MGA improves customer experience with AI-powered underwriting and cancellation analytics

DALLAS - Oct. 8, 2023 - PRLog -- 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."

About Capstone Underwriters
Capstone has had the same ownership since our creation in 1991, and we know that we exist to serve our retail agents. One of our retail agents put it best, "Capstone is big enough to be able to place all my business, but small enough to make me feel as if my business is important." That has always been and will continue to be our goal. Learn more at https://www.capstoneunderwriters.com/.

About ReFocus AI
ReFocus AI is an account servicing platform that pinpoints which policyholders are most likely to leave at their expiration date with 90 percent accuracy up to six months before the renewal date. The machine learning platform automates attrition detection for small and mid-sized personal & commercial Property & Casualty accounts. On average, ReFocus clients have increased policyholder retention by 2-5 percent. Learn more at www.ReFocusAI.com.

Contact
Colby Tunick
***@refocusai.com
Photos: (Click photo to enlarge)




Source: ReFocus AI

Read Full Story - Capstone Underwriters Announces Partnership with ReFocus AI to Increase Submissions & Policyholder Retention | More news from this source

Press release distribution by PRLog