Quotech, a developer of integrated technology solutions for underwriting and brokerage teams, has partnered with AI systems integrator Provectus to develop a new AI underwriting tool for MGA Kinetic Insurance Services.
For Convex, this partnership represents a strategic move to embed high-fidelity data directly into underwriting workflows.
To differentiate itself in the MGA market, Kinetic is pioneering a highly advanced AI-enhanced operating model that allows underwriting talent to focus on their core skills.
It integrates diverse real-time data streams, including ship tracking, weather patterns and historical loss data, giving underwriters a more comprehensive understanding of risk when quoting.
Theo Butt, CEO of Kinetic, said: “Convex was initially attracted to Quotech because of the team’s ability to bring real-world underwriting experience to insurance underwriting technology. What attracted us to Provectus was their long track record of practical applications of artificial intelligence.
“Both have delivered excellent results for Convex on previous projects, so it was an obvious choice to bring them together to build an underwriting platform for Kinetic, our new MGA platform focused on large, complex and mid-market specialty risks. We are pleased with the product they have delivered and believe it will give Kinetic a real competitive advantage.”
As an AI-powered insurance underwriting platform, Kinetic provides API-connected intelligent data capture powered by multi-format ingestion and intelligent data extraction, as well as data normalization to the OASIS open risk data standard.
It also offers flexible preference-based submission classification and routing, AI-driven risk analytics for easy building, a super-powerful underwriting workbench with built-in permission controls, and API-connected quoting and binding capabilities.
Finally, it is also designed to deliver ultra-fast product and ratings development with AI-assisted authoring, risk management with real-time cat monitoring and impact calculations, and intuitive advanced accounting capabilities for invoicing, boundaries and reconciliations
Guillaume Bonnissent, CEO of Quotech, said: “It’s exciting to work with Provectus on this project. We are insurtech experts, and while we have some understanding of AI, we are not AI experts.
“Through our partnership with Provectus, we provide Kinetic with an underwriting platform that combines state-of-the-art artificial intelligence with first-hand knowledge of MGA processes gained at the coal mine face. This gives Kinetic underwriters a head start. We’re letting them work smarter by putting all the information they need at their fingertips through AI-powered tools.”
Oleg Blokhin, chief commercial officer at Provectus, added: “We started building real-world applications of AI long before the technology became popular. To build the best tools possible, it’s best to partner with individuals who understand the day-to-day work of the people using these tools.
“Our partnership with Quotech proved invaluable on this project at Convex, as Guillaume and his team truly understand the professional underwriting process and the pain points within it. This helped us provide Kinetic with an AI system that creates real value by automating mundane tasks that would otherwise pointlessly consume underwriters’ time.”
