Embedded Insurance: Mulberri Launches AI-Powered Risk Engine for Workers Compensation Underwriters Organizations

Mulberri, an AI-driven embedded insurance platform, today announced the launch of its Risk Engine, a first of its kind risk assessment offering “for workers compensation underwriters.”

The Risk Engine, which is already being “deployed by customers like Paychex’s PEO department, uses machine learning models to put the information underwriters need at their fingertips, making it possible to make fast, accurate decisions.”

Insurers and underwriters “face mounting pressure in their daily work, including an increased volume of applications, difficulties accessing the right data, pressure to minimize losses, and growing competition.”

Mulberri designed its Risk Engine “to meet the needs of underwriters and their customers, extending Mulberri’s existing portfolio of insurance products for payroll businesses, HR providers, brokers and small-medium businesses.”

Hamesh Chawla, CEO and cofounder of Mulberri, said:

“Our mission from day one has been to leverage technology to complement underwriters’ judgment so that the business insurance process can be simple, efficient, and transparent. The Risk Engine is a transformative step forward.”

Mulberri trained its Risk Engine “to determine factors that impact claims based on millions of pieces of information including firmographic information, previous loss experience and workers compensation information.”

The cloud-based product “allows intuitive access to predictions on demand from any SaaS application as well as easy deployment.”

It also enables users “to analyze and score prospects one at a time or in bulk. All data is obfuscated, so PII remains safe.” It allows underwriters “to make predictions” for:

  • Claim Propensity—Likelihood of an insured filing a claim in twelve months
  • Claim Frequency—Claim repetition in twelve months
  • Claim Severity—Severity of the claim should it occur
  • Loss Ratio—Likelihood of the loss ratio getting worse than a profitable level

As noted in the update, Mulberri claims it is “redefining how insurance is delivered. Almost $100B of Property & Casualty (P&C) is placed annually in the small-medium market using manual workflows, archaic processes, and low-tech solutions.”

Without efficiency and automation, people are unproductive, “resulting in process friction and delays.”

Launched in 2021, Mulberri says it is “the first business insurance solution built for PEOs and brokers.”

Mulberri reportedly “allows PEOs, brokers, small-medium businesses, and carriers to come together to write business.” Their mission is “to use technology to connect people and help them make intelligent data-driven decisions to make the business insurance process simple, efficient, and transparent.”

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