Lexcel Launches AI Operating System for Specialty Insurance
A new platform connects intake, underwriting, and claims, strengthening each firm's expertise with every risk. The system applies a company's own guidelines and precedent to each submission reviewed.
Lexcel has introduced its AI operating system designed for the specialty insurance sector. The Los Angeles-based technology firm announced Tuesday the launch of its platform, which aims to enhance efficiency by unifying key processes including intake, underwriting, and claims management.
The system is intended to leverage and bolster a company's existing expertise and established practices. It processes broker submissions, cross-references them with source documents, and routes them according to internal company rules. The platform also manages workflows and automates reporting, while ensuring that final decision-making authority remains with the insurance firm's personnel.
"Specialty underwriting teams handle thousands of submissions a year, and their loss ratios depend on applying the firm's judgment consistently and comprehensively across that volume," said David Stepovich, Co-founder and CEO of Lexcel. "Firms want to grow without compromising their standards. Our role is to put their existing expertise to work on every risk."
Lexcel's platform operates across three components: Intake, which reads and routes submissions; Workbench, offering live dashboards and consolidating all information; and Workflows, which automate the generation of quotes and terms, citing original sources. The system is already in use by specialty insurance Managing General Agents (MGAs).