AXA XL Leverages AI to Enhance Property Risk Engineering

AXA XL Risk Consulting has announced it is using Expert System’s AI to enhance its property risk engineering capabilities.

The two are working to develop AI algorithms to help with the assessment of property site surveys using Cogito® – the Expert System platform that uses AI to identify the correct meaning of words and expressions in context, and understands the relationship between different concepts.

Automating the process of reading site survey reports through natural language processing enables the risk consulting team to expand the breadth of documentation and volume of accounts that can be reviewed, focus risk engineering time on high impact areas, increase its ability to mitigate client site risk, and allow underwriters to decrease their speed-to-quote time. As a result, AXA XL’s risk consultants are able to extract the knowledge and insights from 100+ page engineering surveys within minutes.

“When assessing our clients’ risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports. On average, they go through more than 10,000 of these reports every year. By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.” – Head of Property Risk Engineering at XL Catlin, Jonathan Salter.