Element AI and Gore Mutual Announce First AI-powered Insurance Underwriting Collaboration

Canada's oldest property and casualty insurer embraces AI-powered Underwriting Partner software from Element AI to deliver highly accurate, impartial, and faster quotes

TORONTO, April 17, 2019 /CNW Telbec/ - At the Center for the Study of Insurance Operations 'CSIO' 2019 Members Meeting—Element AI, a global AI products and software company, today announced that Gore Mutual Insurance Company (Gore Mutual) is adopting one of its artificial intelligence (AI) insurance products into its underwriting practice to benefit customers, brokers, and employees. As Canada's oldest property and casualty (P&C) insurer, Gore Mutual is respected for its pioneering spirit of embracing new, transformative InsurTech advancements—which now includes adding the Element AI Underwriting Partner software product. Gore Mutual plans to benefit from integrating machine learning (ML) insights and algorithms for accelerated and highly accurate underwriting processing. The innovative and competitive edge that Element AI offers will ease underwriters' tasks of rendering accurate and highly informed decisions.

With a commitment to putting people first, Gore Mutual will leverage AI in its underwriting process to augment risk assessments for diminished data entry time for its underwriters, helping reduce the incidence of monthly overflows. By adding Element AI Underwriting Partner AI software into the mix, underwriters at Gore Mutual will spend less time on repetitive tasks—freeing them to build meaningful relationships with brokers and customers.

"The insurance idustry must invest in the latest AI technology in bold, disruptive moves to stay competitive," said Sean Christie, CIO and VP of Information Services, Gore Mutual. "When Element AI first presented its Underwriting Partner software product to our team, we immediately recognized its potential to help us make many steps in our underwriting process faster, more accurate, more fair and impartial to deliver a healthier underwriting expense ratio for our business, and faster approvals for our customers," said Christie. "Engaging with Element AI is transformative for our business. In addition to being experts in AI, they provide sage guidance on where we should focus our first AI implementations to realize the quickest benefits to our operations," added Christie.

Built on a perpetual-learning and modular approach, Element AI offers adapted integrations for all its AI-powered products. Delivered as on-premises deployments, cloud-hosted, or hosted on Element AI's own secure cloud environment, all AI products can integrate efficiently with almost any computing ecosystem. The Element AI Underwriting Partner software was engineered to connect with the Gore Mutual underwriting system to quickly optimize and facilitate the many tasks involved in underwriting. Once installed, Underwriting Partner will create the necessary data sets and learning models to quickly begin augmenting decisions. This process will provide underwriters with more informed insights into risk assessments to achieve AI-assisted processing, ultimately resulting in increased underwriting efficiencies via faster decision-making time for submissions.

"Element AI is excited to collaborate with Gore Mutual to bring one of its first AI-powered products to market, demonstrating the evolution beyond rules-based automation (RBA) in underwriting, while maintaining transparency and explainability. This is a great validation of our AI technology in a highly competitive industry that is racing to integrate and adopt the benefits of AI," said JF Gagné, co-founder and CEO at Element AI. "Beginning as a generic product that rapidly learns and improves over time as it is used, Element AI Underwriting Partner software helps accelerate cycle times to process a higher volume of applications. Delivering faster, more accurate quotes will result in a win-win for Gore Mutual and its customers," added Gagné.

To learn more about the Element AI Underwriting Partner, contact: [email protected].
Find out more about Element AI and its role-centric products that: https://www.elementai.com/products/insurance.

About Gore Mutual
Founded in 1839, Gore Mutual is Canada's oldest property and casualty insurer, with over $435M in premiums and over $1BN in assets as of December 31, 2017. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian-owned and operated mutual company employs over 350 people and is known for its investment in people, technology and innovation. With a long-standing commitment to genuine personal service, and with InsurTech partnerships such as BrokerLift, Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014 and certified as a 2018 Best Workplace Canada and a Best Workplace in Financial Services and Insurance. The Gore Mutual Foundation strengthens Canadian communities by supporting local initiatives and has donated more than $10M to over 650 charities. Learn more at www.goremutual.ca.

About Element AI
Element AI delivers AI products at scale to help people work smarter. Element AI is headquartered in Canada with offices in Montréal, Toronto, London, Singapore, and Seoul.  Element AI is funded by leading investors including BDC Capital, Data Collective, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank, NVIDIA GPU Ventures, Real Ventures, and Tencent. http://www.elementai.com

SOURCE Element AI Inc.

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