Back

Using Applied ML to Solve Foundational Problems in the Insurance Industry

Nick Sturiale

Managing Partner, Ignition Partners

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.

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. 

About the author

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..."

More from Thought Leaders

"Property owners and operators are moving quickly to embrace digital, data-driven decision making. We believe Archipelago will serve as the platform of choice for risk mitigation and stakeholder alignment among the world's most sophisticated owners."

Dave Eisenberg

Founding Partner, Zigg Capital

Read more
This is some text inside of a div block.
"Data is the lifeblood for the insurance industry, yet gathering, curating and publishing that data is a hard problem. We’re all familiar with folders full of Excel spreadsheets, PDF files, images and so on. Before the data is useful, it needs to be transformed. We set out to build a platform to do just that!"

Roger Bodamer

Co-Founder, CTO & COO, Archipelago

Read more
This is some text inside of a div block.
"But, as CUO, I developed a healthy appreciation for the real-world challenges that underwriters face. Underwriters, particularly those in large account commercial lines, are in a difficult position. It’s where the ideology of The Data meets the reality of The Business."

Madhu Tadikonda

Co-Founder and Advisor, Archipelago

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