Insurity Launches New Analytics Feature for Sure Premium Audit, Enabling P&C Carriers to Improve Efficiency Processes by 15%
January 12, 2023
Sure Premium Audit Analytics’ predictive models enable carriers to find misclassifications and underwriting inconsistencies faster with the industry’s most extensive proprietary auditing data set
HARTFORD, Conn. -- Insurity, a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, today announced the launch of Sure Premium Audit Analytics, a new product of its Sure Premium Audit solution that incorporates robust predictive analytics from Insurity Predict into the auditing processes to optimize premiums and operational efficiency by up to 15%.
For many P&C carriers, detecting exposure risk remains challenging in the premium auditing process. It can be complex, if not rare, for premium audit departments to have the ability to audit their entire book of business. Rather, the current premium auditing process for many carriers is highly reactive and based on standard policy features, including location, premium, and industry.
Sure Premium Audit Analytics tackles these challenges head-on with robust predictive models, and machine learning built leveraging Insurity’s 20-plus years of industry experience in the premium audit space. With Sure Premium Audit Analytics, carriers can enhance their audit workflows with embedded AI and machine learning to optimize the premium audit process by predicting audit results before the audit is even ordered. Carriers can streamline the auditing process by creating custom predictive models on a low-code, configurable interface.
Fully integrated into the Sure Premium Audit platform, P&C carriers and existing Sure Premium Audit customers can get started quickly with Insurity’s turnkey analytics system. Insurity Predict allows customers to integrate these predictive models into any workflow or in-house tool.
“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,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “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.”
To learn more about how Sure Premium Audit Analytics can benefit your organization, please reach out to Elizabeth.Hutchinson@insurity.com.
Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
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