London-based Volt Underwriting, a Lloyd’s approved underwriter, has partnered with Novee to deploy an AI intelligence layer across its power and renewables portfolio.
The partnership aims to improve underwriting efficiency by providing underwriters with practical risk insights while automating labor-intensive data processes.
This includes tasks such as plan cleaning, which is critical for feeding data directly into CAT and pricing models.
“We continue to build our MGA with the best technology tools available that allow us to work smarter and better serve our customers,” said Chris Allison, CEO of Volt. “We sought an artificial intelligence platform to help us analyze the vast amounts of data involved in the energy underwriting process.
“Novee helps our underwriters remove the complexity inherent in submissions through semi-automated processes like schedule cleanup. This allows us to focus on applying our judgment where it matters most, which helps us keep up with the growing submission volumes we are seeing.”
Kevin Cleary, chief operating officer at Volt, commented: “Novee’s platform not only eliminates repetitive work, but also adds real intelligence by extracting insights and feeding them back to our underwriting teams in a clear and consistent way. For example, it can reveal patterns in engineering and loss data to enhance our underwriting decisions.”
Power and renewable energy underwriting often involves a large amount of fragmented and highly technical information, from engineering surveys and loss reports to extensive value sheets.
Traditionally, fragmented and highly technical information, from engineering surveys and loss reports to extensive value sheets, required hours of manual processing before it could be analyzed, priced or used for CAT modeling.
Novee solutions can now semi-automatically cleanse timelines, structure exposure data, and extract key insights from all supporting documentation. This efficiency changes the dynamics of interacting with complex underwriting information by making data immediately available, transparent, and decision-ready.
Haris Khan, CEO of Novee, said: “The challenge in the power and renewables space is not just the volume of information, but connecting the dots between all the information. Our platform brings structure, context and automation into a single workflow. Volt has been an outstanding partner in shaping how this technology adapts to real underwriting practices, and together we are building a model to show how agent AI can augment human expertise across the market.”