Re/insurance software company AdvantageGo has announced the formation of an ecosystem alliance with Insurants, which provides document processing solutions to insurers.
The tie-up will allow AdvantageGo to integrate artificial intelligence (AI) into its Underwriting Workbench to advance data transformation.
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It aims to address the increasing complexity of data in commercial insurance, particularly the processing of unstructured documents.
AdvantageGo’s ecosystem provides insurers with a selection of technology providers through a single source, aiming to expedite the digitisation process.
In the competitive landscape of insurance, AdvantageGo emphasises the importance of data mastery as a key differentiator.
The commercial insurance industry faces inefficiencies in data processing, leading to redundant tasks and errors.
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By GlobalDataInsurants, leveraging AntWorks technology, offers a solution to enable efficient and automated data transformation for various document types, including broker submissions and policy comparisons.
Previously, Insurants collaborated with Marsh McLennan, a leading global insurance broker.
AdvantageGo stated that Insurants’ technology can improve document processing speeds by up to 70%.
This efficiency is achieved simultaneously while training the AI engine to recognise numerous international industry formats used by hundreds of insurance firms.
AdvantageGo global business leader Ian Summers said: “Insurants is a great new addition for the AdvantageGo Ecosystem. It is a real solution to a serious problem, because commercial insurers are drowning in documents and unstructured data. At its core, Insurants is about amplifying productivity by more intelligent document ingestion.
“This aim sits perfectly with our own goals, particularly through our flagship Underwriting Workbench platform, and the two pieces of technology complement each other perfectly. Knowing it works in practice should bring real confidence to underwriters.”
Insurants chief revenue officer Laurence Trigwell said: “Partnering with AdvantageGo represents a pivotal step in expanding the reach of our AI and GenAI driven automation capabilities within the commercial insurance sector.
“By integrating our Insurants capabilities with AdvantageGo’s market leading Workbench capability, we are enabling organisations to optimise workflows, boost efficiency, and deliver superior client outcomes.”
In September 2024, AdvantageGo also entered into a similar alliance with Ping Data Intelligence, a provider of AI-driven data ingestion and geocoding solutions.
AdvantageGo aims to offer Ping’s data enhancement technology to London market international insurers through its platform.
