- AI platform went live two months ago, has first clients
- Tech aims to prevent risk transfer issues in contracts
- Improved data handling is key to new platform's value
American Growth Insurance (AGI) developed an AI-powered brokerage platform that can adjust to clients' evolving risk tolerances, review their risk transfer protocols and find cross-selling opportunities.
The platform, which it designed in-house, has been operating for about two months, with Heller Kowitz, a Maryland-based insurance advisory firm, as its first user.
The risk appetites of insurance carriers that partner with AGI are changing, according to Brian Morgan, AGI's chief executive. Carriers using AGI's platform can see where potential clients' risks are, and determine how to address them, whether the risks are losses, deficiencies in coverage, or issues with contracts, Morgan said.
"It's really just identifying losses and figuring out, how can we create a better contractual risk transfer mechanism, something that would be an enhancement for the organization overall, or prevent those losses from taking place?" Morgan said.
Risk transfer issues can occur when insurers cannot keep up with the contracts and the certificates of insurance being issued, or making sure the language in policies is consistent for protection, Morgan said.
"As we continue to grow and develop our technology, it'll enable us to be much more proactive in making sure our clients are building an actual castle with a moat around them, versus leaving exposures out there that they feel like they don't have," he said.
So far, the platform has been a "force multiplier" for clients' risk transfer, Morgan said. In the longer term, 24 to 36 months from now, the platform's fuller impact will be evident. Work on the platform's technology will be continuous, updating every six months.
"That's really where we will start to see the full impact," he said. "It will result in our ability to grow and retain clients on a higher level."
Like many other
"As we continue to build, we'll become more and more data robust, which enables us then to look and see that different topics are emerging trends or issues within the portfolio of clients, so we can be more proactive to deliver state-of-the-art solutions to them," he said. "AI is intended to push our teams to a higher level of client advisement and less spreadsheet work. With our efficiency gains, it enables us to invest in proactive servicing of clients combined with growth investments."
AGI chose to build its own AI platform to have control and avoid depending on third parties, Morgan said.
"If we have anything that seems to be going wrong or is not operating the right way, then we can make adjustments immediately," he said.
The brokerage received financial backing from Rockbridge Growth Equity and Atomic to build the platform.
