Boston-based insurtech Relativity6 has announced the launch of its latest tool, Hazard Flags.
The new tool uses machine learning algorithms to detect potential risks in commercial insurance submissions, helping insurers streamline their underwriting processes and make more informed decisions about policies.
The Hazard Flags tool allows insurers to quickly and accurately identify potential hazards and red flags in insurance submissions, allowing them to make better-informed decisions about which policies to accept. The tool analyzes large amounts of data from digital footprints in real time to highlight risks. These risks are flagged for underwriters to review.
“We believe that Hazard Flags has the potential to revolutionize the way and speed at which insurers underwrite commercial policies,” said Alan Ringvald, co-founder and CEO of Relativity6. “By automating a key part of the risk assessment process, we can help insurers reduce their workload and increase their efficiency, allowing them to focus on providing the best possible service to their clients.”
The release comes at a time when insurers are increasingly making use of artificial intelligence to improve their underwriting processes.
“With more data than ever before available to insurers, the ability to quickly and accurately analyze that data quickly is becoming essential,” Relativity6 said.
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