Insurity says it’s investing $50 million in artificial intelligence and research and development as part of a broad software upgrade.
Hartford-based insurtech firm Insurity says it is investing $50 million in artificial intelligence and research and development as part of a broad software upgrade aimed at changing how insurers assess risk, manage policies and process claims.
The company on Nov. 20 rolled out its “Andromeda” product release, which adds new AI-enabled tools and other capabilities across underwriting, policy administration, claims and analytics. Insurity provides cloud-based software to more than 500 property-and-casualty carriers and managing general agents, making it one of the largest technology vendors in the sector.
The new product offers greater transparency in rating and premium calculations, allowing underwriters to see the specific factors driving a proposed price, the company said. It also adds enhanced catastrophe-risk modeling with improved location-level financial analysis, and a scoring feature that helps insurers identify the most profitable submissions, among other new tools, Insurity said.
Company officials said the upgrades are part of a multiyear effort to expand Insurity’s AI- and data-driven capabilities and modernize software used by insurers, managing general agents and brokers. The firm said it plans to continue increasing investment in R&D as carriers look to speed up quoting, improve risk assessment and reduce operating costs.
Insurity’s software is used by 22 of the 25 largest U.S. P&C insurers, according to the company.
