Mark Kollar Consulting Group and Understudy Insurance Services announce the creation of Renewal Book Solutions, LLC.
INDIANAPOLIS, Dec. 26, 2023 /PRNewswire-PRWeb/ -- Mark Kollar Consulting Group and Understudy Insurance Services announce the creation of Renewal Book Solutions, LLC. This joint venture allows us to add powerful artificial intelligence technology into the renewal book marketplace. Renewals are often a time consuming, but often important piece of the insurance book of business. By offering this technology through Renewal Book Solutions, LLC, the team is able to utilize the power of AI to manage business more effectively and scale for future growth.
"We are extremely excited to partner with Renewal Book Solutions, LLC to support the growing needs of the renewal underwriting market. The Understudy AI platform is specifically designed to support all aspects of underwriting, providing robust insight into exposures. Specific to a renewal book of business, Understudy is perfectly positioned to provide unique and advanced insights into exposures that may have changed from the initial policy term. This insight will provide Renewal Book Solutions underwriters with an advantage as they ensure risks are appropriately priced, endorsed, etc. and will reduce the amount of time underwriters will spend processing renewals. Using our AI technology will not only best position the existing renewal book but will provide significant value to future policy periods." said Tarek Timol, President and CEO of Understudy Insurance Services.
What this joint venture sets out to do is an AI solution for a specifically defined problem that can be implemented quickly with the least amount of technological integration. In the course of helping to solve this problem we will introduce our customers to the Understudy platform and ultimately sell a more complete Understudy platform.
The generative AI element of the Understudy Platform could provide significant efficiencies for the renewal book. It can be calibrated to:
- Document current compliance with underwriting guidelines. This is especially critical if the underwriting guidelines have changed. This reviews classifications, credit and debots applied, rate integrity, policy language compliance with filed coverage parts and endorsements.
- It can verify exposure information including not only changes in exposure matrix such as sales, payroll and/o square footage. It can verify changes in exposure including flood plan information, crime data, the addition of pools or dance floors.
- It generates a risk score based on criteria established with the underwriting managers. This documentation will attach to the underwriting file.
In general this platform is a power tool for an underwriter. It completes the detailed, mostly boring work that needs to be done for an underwriter to properly complete the task.
"There is one thing that AI can't do - take that long walk down the hall to explain to your CUO why you wrote that account that just spectacularly blew up. Systems can't take responsibility for decisions, people do. AI enhances the ability of an underwriter and that's why you should deploy our underwriters for a well-defined portfolio – your renewal book. Kick the tires on AI by working with our underwriters who will use the Understudy platform." said Mark Kollar, Founder of Mark Kollar Consulting Group.
The backbone of a book of business is the renewal book. It must be evaluated and maintained with the most judicious use of underwriting and management resources. Renewal Book Solutions, LLC provides the technology to manage books of business more effectively, thus allowing the business to focus on new growth.
To learn more or sign up for a demonstration, please visit us at https://www.renewalbookservices.com
About Understudy Insurance Services
Understudy was founded by highly experienced P&C insurance executives for insurance executives aimed at solving real challenges within the industry. With rising loss and operational costs Understudy believes the best way to impact a balance sheet is through supporting the art of underwriting. Using Artificial Intelligence, underwriting costs can be minimized while improving the risk selection process.
About Mark Kollar Consulting Group (MKCG)
The Mark Kollar Consulting Group (MKCG) is a consultancy focusing on the needs of insurance start-ups and the development of novel or specialized insurance programs. We also operate as a Surplus Lines Broker and Intermediary.
We bring together professionals from a variety of disciplines to create innovative and effective insurance providers and programs. Mark Kollar and Mark Brostowitz are available for consultations.
Media Contact
Carissa Newton, CN Creative Strategy, 1 3173137455, [email protected], CN Creative Strategy
Mark Kollar, Renewal Book Solutions, 1 3127288082, [email protected], https://www.renewalbookservices.com
SOURCE Renewal Book Solutions, LLC
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