Oliver Wyman's Vlad Stojanovic connects with Phil Alampi, VP of Client Engagement at DataCubes.
What if you could work with data that’s collected in a smarter way? And digging through documents to find relevant information was a thing of the past? That’s the idea behind DataCubes—a commercial underwriting platform powered by data science.
DataCubes machine learning and AI technology is transforming the way commercial carriers evaluate risk. The company’s suite of products automates cumbersome, manual processes and gives underwriters better access to data for assessing risk and determining policies.
“I view DataCubes as a simple play in a complicated market,” says Phil Alampi, VP of Client Engagement. “It takes things that are manual and laborious for the carrier and removes that from the underwriter’s desk.
Phil says that the DataCubes D3 platform allows the underwriter to work more efficiently and focus on assessing client risks, while time consuming things like data entry, research and prefilling application questions can all happen in a more automated fashion.
The platform leverages machine learning and computer-vision technology for collecting submission information (PDFs, scan and other forms of unstructured data) from external sources to pre-fill and verify application information. It also helps to uncover deep underwriting insights by building a business profile using structured and unstructured information. Carriers are presented in near real-time information about a business—allowing them to ensure quotes are within their risk appetite, tailor prices to a company’s risk profile and improve turnaround times.
“AI has always been a big topic, but it’s becoming more executable now and in a practical way” says Phil.
By embracing AI and machine learning, commercial underwriters can gain agility and improve the customer experience. The role shifts from administrative and manual processes and frees up the underwriter to focus on decision making and relationship-building.
Since 2015, the company continues to grow and prosper. In the past year, DataCubes has expanded its employee headcount, grown its customer base by 6 times and doubled its annual revenue. DataCubes has also secured new partnerships, with companies such as RLI, a leading specialty insurer.
Phil says that DataCubes has been able to thrive by focusing on “small bets with high impact” versus “big bets with unknown impact.”
“You want to find small bets with big impact—things that are practical and AI-driven—that allow you to free up resources and improve loss and expense ratios,” he says.