Insurity, a leading cloud-based software and analytics provider for insurance carriers, brokers, and MGAs, announced the launch of Sure Premium Audit Analytics on January 12, 2023.
This product is a part of its Sure Premium Audit solution that integrates robust predictive analytics from Insurity Predict into the auditing process to enhance operational efficiency by up to 15%.
Identifying exposure risk in the premium auditing process remains arduous for many P&C carriers. It may be hard or even impossible for premium audit departments to check all of their business. Instead, many carriers' current premium auditing process is highly responsive and based on standard policy features such as premium, location, and industry.
Sure Premium Audit Analytics addresses these issues with robust predictive models and machine learning built on Insurity's 20+ years of industry experience in premium auditing. Carriers can use Sure Premium Audit Analytics to improve their audit workflows with embedded AI and machine learning, allowing them to optimize the premium audit process by forecasting audit results before the audit is even ordered. Additionally, users can simplify the auditing process by developing custom predictive models on a low-code, configurable interface.
Existing Sure Premium Audit customers and P&C carriers can quickly get started with Insurity's turnkey analytics system, which has been fully integrated into the Sure Premium Audit platform. In addition, customers can synchronize these predictive models into any workflow or in-house tool using Insurity Predict.
Chief Insurance Officer at Insurity, Sylvester Mathis, said, "Premium audits can be a time-consuming process, resulting in carriers leaving hundreds of thousands, if not millions, of dollars of missed premium on the table." He added, "Sure Premium Audit Analytics takes the guesswork out of identifying premiums to audit by proactively flagging policies possessing the characteristics to generate exposures outside initial estimates. Audit costs are reduced, or practically eliminated and time-consuming processes are removed by leveraging the most efficient audit methods."
(Source – Businesswire)
About Insurity
Hartford-based Insurity is a top cloud-based software provider for brokers, insurance carriers, and MGAs. Insurity has over 400 cloud-based deployments and is recognized by 7 of the top 10 MGAs and 15 of the leading 25 P&C carriers in the United States. The company is uniquely equipped to offer exceptional value through its unrivaled industry experience, best-in-class digital platform, and the industry's most robust analytics offerings. With Insurity, customers can optimize their operations, focus on their core businesses, and provide superior policyholder experiences.