Ping Data Technology Partners with ACORD to Revolutionize Property Underwriting with AI-Driven Solutions

Introduction

In a significant advancement for the insurance technology sector, Ping Data Technology (coined as Ping) has recently forged a strategic alliance with ACORD Solutions Group. This partnership signifies a major step forward in the utilization of artificial intelligence (AI) in property underwriting, aiming to simplify and enhance the efficiency of the process.

Background of the Companies

Ping, regarded as a leader in AI-driven insurance technology, specializes in data ingestion methods that allow seamless extraction and processing of vast amounts of information. ACORD Solutions Group, known for establishing standards in the insurance industry, provides digital solutions intended to optimize data exchange and improve operational efficiencies.

Innovative Solutions on Offer

The essence of this partnership lies in their combined offerings, particularly in property statements of values (SOVs). Previously, property underwriters faced significant hurdles when handling complex SOV documents which contained crucial data for assessing risks. With Ping's advanced technology for ingesting SOVs combined with ACORD Transcriber's intelligent document processing capabilities, the underwriting process is set to become much more streamlined.

The integration allows underwriters to effortlessly extract SOVs from various ACORD Forms, including crucial documents like SOVs 140 and 125, which are vital in the U.S. property and casualty sector. Simplifying a process that could take hours or even days, the AI-driven solution enables the quick extraction of data and populates it directly into catastrophe models such as RMS and AIR.

Transforming the Underwriting Process

This innovation not only improves the workflow efficiency but also ensures enhanced accuracy and speed within the underwriting departments. Through this partnership, the average time required for processing is reduced to merely seconds, a remarkable shift from the traditionally time-intensive methods. Stuart Mercer, Ping's CEO, emphasized the importance of this collaboration, noting that it elevates the quality of service delivered to clients, including carriers, MGAs, and brokers, by enabling complete straight-through processing.

In addition, Chris Newman, the President International at ACORD Solutions Group, expressed enthusiasm about the potential of this partnership to address the complex nature of SOV documents. He noted that the integration of innovative technology with subject matter expertise from both organizations will pave the way for transformative changes in the insurance landscape.

Client Benefits

Clients stand to benefit immensely from the implemented solutions. The efficient processing of property submissions will not only save time but also minimize potential errors that can arise from manual data entry and handling. Moreover, with deeper insights provided by Ping’s extensive analytics and data enrichment tools, underwriters will be able to make more informed risk assessments.

Conclusion

The collaboration between Ping Data Technology and ACORD Solutions Group marks a pivotal moment in the property insurance industry. By harnessing the power of AI and creating optimized workflows, this partnership is set to redefine the standards of efficiency, accuracy, and speed in underwriting processes. As this innovative solution is adopted across the industry, insurance entities can anticipate improving operational capabilities, leading to greater customer satisfaction and confidence in risk management strategies.

For further details on how these advancements can benefit your business, visit their respective websites: Ping Data Technology and ACORD Solutions Group.