Startups to Watch
These startups are using AI, machine learning, and natural language processing to decrease costs and improve decision-making in property & casualty insurance.
Property & casualty (P&C) underwriting is trapped by paper and a lack of robust datasets.
Application information is often submitted on paper forms or in Adobe documents for an employee to enter into transaction systems. This increases costs and creates opportunities for error.
Additionally, in an industry where success relies on making better decisions than competitors, the use of external data is limited.
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To address these challenges, startups are offering solutions that use technologies like AI, natural language processing (NLP), and machine learning (ML) to digitize information. These solutions identify valuable information in documents and external sources to extract, classify, and structure data.
Below, using the CB Insights platform, we surface 9 startups that are improving access to and use of P&C insurance underwriting data.
Companies were selected based on their experience in insurance, funding, investors, and CB Insights Mosaic scores. They are listed in descending order of total funding raised.