BOSTON–(BUSINESS WIRE)–#insuretech–AXA XL will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. Fifty CIO council members reviewed dozens of case studies to select the winners for the 8th annual awards. This is the second consecutive win for AXA XL, which was honored by the group in 2018 for its digital innovation practice.
AXA XL implemented natural language processing (NLP) to automate the review of property risk engineering surveys. Launched in eight months, the system enables review of all surveys rather than relying on sampling, while reducing processing time by more than 50%, and improving risk selection.
“AXA XL’s initiative is a great example of the concrete, real-world value that insurers are driving in areas related to artificial intelligence,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“Dealing with increasing amounts of data is a trend that keeps accelerating,” said Jonathan Salter, Head of Property Risk Engineering at AXA XL Risk Consulting. “On average, our property risk engineers go through more than 10,000 internal and third-party risk reports every year. By automating parts of that review process, using natural language processing and artificial intelligence, engineers have more time to advise our underwriters, who can in turn provide better solutions to our brokers and clients, faster. Delivering enhanced data and analytical capabilities is an essential element of AXA XL Risk Consulting’s mission to help clients improve their risks.”
AXA XL’s case study, along with case studies of seven other winners, and more than 25 additional cases considered for Impact Awards, was published this week in Novarica’s 8th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2019/. Novarica has published more than 200 case studies through this program since 2012.
About the Novarica Impact Awards
The Novarica Research Council Impact Awards are the largest purely peer-juried awards in insurance technology. Council members vote annually to recognize the efforts of their peers to use technology to drive business value in digital, data/analytics, core systems, and IT operations. No vendors, consultants, journalists, or members of the Novarica team participate in the selection committee, making the Novarica Impact Awards distinctive in being a purely peer-juried award.
The Novarica Insurance Technology Research Council is a free, moderated, knowledge-sharing community of more than 300 insurer CIOs and senior executives. In addition to recognizing successful initiatives through the Impact Awards, members participate in anonymized studies and private, vendor-free events. More information at https://novarica.com/council/
The Council is managed by Novarica, a research and advisory firm that helps more than 100 insurers make better decisions about technology projects and strategy through published research, advisory services, and consulting on IT strategy, benchmarking, project assurance, capability and organizational assessments, and vendor selection. https://novarica.com/