Foundation Risk Partners, a client-focused leader in insurance brokerage and consulting, in partnership with Version 1, a leader in digital transformation, today announced ground-breaking developments with AI solutions that will allow for unprecedented quality, accuracy and speed in the processing of risk analysis reports. The innovation in this space through this unique collaboration will be unparalleled in its results, decreasing cycle times, automating low-level tasks with human validation, and significantly increasing prospect conversion rates.
Foundation Risk Partners had a vision to actively investigate innovative technology and methods to alleviate time-consuming manual tasks and accelerate the speed and efficiency of client-facing deliverables. The results from a thorough discovery with Version 1 – leveraging AI, deep learning and traditional machine learning – have shown that by adopting tailored solutions, there has been up to a 90% decrease in cycle times for certain activities and an increase in prospect conversion rates of up to 50%. The added benefit of automating certain processes also results in increased accuracy across all levels of case complexity. Instead of spending time on back-office administration tasks, the team now has time to add real value to customers, performing the important tasks that only humans can, offering better customized counsel to customers and delivering those higher value tasks.
“We knew there was a smarter way for us to deliver the exceptional service, growth and innovative expertise that we are respected for by our partners and clients,” said John Turner, Chief Operating Officer at Foundation Risk Partners. “Through a vigorous process we selected Version 1 as our partner to make this happen. The solutions that we have developed with Version 1 give us the capacity to add the human touch where we need it, to make the best use of our teams, and in turn allow us to focus on our strategic growth. This has the potential to revolutionize our business model and facilitate strong growth across our entire partner network. Version 1 was able to drive a truly innovative and visionary approach to our goal. We appreciate the highly collaborative relationship we have developed.”
“It is always extremely rewarding to see how innovation through AI-driven platforms can enable huge cost efficiencies and transformational growth opportunities for our clients,” said Brad Mallard, CTO at Version 1. “The work we have done with Foundation Risk Partners is a clear demonstration of how a complex business can be transformed, simply by harnessing the power of technology. The tangible benefits also come in the form of enhancing the experience for employees, clients and partners, giving everyone confidence that business critical tasks are completed accurately an efficiently, freeing up key resources to drive value add activities.”
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