a Dynamic Cyber Insurance Strategy’.

Source: Businesswire