The AI Solution for Risk Engineering You Need to Know About
In the last two years, global catastrophic events such as floods and fires have resulted in aggregate losses of $25 to $30 billion dollars for commercial property insurance carriers. Year over year, those figures continue to climb.
To mitigate losses of such magnitude, insurance carriers and third-party risk consulting firms, particularly those with Fortune 500 and F100 clients, employ thousands of high-value risk engineers to review and analyze commercial buildings, manufacturing plants and warehouses for potential risks.
To form an accurate assessment for a multinational account, a team of field and account engineers spend on average over 400 hours to review volumes of property-risk related documents in order to confidently evaluate a bid.
Despite impressive gross written premiums achieved from this endeavour, the commercial property insurance industry and specifically risk engineers face two significant problems: data overload and onerous, manual processes.
Data derived from IoT devices used in buildings and on person, are among the biggest drivers of this data explosion. An article by Forbes stated that 90% of the world’s data was generated in the past two years alone. Did you know the world produces 2.5 quintillion bytes of data every day? That pace isn’t going to slow down as new forms of data collection emerge.
Yet the task performed by risk engineers to synthesize lengthy risk survey reports into an executive summary of just 15 to 20 pages (from 600 or more) hasn’t changed…in decades. The manual, error-prone process is repetitive, tedious, and as some risk engineers described to us in interviews, de-moralizing. One risk engineer went so far as to describe it as saying, “it’s like nails on a chalkboard!”
That’s why a solution is more crucial now than ever. The C-suite from nearly every insurance carrier demands that each department look to find more efficiencies while the account engineers are provided less time to review and assess more risk data than ever.
That’s where Orbiseed comes in.
Orbiseed has developed an AI-powered platform that supercharges commercial property insurance by enabling risk engineers to efficiently summarize their building data at lightning speed and with pinpoint accuracy.
Orbiseed’s AI improves account engineering efficiency by approximately 50% the first year and in three years that rate surges to 90%.
Based on a Gross Written Premium of a Billion dollars and after using Orbiseed’s AI for 3 years, an insurance carrier can expect cumulative savings of US $23.5 million dollars that goes straight to their bottom line.*
Here is how it works:
Orbiseed’s platform securely retrieves large risk survey report files consisting of both structured and unstructured data from the insurance company’s content management system.
Then, our patent-pending technology uses natural language processing and computer vision to extract relevant information from these reports and convert them into a structured format that computers can understand.
This allows the risk engineer to simply verify the final product, aggregating and synthesizing the information from thousands of pages into a concise executive summary. The account engineer can also customize the report to suit their needs at the touch of a button!
Orbiseed is unique from its competitors because it is built specifically for risk engineers. The AI focuses on property and casualty data vs actuarial and severity of loss rather than frequency. The platform also complements the insurance carrier’s existing workflow and acts as a supercharger, layering on top of the system they already have in place.
This allows Orbiseed to be an extra set of eyes for the engineer on a risk assessment which gives them the confidence they need to simply verify the information and move forward with risk assessments. That way, they can focus on the high knowledge work they do with their clients rather than being stuck behind a desk all day.
The Orbiseed team has spoken with 60+ risk management professionals and they have all, unanimously expressed interest in supercharging their risk assessment teams.
Orbiseed is transforming how insurance companies assess property risk and is supercharging the process with cutting-edge AI.
Want to learn more? Ask to see a demo today.
*Cumulative projections based on industry averages and $1 billion in Gross Written Premiums.
