Back

Using Applied ML to Solve Foundational Problems in the Insurance Industry

Using Applied ML to Solve Foundational Problems in the Insurance Industry

Nick Sturiale

Managing Partner, Ignition Partners

Nick Sturiale

Managing Partner, Ignition Partners

In AI communities, there is a famous language semantic test to see whether an algorithm can resolve named entities from the following tortured sentence: Paris Hilton (person) was spotted in Paris Hilton (city, state) at the Paris Hilton (hotel) listening to Paris Hilton (song). Today’s commercial property insurance lingua franca, Statement of Values, often reads to risk managers and underwriters like the above sentence, only without punctuation. No wonder frustrations are growing across the value chain.  

AI is part of the solution to this semantic mess, but as I’ve learned through the course of investing in multiple analytics, AI and fin/insurtech start-ups, tech alone isn’t sufficient to change a business ecosystem deeply invested in existing behaviors and current patterns of work. What I find compelling about Archipelago is taking an intensely pragmatic approach to resolving simple yet real pain points.

What if risk managers, brokers and underwriting teams could remove a ton of grunt work updating, analyzing and sharing SOVs? What if today’s costly insurance roadshow became a virtual, highly efficient placement process? What if underwriting teams dramatically improved their capacity to handle more inbound opportunities without additional staffing? Archipelago’s applied ML takes the grunt work, headaches and wasted time out of insurance renewal. And with Covid-19 and work from home, Archipelago helps the entire commercial real estate industry quickly adapt to a distributed, more profitable way to underwrite and manage asset risks. 

Using Applied ML to Solve Foundational Problems in the Insurance Industry

About the author

Nick Sturiale serves as a Board Director of Archipelago. He is Managing Partner at Ignition, an early stage VC firm based in Silicon Valley and Seattle. Nick is actively involved in several Insur-Tech and data-driven ventures.


See how leaders like you are using the Archipelago Risk Data Platform to drive better outcomes:
Get Diagnostic Assessment or Request Software Demo

In AI communities, there is a famous language semantic test to see whether an algorithm can resolve named entities from the following tortured sentence: Paris Hilton (person) was spotted in Paris Hilton (city, state) at the Paris Hilton (hotel) listening to Paris Hilton (song). Today’s commercial property insurance lingua franca, Statement of Values, often reads to risk managers and underwriters like the above sentence, only without punctuation. No wonder frustrations are growing across the value chain.  

AI is part of the solution to this semantic mess, but as I’ve learned through the course of investing in multiple analytics, AI and fin/insurtech start-ups, tech alone isn’t sufficient to change a business ecosystem deeply invested in existing behaviors and current patterns of work. What I find compelling about Archipelago is taking an intensely pragmatic approach to resolving simple yet real pain points.

What if risk managers, brokers and underwriting teams could remove a ton of grunt work updating, analyzing and sharing SOVs? What if today’s costly insurance roadshow became a virtual, highly efficient placement process? What if underwriting teams dramatically improved their capacity to handle more inbound opportunities without additional staffing? Archipelago’s applied ML takes the grunt work, headaches and wasted time out of insurance renewal. And with Covid-19 and work from home, Archipelago helps the entire commercial real estate industry quickly adapt to a distributed, more profitable way to underwrite and manage asset risks. 

Using Applied ML to Solve Foundational Problems in the Insurance Industry

About the author

Nick Sturiale serves as a Board Director of Archipelago. He is Managing Partner at Ignition, an early stage VC firm based in Silicon Valley and Seattle. Nick is actively involved in several Insur-Tech and data-driven ventures.


See how leaders like you are using the Archipelago Risk Data Platform to drive better outcomes:
Get Diagnostic Assessment or Request Software Demo

"AI is part of the solution to this semantic mess, but as I’ve learned through the course of investing in multiple analytics, AI and fin/insurtech start-ups, tech alone isn’t sufficient to change a business ecosystem..."

In AI communities, there is a famous language semantic test to see whether an algorithm can resolve named entities from the following tortured sentence: Paris Hilton (person) was spotted in Paris Hilton (city, state) at the Paris Hilton (hotel) listening to Paris Hilton (song). Today’s commercial property insurance lingua franca, Statement of Values, often reads to risk managers and underwriters like the above sentence, only without punctuation. 

More from Thought Leaders

In this Q&A, we chat with Alexandra Glickman, Senior Managing Director and Global Practice Leader in Real Estate & Hospitality at Gallagher about commercial insurance as an "apprentice business," being an early riser, and the return of optimism.

Alexandra Glickman

Area Vice Chairman and Managing Director - Practice Leader, Real Estate & Hospitality at Gallagher

Read more
This is some text inside of a div block.
"Later in my career, I became a broker and ultimately, led the Real Estate and Hospitality practice for Willis Towers Watson. In this capacity, I saw CAT modeling transform commercial property insurance. As the models matured and advanced, reliance and acceptance grew significantly over the years. With hundreds of billions of dollars at risk, much time, effort and research was poured into multivariate algorithms."

Steve Sachs

Advisor, Archipelago

Read more
This is some text inside of a div block.
"Does this sound familiar - an enormous undertaking annually to collect property information from disparate reports and asset managers dodging your emails? Being limited to the cells on a spreadsheet for the information used by underwriters to price your risk? Meanwhile vast amounts of new data is available for risk managers..."

Jeff Bray

SVP, Global Risk Management, Prologis

Read more
This is some text inside of a div block.