What’s hot in P&C insurance: January 29, 2024!

February 4, 2024
1 min read

TLDR:

  • TransRe is using new AI models in ACORD Solutions Group’s data exchange platform ADEPT to receive ACORD Global Reinsurance and Large Commercial messages.
  • EmPRO Insurance Company has selected Origami Risk’s multi-tenant software-as-a-service platform to streamline its policy, billing, and claims processes.

TransRe, a reinsurance company, has implemented new AI models in ACORD Solutions Group’s data exchange platform ADEPT. These models are designed to support the digitization of data from various broker and cedent accounting and claim document formats. TransRe will use the AI models in ADEPT and its integrated ACORD Transcriber data extraction service to receive ACORD Global Reinsurance and Large Commercial (GRLC) messages from brokers and cedents that have not fully adopted digital processes. The AI models will enable TransRe to efficiently process and analyze these messages, enhancing its overall operational efficiency.

EmPRO Insurance Company, a provider of medical professional liability insurance, has chosen Origami Risk’s software-as-a-service platform to streamline its policy, billing, and claims processes. EmPRO will leverage Origami’s multi-tenant platform to automate and expedite these processes, improving its service quality for policyholders and brokers. The platform will initially be implemented for EmPRO’s medical professional liability insurance line as the company expands throughout the U.S. Northeast.

The use of AI models in ADEPT by TransRe and the adoption of Origami Risk’s platform by EmPRO Insurance Company highlight the growing importance of technology in the insurance industry. These technologies enable companies to digitize and automate various processes, leading to enhanced operational efficiency, improved customer service, and increased competitiveness.

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