RLI Selects DataCubes to Optimize Certain Underwriting Processes
DataCubes, a leading data science platform for commercial underwriting, today announced that it has partnered with RLI, a leading specialty insurer, to optimize certain aspects of RLI’s underwriting processes. Using insurtech startup DataCubes’ AI-powered intake, risk analysis and scoring tools, RLI is exploring ways it can automate intake forms and intelligence gathering to replace certain manual processes and provide agents with faster, more efficient quotes.
DataCubes empowers commercial P&C insurance carriers to provide improved customer experiences while increasing underwriting productivity. The company’s computer vision and machine learning platform aims to automatically digitize insurance submission documents (including ACORD forms and loss runs), which can be hundreds of pages of structured and unstructured data that previously took days or weeks to process. The platform answers complex underwriting questions and uses thousands of data sources and machine learning models to generate deep underwriting insights in a matter of minutes.
“We aim to deliver the best products, service and experience possible to our customers,” said Carol Denzer, Vice President, RLI Small Commercial Lines. “We’ve partnered with DataCubes to explore how we might better leverage technology to enhance our delivery of products and services to our small producers and policyholders.”
“We are proud to be partnering with RLI, such a well-respected carrier that is working to make technical advances in the underwriting experience,” said Kuldeep Malik, DataCubes co-founder and CEO. “Data science has great potential to improve commercial underwriting and it is our pleasure to provide the technology required to help RLI successfully explore new approaches.”
Headquartered in Schaumburg, Illinois, and founded in 2016 by Kuldeep Malik and Harish Neelamana, DataCubes is the first data science platform for commercial underwriting. The company is revolutionizing the commercial underwriting process with cutting-edge data science and machine learning. Commercial carriers of all sizes use DataCubes to make real-time underwriting decisions based on rich data and highly-accurate intelligence gathered by external sources to improve productivity, profitability, efficiency and accuracy. To learn more, visit www.datacubes.com.
RLI Corp. (NYSE: RLI) is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI’s products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI’s subsidiaries are rated A+ “Superior” by A.M. Best Company. RLI has paid and increased regular dividends for 43 consecutive years and delivered underwriting profits for 22 consecutive years. To learn more about RLI, visit www.rlicorp.com.