Property and specialty re/insurance provider IQUW announced that it has entered a partnership with mea, an AI-driven processing platform for re/insurers.
The collaboration aims to enhance IQUW’s underwriting productivity by incorporating mea’s AI technology to streamline and automate underwriting processes across its operations.
The company said that this move also aligns with ongoing efforts to provide a seamless experience for brokers.
Currently deployed in IQUW’s director and officer (D&O) product, the mea platform will expand to other business lines in the coming months. By integrating mea's generative AI tools, IQUW plans to use natural language processing and machine learning to convert unstructured submission data into actionable insights.
This capability aims to increase the speed and efficiency of risk assessment and decision-making processes.
Peter Bilsby (pictured above), CEO of IQUW Group, said that this platform will help the company combine automation with underwriting expertise, keeping its competitive position while simplifying transactions for brokers.
“The implementation of mea's platform represents an important step in our underwriting journey, enabling our teams to provide significantly faster response times to brokers, whilst maintaining our high standards of risk assessment. The ability to process submissions at a significantly increased rate will represent a game-changing efficiency gain for our underwriting teams and our overall broker service proposition,” he said.
Read More: IQUW launches combined FI and cyber solution
Graeme Asquith, UK managing director at mea platform, described the partnership as a step toward offering transformative solutions to meet client expectations.
“This agreement is a testament to our mutual commitment to providing transformative solutions and exceeding our clients’ expectations,” Asquith said. “We’ve recently signed deals with some of the largest players in the re/insurance market, and this latest partnership with IQUW highlights the strength of our offering.”
What are your thoughts on this story? Please feel free to share your comments below.
