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29 October 2024News

IQUW to 'revolutionise' underwriting

Property and specialty re/insurer IQUW plans to "revolutionise" its underwriting efficiency across its re/insurance platforms using generative artificial intelligence. 

The re/insurer, which has operations in Bermuda, has made a strategic partnership with mea, an artificial intelligence-powered processing platform for (re)insurers.

IQUW will implement mea's advanced processing platform to revolutionise underwriting efficiency across IQUW’s (re)insurance operations. 

IQUW is now using mea, which also has a Bermuda operation, in its directors and officers' product and plans to roll it out across all lines of busness in the current months. 

"By leveraging mea’s advanced natural language processing and machine learning, IQUW's underwriters can now automatically convert unstructured submission data into actionable insights, dramatically accelerating risk assessment and decision-making processes," IQUW said. 

IQUW Group CEO, Peter Bilsby added: "We're committed to combining intelligent automation and underwriting expertise to maintain our competitive edge and make trading with IQUW seamlessly simple. 

"The implementation of mea's platform represents an important step in our underwriting journey, enabling our teams to provide significantly faster response times to brokers, whilst maintaining our high standards of risk assessment. 

"The ability to process submissions at a significantly increased rate will represent a game-changing efficiency gain for our underwriting teams and our overall broker service proposition."

Graeme Asquith, UK managing director at mea platform, added: “We are excited to embark on this new partnership with IQUW and are looking forward to what we can achieve together."

AXIS Specialty recently signed a strategic partnership with mea, and the insurtech also works with Swiss Re

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