Rapid Fusion Data Pipeline helping workers’ compensation giant unlock true value of data
Groundspeed, the leading provider of AI and ML SaaS-delivered smart submission and analytics solutions to the property & casualty insurance industry, showcased the benefits its Rapid Fusion Data Pipeline has provided to Republic Indemnity. The premier workers’ compensation insurance company selected the advanced platform to boost underwriting results, reduce costs, and provide superior service. Groundspeed’s Rapid Fusion Platform delivers production-ready data from insurance applications, loss runs, emails, policy forms, exposure schedules, and other document types – fast.
“Groundspeed’s AI technology is helping property & casualty insurers use more data to drive better underwriting decisions much faster and more accurately than current manual processes,” said Jeff Mason, CEO of Groundspeed. “We’re thrilled to help Republic Indemnity truly understand and utilize their data, accelerate their operational and underwriting processes and innovate for their customers.”
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Today, evaluating submission documents is one of the most critical aspects of the underwriting process, and current methods do not take advantage of all of the value locked in these documents. Groundspeed helps carriers capture deeper insights from information trapped in unstructured submissions. Groundspeed’s Rapid Fusion Platform converts commercial insurance documents such as emails, applications, loss runs, and exposure schedules into enriched structured data used for underwriting, pre-fill, and analytics. Groundspeed’s technology rests on an industry-leading contributed dataset that spans more than $400 billion in claim value and trillions of dollars in exposure value.
“Groundspeed’s Rapid Fusion Platform has been a tremendous asset because of its speed, and you can trust the data,” said David Simmeth, senior vice president and CIO at Republic Indemnity. “We were able to streamline and improve our processes, and the accuracy of the data allowed us to take a deeper look at our clients workers’ compensation claims, provide more detailed analysis to identify underlying causes, and help them reduce expenses.”
Launched in 2016, Groundspeed eliminates the need for manual data entry, providing underwriters with actionable information in less time for enhanced risk selection, underwriting efficiency, and business growth. The speed and accuracy of Groundspeed’s AI/ML technology is helping Republic Indemnity increase their quote ratio, reduce underwriter bias in submission selection, and create an underwriting dataset to determine new growth opportunities.
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