BermudaFinance and insurance2024 – ongoingAXIS Capital
AI business classification and underwriting risk matching
AXIS analyzed more than 15,000 applications in its first month using Sixfold
Problem
Underwriters spent substantial time researching applicants and assigning industry classifications. Manual work slowed risk assessment.
Approach
AXIS deployed Sixfold to classify businesses and match submissions against its underwriting appetite. It began with an underwriter dashboard and then integrated the tool into automated clearance. Implementation and testing took approximately six weeks.
Results
Takeaway
The dashboard let underwriters evaluate the system before AXIS integrated it into clearance. Application volume did not establish the amount of time saved.
Categories
- Industry
- Finance and insurance
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Vendor solution
- Evidence
- Vendor case study
Sources
Source summaries
Sixfold reported an initial AXIS deployment for business classification and risk matching. AXIS described time savings without quantifying them.
Sixfold reported that AXIS analyzed more than 15,000 applications in its first month. It described a dashboard pilot followed by integration into clearance.
Full details are in the original sources.
