ANN ARBOR, Mich., December 15, 2021 / PRNewswire / – Groundspeed, the leading provider of intelligent AI and ML SaaS submission and analysis solutions to the P&C insurance industry, today presented the benefits its Rapid Fusion data pipeline has delivered at Republic Indemnity. The leading workers’ compensation insurance company chose the advanced platform to improve underwriting results, reduce costs and provide superior service. Groundspeed’s rapid merge platform delivers production-ready data from insurance applications, claims series, emails, policy forms, exposure calendars and more types of documents – quickly.
“Groundspeed’s AI technology helps P&C insurers use more data to make better underwriting decisions much faster and more accurately than current manual processes,†said Jeff mason, CEO of Groundspeed. “We’re excited to help Republic Indemnity truly understand and use their data, accelerate their underwriting and operational processes, and innovate for their clients. “
Evaluating tender documents today is one of the most critical aspects of the underwriting process, and current methods do not take full advantage of the value locked in those documents. Groundspeed helps carriers capture deeper insight from information trapped in unstructured submissions. Groundspeed’s Rapid Fusion platform converts commercial insurance documents such as emails, claims, claims series and exposure schedules into rich structured data used for underwriting, pre-filling and posting. ‘to analyse. Groundspeed’s technology is based on a state-of-the-art dataset that spans over 400 billion dollars in claim value and billions of dollars in exhibition value.
“Groundspeed’s rapid fusion platform has been a huge plus because of its speed and you can trust the data,†said David simmeth, senior vice president and chief information officer of Republic Indemnity. “We were able to streamline and improve our processes, and the accuracy of the data allowed us to take a closer look at our clients’ claims, provide more detailed analysis to identify underlying causes and address them. help reduce their expenses â€.
Launched in 2016, Groundspeed eliminates the need for manual data entry, providing underwriters with actionable information in less time for better risk selection, better underwriting efficiency and business growth. The speed and accuracy of Groundspeed’s AI / ML technology helps Republic Indemnity increase its quote ratio, reduce underwriter bias in bid selection, and create an underwriting dataset to determine new growth opportunities .
To learn more about how Groundspeed can help unlock the value of your unstructured data, visit www.groundspeed.com.
About Groundspeed Analytics
Groundspeed Analytics is a leading provider of SaaS submission and placement technology for the commercial P&C industry. By accessing Groundspeed’s Rapid Fusion platform, the company’s enterprise AI / ML solution, insurance companies and brokers can automate the ingestion and enrichment of document information. unstructured submission.
About the indemnity of the Republic
Situated at Calabasas, California, Republic Indemnity is a leading provider of workers’ compensation coverage to businesses in Western States: CA, AK, AZ, NM, CO, TX, UT, MT, OR, ID, KS, MO and NV. Since 1972, Republic’s innovative solutions and strong relationships with policyholders and brokers have ensured the highest level of service and results for clients and have earned the company an “A-” (Excellent ) or better by AM Best for over 40 years (most recent assessment of ‘A +’ (superior) rating confirmed January 28, 2021). For more information, visit Indemnity of the Republic.
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