Pro Global Holdings (Pro), the global re/insurance outsourcing and consulting firm, has launched a Cleansing Augmented Intelligence (CAI) platform, alongside a managed service to help insurers and brokers cleanse their data schedules (SOVs).
CAI uses an augmented intelligence learning engine and during research and development achieved data cleansing over 50 percent more rapidly than a manual cleanse, while handling a far higher proportion of unstructured data. It focuses on data-inputs, rather than the data-output part of processing, to ensure the consistency of the data.
The platform is initially focused on cleansing the SOV data for land-based property risk to feed catastrophe and exposure models but Pro is working to expand the scope of the tool.
Richard Emmett, head of insurance services at Pro, predicted that CAI could transform exposure data cleansing and deliver real and tangible cost reduction and increased efficiency for brokers and insurers. He stressed that the companies with the most advanced digital data management have an advantage over their competitors.
“In an unpredictable world with the risk of natural and man-made catastrophes increasing and constantly changing, it is critical that insurers and brokers can access this powerful tool that allows them to accurately and rapidly cleanse their exposure data to inform their underwriting and risk management decisions,” he added.
Sue Barenbrug, head of data management and risk modelling, said too much time and cost is wasted on manual data cleansing, which also leads to higher instances of data errors and omissions.
“Insurers and brokers will often be required to cleanse the same statement of values annually, containing almost identical data,” she noted. “Manual cleansing is quite simply a poor use of time, money and talent at a time when the industry is under more pressure than ever to secure accurate quotes more quickly.”
Pro Global, Cleansing Augmented Intelligence, Richard Emmett, Sue Barenbrug