Insurance products that are underwritten at the Efficient Frontier are essential for businesses to mitigate financial risk, but one-size-fits-all approaches to insurance results in many coverage plans being unfairly priced. The reason for this is that whilst businesses each present their own unique set of hazards, identifying them for each company is an incredibly lengthy process for human underwriters.
Kalepa leverages human-interrupted artificial intelligence to identify the true hazards of a business through a data-driven approach and provide insurance that is priced accordingly. The company claims that it reduces the time that insurance providers take to provide quotes by over 40% and helps businesses save over $15M in losses, whilst also improving coverage uptake for insurance providers.
Whilst the commercial insurance sector is certainly oversaturated, Kalepa stands out by providing its AI-driven underwriting platform to insurance providers, helping them compete through faster quotes and lower prices. In addition to its underwriting platform, the company also provides its solutions in the form of embeddable APIs, and recently formed a new MGA that will underwrite excess casualty risks using Everspan paper.
Freddie
Company Specialist at Welcome to the Jungle
