For Insurance
AI-Powered Risk Intelligence: Drive Profitable Growth & Policyholder Retention
Standardize risk assessments, reduce claim frequency, and increase policyholder engagement with SoterAI
Claims data
Policies
Compliance data
Procedures
Incident reports
Audit reports
Risk assessments
Leverage AI for Smarter Underwriting,
Loss Control, and Engagement
AI to help your team consistently and accurately evaluate risks, improving profitability, client stickiness, and market competitiveness
Eliminate Inconsistent Risk Identification
Standardize risk assessments for improved underwriting accuracy and consistency
- Standardize assessments with AI-driven analysis for faster, more accurate risk identification to inform underwriting decisions
- Achieve consistent, validated risk assessments across your team, minimizing variability from experience or knowledge gaps
- Utilize regulatory standards, historical incident/loss data, and site-specific information to highlight key risks accurately
Reduce Claims Frequency and Severity
Proactively identify and help policyholders mitigate risks to reduce claims
- Instantly analyze images or videos from site observations to identify risks and compliance gaps impacting potential losses
- Enable your risk engineering / loss control teams to identify risks more efficiently, boosting productivity
- Empower policyholders with actionable, data-driven insights to mitigate risks before they lead to costly claims
Engage Policyholders in Risk Mitigation
Provide tailored recommendations and value-added services that increase retention
- Generate easy-to-understand risk reports with prioritized, actionable mitigation steps tailored to policyholder needs
- Leverage policyholders’ specific operational context, compliance needs, and regulatory standards to identify and mitigate their unique risks
- Enhance policyholder retention (“stickiness”) by providing tangible support that demonstrably improves their safety posture
Use cases
Scenario: A risk consultant is tasked with delivering a detailed compliance report for a client whose site is subjected to various regulatory requirements.
Challenge: The manual process of collecting, analyzing, and synthesizing risk data from different sites is time-consuming and prone to human error.
Solution: The SoterAI platform automates the entire risk report generation by analyzing and integrating images & videos from the site, OSHA regulations, and state-specific compliance standards.
Outcome: The time spent on reporting is cut by at least 50%, allowing the consultant to serve more clients and provide higher-quality insights.
Scenario: A risk consulting firm has multiple consultants working on various client projects, but inconsistency in risk identification has led to several discrepancies across reports.
Challenge: Consultants have varying levels of expertise, leading to inconsistent risk identification and management practices.
Solution: SoterAI standardizes the risk identification process through AI-driven assessment tools, ensuring uniformity across all consultants and projects.
Outcome: Clients receive uniform reports regardless of which consultant handles the project, improving trust and reducing errors.
Scenario: A risk consultant is working with, e.g., a manufacturing client whose operations are regulated by multiple agencies like OSHA, EPA, and local state bodies. Keeping track of overlapping regulations is time-consuming and error-prone, making it difficult to ensure full compliance and timely reporting.
Challenge: Ensuring complete compliance with the varying regulations is burdensome, making it difficult to deliver comprehensive, accurate reports in a timely manner. Missing a requirement from any one agency could expose the client to fines, legal action, or operational shutdowns.
Solution: SoterAI automates the process of tracking and managing compliance across multiple regulatory frameworks by integrating real-time updates from each governing body and cross-referencing them with the client’s operational data.
Outcome: Automated regulatory cross-referencing ensures complete and consistent compliance, reducing the risk of missed regulations.
Scenario: A consultant is working with a client who struggles to prioritize which risks to address first.
Challenge: The client’s risk mitigation efforts are delayed because they lack clear, actionable insights to identify and prioritize risks.
Solution: SoterAI provides industry-proven risk prioritization (e.g. by analyzing a potential cost of a violation), giving the consultant clear insights into which risks are most critical and what actions are required.
Outcome: The client addresses the most critical risks first, reducing the likelihood of accidents and violations.
Scenario: An insurance carrier works with numerous external risk consultants, each providing varying levels of detail and quality in their assessments.
Challenge: This inconsistency makes it challenging for underwriters to accurately evaluate risk, often leading to mispriced policies and increased exposure to claims.
Solution: SoterAI standardizes the risk assessment process using AI, ensuring that data from different consultants is consistent, comprehensive, and validated against regulatory and industry standards.
Outcome: Standardized and validated data allows underwriters to make more accurate pricing decisions while reducing the risk of underpricing and unexpected claims.
Scenario: A carrier struggles to get policyholders to engage in risk mitigation efforts.
Challenge: Many policyholders either underestimate the value of risk management or find the process complex and costly.
Solution: SoterAI provides policyholders with clear, easy-to-understand risk assessments and mitigation steps, increasing engagement by simplifying the process and demonstrating the potential financial benefits of proactive risk management.
Outcome: Policyholders are more likely to engage with risk mitigation when the process is simplified and the financial benefits are clear.
