Mulberri, an innovative artificial intelligence (AI)-driven embedded insurance platform, has introduced the Risk Engine, a risk assessment solution specifically designed for workers’ compensation underwriters.
Paychex’s PEO department, among other customers, is already harnessing the benefits of the Risk Engine, using its advanced machine learning models to access critical underwriting information swiftly and accurately.
This ground-breaking product arrives amid increasing pressure on insurers and underwriters. Challenges range from heightened application volumes and difficulties in accessing appropriate data to the need to reduce losses and intensifying competition. Despite the multi-billion-dollar stature of the workers’ compensation market, previous underwriting processes have largely failed to capitalise fully on data capabilities, particularly AI.
Therefore, Mulberri tailored its Risk Engine to cater to underwriters and their customers, thus enriching its existing insurance product portfolio designed for payroll businesses, HR providers, brokers and small-medium businesses.
Mulberri operates at the forefront of insurance delivery, transforming traditional workflows in the small-medium Property & Casualty (P&C) market with a cutting-edge technological approach. Since its inception in 2021, Mulberri has been on a mission to facilitate intelligent, data-driven decisions that simplify and streamline the business insurance process.
Hamesh Chawla, Mulberri CEO and co-founder, said, “Our mission from day one has been to leverage technology to complement underwriters’ judgment so that the business insurance process can be simple, efficient, and transparent. The Risk Engine is a transformative step forward.”
The Risk Engine utilises millions of data points to assess factors affecting claims, including firmographic information, previous loss experience and workers compensation information. This cloud-based solution offers intuitive access to on-demand predictions from any SaaS application, ensuring seamless deployment and enabling users to analyse and score prospects individually or in bulk. Critically, all data is obfuscated, ensuring personal identifiable information (PII) remains secure.
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