MGA improves customer experience with AI-powered underwriting and cancellation analytics
Capstone Underwriters is pleased to announce a new partnership with ReFocus AI, through which the two organizations will use machine learning to increase submission throughput for underwriters and proactively identify customer cancellation risk for the brokerage.
Responding to excess and surplus (E&S) submissions within 48 hours of receiving them has long been an industry priority but can prove challenging. Underwriters are also responsible for managing renewals, which is time-consuming and complex for non-standard property and casualty lines of business. ReFocus AI's Converge platform offers a unique, turnkey solution that allows brokers to leverage the predictive power of their policyholder data to pinpoint the best submissions to underwrite and retention opportunities to keep customers for longer. Combining the two solutions increases revenue by up to 10%.
"The ReFocus AI platform is the only platform we've found that allows us to turn our data into additional revenue for our brokerage," says Wiley Morgan, EVP at Capstone. "We can increase revenue by 10% as a result of better-prioritizing submissions and renewals. By integrating with Jetfile, our management system, we believe that the ReFocus platform will help us realize greater operational efficiency while providing best-in-class service for our customers."
"We are excited about working with Capstone to improve submission throughput and retention," says Colby Tunick, CEO at ReFocus AI. "We are proud to add a forward-thinking organization such as Capstone to our growing list of insurers and brokers who are leveraging the Converge platform for unmatched analytics."