Aventum’s AI Underwriting Assistant debuts after Bear Cave Challenge.

TLDR:

Key points:

• Aventum, an international (re)insurance group, is launching an AI Underwriting Assistant.
• The assistant was developed as a result of the Bear Cave Innovation Challenge within the organization.

Aventum has announced the launch of an AI Underwriting Assistant following their Bear Cave Innovation Challenge. The challenge encouraged employees to propose ideas that could drive revenue growth, improve efficiency, enhance workplace conditions, or secure a competitive advantage. The winning idea, proposed by Lee Ellis, aims to triage insurance submissions and identify risk appetite using advanced AI technology. The assistant is in the proof-of-concept stage and is part of Aventum’s broader strategy to leverage AI and machine learning in the (re)insurance industry. The Innovation Lab at Aventum is using large language model (LLM) technology to build a prototype of the AI Underwriting Assistant, showcasing their commitment to innovation in the InsurTech space.