Axa XL using AI to evaluate property risks
Reading through 100 or more pages of engineering surveys in a matter of minutes, and extracting knowledge and insights in the process, might sound fantastical — but it is a reality for Axa XL.
Its risk consultants are able to gain rapid access to such information by using artificial intelligence that automates parts of the review process.
Axa XL Risk Consulting is working with Italian software company Expert System, that develops cognitive computing software based on AI algorithms. The company's platform Cogito, uses AI to identify the correct meaning of words and expressions in context, and understands the relationship between different concepts. This is helping the Axa XL risk consultants to assess property site surveys.
“When assessing our clients' risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports. On average, they go through more than 10,000 of these reports every year,” said Jonathan Salter, head of property risk engineering at XL Catlin, which is now part of Axa XL.
“By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.”
Steven Walden, director of strategy operations for global property at XL Catlin, said: “Our risk engineers deal with an increasing amount of data; a trend that keeps accelerating. As a result, the industry is turning to technology to help analyse it. Delivering enhanced data and analytical capabilities, both internally and externally, is an essential element of our journey, and the work completed in partnership with our risk consulting team and expert system adds to the Axa XL tool kit.”