The Paladin Group, an InsurTech digital brokerage, and Dais Technology, an insurance technology provider, have unveiled UnderwriteGPT – a generative AI underwriting tool.
The Paladin Group is a leading digital brokerage that specialises in transportation and providing innovative Risk Management solutions.
Dais Technology specialises in the development of no-code, modular, and AI-based solutions for the insurance industry. The company is committed to developing innovative solutions that will help insurance companies, MGAs, and brokers extend their reach, optimise their operations, and increase their profitability.
According to Dais, UnderwriteGPT is set to revolutionise the insurance industry, by making underwriting and risk management faster, more efficient, and more accurate than ever before.
UnderwriteGPT is based on Large Language Models and Generative AI. Dais said this makes it the most advanced and efficient underwriting solution on the market.
The solution is designed to streamline the underwriting process and improve risk assessment, ultimately leading to better pricing and coverage for policyholders. UnderwriteGPT also generates new data and insights that will differentiate brokers and insurers.
Corey Schatz, CEO of The Paladin Group, said, “We are thrilled to be the first company to adopt UnderwriteGPT, and we believe it will be a game-changer for the insurance industry. Our clients will benefit greatly from the improved risk assessment and faster underwriting process that this technology offers and we can’t wait to see the impact it will have on the industry as a whole. We expect to fully implement UnderwriteGPT in the coming months.”
Jason Kolb, CEO of Dais Technology, added, “We have been secretly developing UnderwriteGPT for about a year and are thrilled to finally unveil it to the public. We believe this solution will revolutionize the way brokerages and insurance companies underwrite policies and we are excited to see the impact it will have on the industry.”
COVU recently released a report on how AI tools will play a significant role in the digital transformation of the insurance industry.
Source: copyright 2023 FinTech Global