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CoverEase introduces AI platform to automate underwriting

With CoverEase’s AI platform businesses can shop the insurance marketplace to receive instant quotes from top-rates insurance companies within 3 minutes 

 CoverEase, a digital insurance brokerage, has created a new digital platform that uses artificial intelligence (AI) to automate underwriting and provide a quick and easy way to shop, compare, and buy workers’ compensation insurance in only three minutes.

CoverEase’s AI-powered, embeddable solution allows its partners to offer business insurance to their customers via a browser at the point of sale.

“We’re obsessed with providing a world-class client experience that makes it simple to shop for and save money on the insurance that businesses require.” CoverEase provides openness and choice by combining seven distinct workers’ compensation quotations with business, property, cyber liability, and group health insurance quotes on a single website. We have a unique position in the digital insurance sector, allowing us to give rapid estimates and best-in-class service to a wide range of customers.

Entering the digital insurance marketplace 

CoverEase compares price and coverages from top-rated insurance firms while shopping the workers’ compensation market. During the same journey, CoverEase quotes company property and liability, cyber liability, and group health insurance for California businesses.

Coverage Concierges, the company’s business insurance experts, assist customers in navigating the options and purchasing the proper insurance at the cheapest price using CoverEase’s digital platform.

Increasing use of AI in the insurance sector 

As companies and regulators study its promise and grapple with its perils, artificial intelligence (AI) is quickly becoming a significant technology in the insurance sector. By automating underwriting, customer service, and claims processing, the majority of AI technologies assist insurers in increasing efficiency and lowering costs.

Through new types of modelling and data, AI can assist insurers in evaluating and pricing insurance risks, potentially replacing statistical models. It’s been suggested that AI and machine learning systems could improve underwriting and give carriers who are better at using them a competitive advantage. Insurtechs are also starting to release products that employ artificial intelligence to better evaluate and price risk.

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