Quantiphi, an Al-first digital engineering company, today announced the launch of its AI-led Intelligent Underwriting Platform (AiUP), which will be included in Google Cloud’s Industry Value Network (IVN) solutions.
The solution combines the power of Dociphi, Quantiphi’s intelligent document processing platform, Unqork’s codeless platform and Google Cloud’s services (Document Al) and infrastructure to assist with digitizing and automating the insurance underwriting process.
Quantiphi Global Head of Financial Services and Insurance, Bhaskar Kalita, said Quantiphi is committed to solving the most intricate business challenges in the financial services and insurance sector.
“Our vision for AiUP is to be the end-to-end platform helping carriers automate the complex underwriting process in commercial insurance,” Kalita said. “Thereby improving application processing times, the user experience for brokers/agents and ultimately improving quote-to-bind ratios.”
Built on Google Cloud, AiUP leverages Unqork’s codeless platform with Dociphi’s patent-pending, generative Al-enabled submission intake capabilities for a fully integrated, accelerated and more seamless underwriting experience. In doing so, insurers are empowered to significantly reduce the time it takes to complete the entire underwriting process, sometimes in a matter of hours instead of several weeks.
Unqork Global Head of Insurance, Farooq Sheikh, said the collaboration will change the very core of the underwriting process.
“Unqork is excited to partner with Quantiphi and Google Cloud to showcase the power of codeless technology to transform the insurance industry,” Sheikh said. “Through AiUP, insurers will be able to accelerate and digitize the underwriting process and enable accelerated servicing for their customers, for an improved and more enjoyable insurer and customer experience.”
“Google Cloud’s Industry Value Networks combine expertise and high-value solutions that help customers address common industry challenges,” Corporate Vice President of Global Partner Ecosystem & Channels, Google Cloud, Kevin Ichhpurani said. “With Quantiphi’s new AI-enabled insurance underwriting platform, carriers can help automate the complex underwriting process in commercial insurance.”
Source: PR Web
