Pibit.ai, an insuretech revolutionizing commercial underwriting with AI automation,announced the company has joined Guidewire’s Insurtech Vanguards program, an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insuretechs and how to best leverage them.
“Pibit.ai, Inc Joins Guidewire Insurtech Vanguards Program to Revolutionize Commercial Underwriting with AI Automation”
Pibit.ai revolutionizes commercial underwriting workflow for P&C insurers and MGAs with a particular focus on enhancing efficiency and accuracy, and its participation in Guidewire’s InsurtechVanguards program presents an opportunity for insurers to learn how to transform their commercial underwriting workflow.
Currently, the manual processing of millions of unstructured commercial submission documents, such as loss runs, applications, and accords, leads to slower quote processes, consumes valuable underwriter time with mundane administrative tasks, and introduces errors resulting in high loss ratios. This hampers scalability and causes missed opportunities for written premiums.
With Pibit.ai, underwriters can significantly expedite response times, reducing quoting time through efficient rating and precise premium calculation. This drives a profitable increase in the book of business, with a potential reduction in combined ratio and loss ratio. Pibit.ai enables insurers to enhance throughput processing by while minimizing touchpoints with brokers. This empowers insurers to streamline operations, improve overall efficiency, and drive better outcomes. Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insuretechs, while connecting them with Guidewire’s P&C customers.
“We are excited to welcome Pibit.ai to the Guidewire Insurtech Vanguards program and recognize the value its AI automation platform and commercial underwriting expertise brings to insurers,” said Laura Drabik, Chief Evangelist, Guidewire. “Pibit.ai is among those insurtechs changing the game for commercial underwriting, and we look forward to sharing their innovative technology with the industry.”
Pibit.ai’s innovative template-agnostic models extract valuable information from a wide range of documents, including loss runs, ACORD forms and more, and are designed to support multiple document formats, including PDF, JPG, and camera-captured images. Leveraging the power of computer vision (CV) and natural language processing (NLP),Pibit.ai goes beyond simple data extraction and provides underwriters with comprehensive exposure details and risk analytics, empowering them to make informed decisions and drive profitable growth. About Pibit.ai: Pibit.ai is a insuretech startup empowering carriers, MGAs and brokers with an automation platform for streamlined commercial underwriting workflows. Our software combines machine learning models and human-in-the-loop infrastructure to extract valuable insights from unstructured data. With strong backing from renowned investors like Y Combinator and Arali Venture,Pibit.ai is driving innovation in the industry.