Log In

Reset Password

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.”

Applying technology: Axa XL Risk Consulting is using artificial intelligence to speed up parts of the its review process when assessing property site surveys (File photograph)

You must be Registered or to post comment or to vote.

Published January 17, 2019 at 8:00 am (Updated January 16, 2019 at 8:08 pm)

Axa XL using AI to evaluate property risks

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon