The AI-driven platform is designed to improve risk selection. Credit: MUNGKHOOD STUDIO / Shutterstock.

Bowhead Specialty, a casualty and professional liability insurance provider, has enhanced its underwriting process by implementing Kalepa’s Copilot underwriting platform. 

The AI-driven platform is designed to improve risk selection and help underwriters dedicate their time to high-return opportunities. 

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Bowhead’s move follows its initial public offering (IPO) in the US.  

In the IPO, the insurance company raised $128m through the sale of over 7.5 million shares at $17 each, surpassing the initially marketed 6.7 million shares priced between $14 and $16.  

Bowhead earmarked the net proceeds from the IPO for the growth of its insurance subsidiary and other corporate needs.  

Bowhead Specialty CEO Stephen Sills said: “Our partnership with Kalepa allows us to stay on the cutting edge. Many companies make big claims in their demos and talk about the potential of AI, but no one has impressed us as much as Kalepa.” 

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Kalepa CEO and co-founder Paul Monasterio said: “Commercial insurance is a trillion-dollar industry on pace to double within the decade, but it has been left behind technologically for several decades.  

“Copilot’s groundbreaking AI is changing that by delivering tangible improvements to growth, efficiency, and profitability for insurers of all sizes.”

In a separate development earlier this month, Munich Re Specialty – North America, a division of Munich Re, also deployed the Copilot underwriting platform.  

Launched in 2018 by Monasterio and Daniel Hillman, Kalepa raised $14m in a Series A funding round led by Inspired Capital in September 2021.