A private permissioned Blockchain network will provide a secure, economical and efficient infrastructure for all insurance transactions
Artificial Intelligence (AI) will drive risk selection, pricing and 70% of claims handling
AllDigital Specialty has built an industry-leading technology platform using BlockChain technology and Artificial Intelligence to seamlessly serve our partners and market.
Using BlockChain technology, AllDigital Specialty’s platform will allow brokers, insurance carriers, and Third-Party Administrators for claims (TPAs) to instantaneously access all transactions from a single, secure source of truth. BlockChain allows for completely efficient and secure transmission of relevant data, thereby reducing the cost of transacting small commercial insurance. By requiring little to no human interaction on the transaction at hand, the platform is easily scaled reducing costs for all. Applications are taken electronically, and policies are issued instantaneously, all with an eye on providing maximum value to the insured.
Carriers using AllDigital Specialty’s Artificial Intelligence algorithm will be able to efficiently underwrite profitable accounts, without the need for underwriters to review each and every application. The AI algorithm maintains a feedback loop, learning over time, to continually improve risk selection and pricing, ensuring optimal profitability. Optimized pricing and eligibility criteria are quickly fed to our broker partners and end insureds, easing their buying process and helping them navigate an already challenging environment.