Will Ross, Federato CEO & Co-Founder explains how Federato and Groundspeed’s integrated offering is a game changer for commercial insurance carriers and MGAs.
Recently, at Insuretech Connect (ITC) in Las Vegas, Federato co-hosted a breakfast with Groundspeed to introduce our integrated offering for commercial insurance companies. In case you missed the press release announcing our strategic partnership, check it out to learn more about the synergies between our two companies. We could not be more thrilled to partner with Eric Kobe and the Groundspeed team. In this article, I’d like to unpack why the Federato and Groundspeed end-to-end offering is a game changer for commercial lines insurers that are looking to increase their underwriting precision, streamline the submission-to-bind process, and win more business.
If you’ve spent any amount of time in the commercial P&C insurance industry, Groundspeed needs no introduction. The company is a leader in Natural Language Processing (NLP), providing smart submission intake and analytics solutions to transform unstructured data trapped in submission documents into structured data that insurers can use to make better underwriting and risk selection decisions. This is not an easy problem to solve, and we have the deepest respect for the speed and accuracy with which Groundspeed extracts and processes data from submission documents, loss run reports, exposure schedules, statements of value, and ACORD forms.
As Bryan Quandt, Product Manager for Groundspeed’s internal software applications, explains, “Human in the Loop processes are the core of how Groundspeed extracts and delivers data to its customers with 98% accuracy. We use Human in the Loop (HITL) at multiple stages of our data extraction pipeline to capture all relevant data points from documents submitted. There is a second layer of data quality assurance we’ve built into our pipeline too: Groundspeed audits a sample of Artificial Intelligence predictions and Human in the Loop corrections every day.”
For our customers, Groundspeed’s proven ability to get the accurate and timely submission data they need for underwriting risk selection and portfolio management into the Federato RiskOps platform is incredibly important. In commercial insurance, speed is critical: If you’re an insurance carrier or MGA, and you are consistently the first to submit a quote, your ‘hit rate’ or ability to win the business goes up in a massive way.
“Time to quote is critical as the first carrier to respond to a submission often wins the business,” said Eric Kobe, CEO of Groundspeed. “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.”
As Groundspeed’s Eric Kobe put it at ITC, “When we were evaluating the partnership landscape, what we heard from our customers was, ‘How do you get the data into a format where our underwriters can use it, and use it efficiently?’ The ability of Federato’s RiskOps platform to look at the portfolio and dynamically balance and optimize it in real-time is unique and differentiated in the market. We’re excited about the partnership with Federato and being able to provide a holistic, end-to-end solution for submission-to-bind to our joint commercial insurance customers.”
At Federato, we pride ourselves on helping insurance carriers and MGAs operationalize their underutilized data investments to surface real-time risk selection and portfolio insights. We deliver a sleek, modern underwriting experience combining a unified workflow with dynamic risk data and bleeding-edge AI to proactively balance your portfolio. Our RiskOps platform triages business based on key criteria like appetite, underwriting guidelines, and winnability, empowering underwriting and operations teams to meet their strategic goals and grow their book of business. But our solution is only as good as the data we have at our disposal.
This is what makes the combined Federato and Groundspeed solution so powerful. By automating and accelerating slow and cumbersome manual submission intake and underwriting processes, the end-to-end solution empowers insurers to quickly respond to high volumes of broker submissions and prioritize the best business to write without adding additional staff. The pre-built integration with Groundspeed provides underwriters with highly accurate, real-time data directly within their day-to-day underwriting workflow. Not only can insurers quote more business faster but with far greater precision.
It’s worth noting that when it comes to selecting risk and quoting business, speed alone is not enough. While being the first responder to a submission increases your chances of winning the business, it can also expose you to unnecessary risk. Remember that line from Spiderman? “With great power comes great responsibility.” If your underwriters don’t have dynamic risk selection guidance at their fingertips, together with accurate submission data, you could be the first to win the wrong business, selecting a bad risk that might jeopardize your portfolio.
By integrating Groundspeed’s highly accurate submission processing into our 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 and goals.
The real value of our combined solution with Groundspeed is that we bring unparalleled speed and precision to the underwriting risk selection process, so that you can be confident that you’re not only writing more business faster, but you’re writing more of the right business and making informed decisions about the risks and exposures you’re choosing to quote.
To learn more about how Federato and Groundspeed can help your organization reduce mundane underwriting tasks, meet strategic goals, and accelerate the end-to-end submission-to-bind process in only a matter of weeks, book a meeting at: https://www.federato.ai/demo