Quantiphi, an Al-first digital engineering company, announced the launch of its AI-led Intelligent Underwriting Platform (AiUP), which will be “included in Google Cloud’s Industry Value Network (IVN) solutions and combines the power of Dociphi, Quantiphi’s intelligent document processing platform,”
Unqork‘s codeless platform and Google Cloud’s services (Document Al) and infrastructure to assist “with digitizing and automating the insurance underwriting process.”
Quantiphi Global Head of Financial Services and Insurance, Bhaskar Kalita, said Quantiphi is committed to “solving the most intricate business challenges in the financial services and insurance sector.”
“Our vision for AiUP is to be the end-to-end platform helping carriers automate the complex underwriting process in commercial insurance,” Kalita said. “Thereby improving application processing times, the user experience for brokers/agents and ultimately improving quote-to-bind ratios.”
Built on Google Cloud, AiUP leverages Unqork’s codeless platform “with Dociphi’s patent-pending, generative Al-enabled submission intake capabilities for a fully integrated, accelerated and more seamless underwriting experience.”
In doing so, insurers are empowered “to significantly reduce the time it takes to complete the entire underwriting process, sometimes in a matter of hours instead of several weeks.”
Unqork Global Head of Insurance, Farooq Sheikh, said the collaboration will change the very core of the underwriting process.
“Unqork is excited to partner with Quantiphi and Google Cloud to showcase the power of codeless technology to transform the insurance industry,” Sheikh said. “Through AiUP, insurers will be able to accelerate and digitize the underwriting process and enable accelerated servicing for their customers, for an improved and more enjoyable insurer and customer experience.”
Corporate Vice President of Global Partner Ecosystem & Channels, Google Cloud, Kevin Ichhpurani said.
“Google Cloud’s Industry Value Networks combine expertise and high-value solutions that help customers address common industry challenges. With Quantiphi’s new AI-enabled insurance underwriting platform, carriers can help automate the complex underwriting process in commercial insurance.”
As noted in the update, Quantiphi is an Al-first digital transformation engineering company driven by the desire “to reimagine and realize transformational opportunities at the heart of the business.”
Quantiphi claims that it “solves the toughest and most complex business problems by combining deep industry experience, disciplined cloud and data engineering practices, and cutting-edge artificial intelligence research to achieve quantifiable business impact at unprecedented speed.”
They are passionate about their customers and obsessed “with problem-solving to make products smarter, customer experiences frictionless, processes autonomous, and businesses safer by detecting risks, threats, and anomalies.”