Pibit.ai transforms commercial underwriting workflow for P&C insurers and MGAs with a particular focus on enhancing efficiency and accuracy, and its participation in Guidewire’s Insurtech Vanguards programme presents an opportunity for insurers to learn how to transform their commercial underwriting workflow.
Currently, the manual processing of millions of unstructured commercial submission documents, such as loss runs, applications, and accords, leads to slower quote processes, consumes valuable underwriter time with mundane administrative tasks, and introduces errors resulting in high loss ratios. This hampers scalability and causes missed opportunities for written premiums.
With Pibit.ai, underwriters can significantly expedite response times, reducing quoting time through efficient rating and precise premium calculation. This drives a profitable increase in the book of business, with a potential reduction in combined ratio and loss ratio. Pibit.ai enables insurers to enhance throughput processing by while minimizing touchpoints with brokers.
This enables insurers to streamline operations, improve overall efficiency, and drive better outcomes. Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the programme, Guidewire provides strategic guidance to and advocates for the participating insuretechs, while connecting them with Guidewire’s P&C customers.
“We are excited to welcome Pibit.ai to the Guidewire Insurtech Vanguards programme and recognises the value its AI automation platform and commercial underwriting expertise brings to insurers,” said Laura Drabik, Chief Evangelist, Guidewire.
She added: “Pibit.ai is among those insurtechs changing the game for commercial underwriting, and we look forward to sharing their innovative technology with the industry.”