Unleashing the Power of AI for Property Risk Management
Published on
February 13, 2023
Historically, underwriters have struggled to keep up with the vast and rapidly changing data landscape when evaluating property risks. This has often resulted in missed critical data points and less-than-optimal underwriting decisions. But with today’s advancements in Artificial Intelligence and Machine Learning technology, insurers can now harness a wide range of data sources and analyze them with objective insights and recommendations. The end result: improved risk management.
Majesco’s Game-Changing Property Intelligence Solution
In the Fall ’22 Release, Majesco is introducing Property Intelligence, a cutting-edge AI solution that empowers insurance carriers to make informed decisions about property risks. With its proprietary differentiators, Property Intelligence offers a level of insight into properties never seen before.
Majesco’s Property Intelligence uses advanced AI analytics to produce quantitative risk scores, leveraging a wealth of external data sources and proprietary loss control data. Leveraging AI models behind the Property Intelligence are trained with over 16 million inspections, 200 millions property images and 2 billion data points collected and analyzed by professional risk engineers, underwriters can quickly identify hazards and make data-driven decisions.
Not only is Property Intelligence available as a standalone solution with simple APIs for integration with any systems, but it’s also fully integrated into Majesco’s Policy and Loss Control workflows. And the best part? Customers can start using it right away, with zero integration effort.
What Benefits Does Property Intelligence Offer?
Reduced loss ratios through improved underwriting and risk selection
Enhanced underwriting efficiency, reduced expenses, and faster turnaround times, including the ability to skip loss control inspections for low-risk properties
More accurate and quicker property quotes
Better data for improved reinsurance ratings, contracts, and pricing
Pre-integrated with Majesco’s Policy and Loss Control, resulting in instant value realization
We’re incredibly excited about the launch of Property Intelligence and the many more AI solutions in our roadmap. In today’s competitive market, carriers can no longer afford to rely on outdated data and operational processes. By embedding AI-powered analytics into workflows for underwriting, claims, distribution, customer experience, and other areas, insurers can set themselves apart and deliver greater value to customers. We invite you to try out these innovations and let us know your thoughts.
Do you have any questions or additional thoughts on this topic? Leave a comment or get in touch with our product teams.
