ATLANTA--(BUSINESS WIRE)--Oct 31, 2024--
Accelerant, the private equity-backed unicorn focused on the specialty insurance market, today announced the public launch of its digital platform, app.accelerant.ai. Since 2023, Accelerant’s MGA Members and internal teams have leveraged the digital platform for comprehensive risk analytics. Now insurers and risk capital partners can harness the same powerful tools to optimize risk management and drive superior underwriting results.
In addition to expanding the universe of those with access to its digital platform, Accelerant has unveiled new AI-driven risk scoring capabilities that will allow specialty underwriters on its Risk Exchange to receive real-time feedback on the relative quality of an underlying risk. These advancements are the latest in Accelerant’s growing portfolio of AI and machine-learning products, which drive superior risk selection and returns on behalf of risk capital providers. These existing AI products include:
- Portfolio-level risk monitoring, which actively identifies unexpected variances across the $2.4 billion premium currently on Accelerant’s Risk Exchange, setting a new industry standard for comprehensive, real-time risk management
- Large Language Model (LLM) claims assessment, which analyzes raw claims event data to reduce claims expenses—a tool which, over the 12 month period to June 30, 2024, increased Members’ recoveries by up to 300%
“Since our founding, we’ve focused on the audacious vision of replatforming the insurance value chain,” said Jeff Radke, CEO and co-founder of Accelerant. “The capabilities we’re announcing today represent a meaningful step forward for our industry—one that will perpetuate a virtuous cycle of better portfolio performance attracting more high-quality capital providers to Accelerant’s Risk Exchange. I’m incredibly proud of the years of hard work from our team to bring our digital and AI capabilities to life.”
The efficient exchange of risk is a cornerstone of our global economy. Historically, the insurance industry’s fragmented data and outdated technology has led to higher prices for policyholders and greater losses for underwriters. This stems not from a lack of data, but from the challenges in effectively ingesting, interpreting, and transmitting varied and often complex data from the insured to the ultimate risk bearer.
“We are changing the status quo by leveraging a proprietary data pipeline that ingests, processes, verifies, enhances and makes sense of over 1.2 million insurance records each month,” said Pete Horst, CTO of Accelerant. This robust data infrastructure underpins Accelerant’s Risk Exchange business, surfacing insights that enable specialty underwriters to improve decision making, optimize their loss ratios, and achieve market-leading growth that to date has averaged an annual rate for our Members exceeding 30%.
“AI has the potential to reshape every step of the insurance value chain – but before that can be achieved, we need to clean up and capture the messy, unreliable data that plagues the industry. Accelerant is doing exactly that, and these latest AI capabilities are just the next step in our vision to become the trusted and transparent marketplace where risk is exchanged,” said Matt Sternberg, COO of Accelerant’s Risk Exchange business.
ABOUT ACCELERANT
Accelerant is a services & data platform for the specialty insurance market. The company generates revenue by charging fees to the risk capital partners that rely on it to source, manage, and monitor portfolios of specialty risk. The company booked more than $400M in revenue in the 12 months ended June 30, 2024. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241031124563/en/
Chelsea Allison,[email protected]
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY INSURANCE FINANCE FINTECH PROFESSIONAL SERVICES SOFTWARE DATA ANALYTICS DATA MANAGEMENT ARTIFICIAL INTELLIGENCE
SOURCE: Accelerant
Copyright Business Wire 2024.
PUB: 10/31/2024 09:00 AM/DISC: 10/31/2024 09:02 AM
http://www.businesswire.com/news/home/20241031124563/en
