Accelerating Insurance Innovation: Secure AI Drive Faster, Smarter Mid-Market Insurance Applications by Slice Insurance
In a significant move, Slice Insurance has enhanced its digital platform to transcend its role as a mere digital quoting tool, evolving into an intelligent submission engine. This transformation is aimed at providing a dynamic, high-speed experience while maintaining a strong focus on data privacy and security.
The heart of this transformation lies in Slice's AI system, which has been central to the platform since the launch of Slice Mind in 2019. This AI system streamlines thousands of submissions for contractors general liability and mid-market risks, making it an invaluable tool for agents, brokers, and underwriters managing complex commercial risks.
The AI system is designed to improve risk selection, submission quality, and speed to bind in the commercial insurance industry. It can instantly extract structured data from applications, loss runs, and attachments, eliminating the need for manual data entry. This automation not only saves time but also reduces the possibility of errors.
The AI stack at Slice is specifically designed for insurance and is hosted on a dedicated, scalable, and private cloud infrastructure. Slice's AI tools are developed with underwriting discipline and broker usability as key priorities.
Core capabilities of Slice's AI suite include intelligent AI-Agent Orchestration, Insight Engine, Risk Classification, AI Copilot Experience, Appetite Intelligence, Intelligent Document Parsing, Automated Form Generation, Real-Time Web Search, and Risk Fingerprinting. The AI Copilot Experience is a conversational assistant that helps brokers and underwriters clarify risks, generate next steps, and draft communications.
Slice's mid-market offering now covers Real Estate, Retail, Hospitality, Manufacturing, Environmental, and Excess lines. The platform is designed to be future-oriented, catering to the evolving needs of the commercial insurance industry.
Data privacy is a core aspect of Slice's AI strategy, with large language models being isolated from third-party ecosystems. The closed-loop approach in Slice's AI strategy aims to ensure carrier confidence while enabling dynamic, high-speed experiences for agents.
Stuart Baserman, co-founder and CTO of Slice, emphasized the importance of building AI tools with the insurance industry in mind. He stated, "We focus on data integrity, appetite matching, and security to ensure our AI tools are beneficial and efficient for our users."
This AI-powered platform is set to revolutionise the mid-market Excess & Surplus (E&S) lines, digitising complex mid-market submissions and providing agents, brokers, and underwriters with powerful tools to navigate complexity efficiently.
Slice's AI system, central to the platform since Slice Mind in 2019, is revolutionizing the commercial insurance industry by streamlining thousands of submissions, improving risk selection, and enhancing submission quality and speed to bind. The AI Copilot Experience, a conversational assistant in Slice's AI suite, helps brokers and underwriters clarify risks, generate next steps, and draft communications, creating a future-oriented platform that caters to the evolving needs of insurance.
