Integrated Solution Poised to Drive Transformation in Commercial Insurance Industry through Advanced AI and No-code Platform
ANN ARBOR, Mich., June 24, 2021 /PRNewswire/ -- Groundspeed, a leading provider of SaaS-delivered smart submission and analytics solutions to the property & casualty insurance industry, and Unqork, the leading enterprise no-code platform, announced a strategic partnership and integrated offering to commercial insurance companies. The integration of the two solutions enables carriers to drive better risk selection, improve time-to-quote, and better serve their customers, while dramatically increasing and accelerating their return on investment.
"We are excited to partner with Unqork to help transform the commercial insurance marketplace," said Jeff Mason, CEO of Groundspeed. "This partnership provides insurance carriers and brokers with industry-leading solutions to dramatically accelerate operational and underwriting processes, and increase their agility in the market. Through the advanced technology in this partnership, the insurance industry can focus on innovating for their customers."
"We are extremely excited to team up with Groundspeed to help transform the commercial insurance marketplace," said Farooq Sheikh, Insurance GTM Lead at Unqork. "This partnership will help commercial insurance carriers automate, streamline and accelerate insurance submission intake, rate-quote-bind, underwriting workbench and operational processes to drive revenue and improve customer service. Together with Groundspeed, we are excited to continue advancing commercial insurance - transforming the industry with advanced, efficient technology."
Groundspeed is transforming how carriers, brokers, and others can leverage data to boost underwriting results, reduce costs, and provide superior service. Today, evaluating submission documents is one of the most critical aspects of the underwriting process, and current methods do not take advantage of the value locked in these documents. Groundspeed helps carriers unlock deeper insights from the information previously trapped in unstructured submissions. Its artificial intelligence Rapid Data Pipeline converts commercial insurance documents such as emails, applications, loss runs, and exposure schedules into enriched structured data used for underwriting, pre-fill, and analytics.
Unqork's no-code visual platform allows enterprises to build mission-critical applications that handle the complexity, scale and security required by modern enterprises - all without having to write a line of code. Leveraging Unqork's pure no-code platform, insurers can bring solutions to market at least three times faster and for a third of the cost when compared to coding methods. Unqork's no-code approach also results in 600x fewer bugs than code-based solutions, enabling higher quality applications that require significantly less future maintenance.
For the second consecutive year, Groundspeed was named to FinTech Global's InsurTech 100, a select group of industry leaders in digital transformation. The InsurTech 100 recognizes "innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the insurance value chain."
About Groundspeed Analytics
Groundspeed Analytics is a leading provider of SaaS-delivered submission and placement technology to the commercial P&C industry. By accessing Groundspeed's API, the company's enterprise data pipeline solution, insurance carriers and brokers can automate the ingestion and enrichment of information held in unstructured submission documents. Groundspeed's comprehensive solutions are available via API. For more information, visit www.groundspeed.com.
About Unqork
Unqork is the industry pioneer no-code enterprise application platform that helps large companies build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the Cities of New York, Chicago and Washington, DC and Maimonides Medical Center are using Unqork's drag-and-drop interface to build enterprise applications faster, with higher quality, and lower costs than conventional approaches. To learn more, please visit: https://www.unqork.com.
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