Integrated Offering Improves Underwriting Risk Selection and Accelerates Submission-to-Bind
ANN ARBOR, Mich., and SAN FRANCISCO, Cali., August 23, 2022 – Groundspeed, a leading provider of SaaS-delivered smart submission and analytics solutions to the property & casualty insurance industry, and Federato, a leader in intelligent underwriting and portfolio management solutions, today announced a strategic partnership and integrated offering for commercial insurance companies. By automating and accelerating slow and cumbersome manual submission intake and underwriting processes, the combined solution empowers insurance carriers to quickly respond to high volumes of broker submissions and prioritize the best business to write without adding additional staff.
“We are excited to partner with Federato to dramatically improve underwriting efficiency and outcomes by bringing greater speed and efficiency to the submission intake and risk selection process,” said Eric Kobe, CEO of Groundspeed. “Time to quote is critical as the first carrier to respond to a submission often wins the business. By accelerating core operational and underwriting processes, Groundspeed and Federato’s integrated solution enables carriers to out-select the competition and grow their book of business.”
“We have a deep respect for the difficult problems solved by Groundspeed,” said Will Ross, CEO and Co-Founder of Federato. “By integrating Groundspeed’s highly accurate submission processing into our industry-first RiskOps platform, underwriters can identify, price, and quote high potential submissions in hours, not weeks. It’s a virtually instant assessment of portfolio appetite and winnability based on a carrier’s unique strategies — a total game changer.”
Groundspeed helps carriers unlock deeper insights from information trapped in unstructured submissions, including documents, emails, applications, loss runs, and exposure schedules. Federato surfaces Groundspeed’s enriched structured submission data directly within its unified underwriting workflow, combining this valuable information with portfolio-aware insights to align portfolio strategy with underwriting action. The integrated solution enables underwriters to rapidly and precisely assess and price risks while safeguarding their portfolio. The pre-built integration between Groundspeed and Federato enables carriers to reduce mundane tasks, meet strategic goals, and achieve rapid time to value.
Groundspeed is a leading intelligent data platform for commercial P&C insurance carriers. With Groundspeed, underwriters and business leaders can make faster, smarter decisions — winning more business and improving loss ratios. Their human-in-the-loop API delivers complete, accurate, and enriched risk data in hours. To learn more, visit www.groundspeed.com.
Federato’s industry-first RiskOps platform for P&C and Specialty insurance aligns portfolio strategy with underwriting action. Designed by underwriters for underwriters, Federato surfaces real-time risk and portfolio insights, enabling teams to triage business based on key criteria like appetite, underwriting guidelines, and winnability. Learn more at www.federato.ai.