Insurity Upgrades Platform with AI Self-Service
Insurity has released a major update to its Borealis software, designed to accelerate policy workflows. The new version adds AI-powered self-service options for customers and modernizes modules for claims, billing, and marine operations, signaling a push by major P&C platform providers to embed AI across the insurance lifecycle.
The Borealis release is part of a significant R&D investment by Insurity, which recently included a $50 million focus on AI to enhance capabilities across its product portfolio. This investment aims to provide insurers with more transparent premium calculations, data-driven submission scoring, and smarter catastrophe modeling. Insurity's AI is already demonstrating significant impact, with the company reporting that its AI-powered tools can autonomously resolve 75% of policyholder needs, reducing the dependency on live agents. This has led to a 75% reduction in average support time for insurers using these AI solutions. The goal is to free up claims adjusters and underwriters from routine tasks to concentrate on more complex and high-value work. The push toward AI-driven self-service is a broader industry trend, with competitors like Guidewire, Duck Creek, and Majesco also heavily investing in AI and automation. The objective across the board is to accelerate workflows, with some carriers reporting up to 60% reductions in quote preparation time and 3-5% improvements in loss ratios after implementing AI. This industry-wide shift addresses significant consumer demand, as nearly 90% of P&C insurance customers state that the efficiency of claims processing influences their loyalty. With 31% of policyholders dissatisfied with their claims experience, and 60% citing settlement speed as the primary issue, AI-powered automation directly tackles a major point of friction. Insurity has a history of expanding its capabilities through strategic acquisitions. Prior purchases include CodeObjects for personal lines and advanced AI, Maprisk for geospatial data and analytics, and Virtual MGA to enhance its offerings for managing general agents. The integration of AI is reshaping core insurance operations like claims and underwriting. AI can now automate data extraction from documents, analyze images of damage to estimate repair costs, and flag potential fraud by identifying anomalies humans might miss. For underwriters, this means faster and more accurate risk assessment. Looking ahead, the use of generative AI is expected to further transform the industry by summarizing complex claim documents and helping to determine whether to settle or fight a litigated claim based on historical data. The technology is projected to potentially reduce loss-adjusting expenses by 20-25% and leakage by 30-50%, creating over $100 billion in value.
