Starkweather & Shepley leverages AI to streamline insurance applications

Starkweather & Shepley leverages AI to streamline insurance applications | Insurance Business America

Technology

Starkweather & Shepley leverages AI to streamline insurance applications

“We understand the complexities that our clients face”

Technology

By
Terry Gangcuangco

Starkweather & Shepley Insurance Brokerage, Rhode Island’s largest independent insurance agency, has unveiled an AI-powered (artificial intelligence) platform designed to simplify the insurance procurement process and optimize underwriter risk assessment.

Registered investment advisors often face cumbersome, multi-page applications and lengthy approval processes when securing management and professional liability coverage. Starkweather & Shepley aims to alleviate these challenges by automating much of the application process.

According to the brokerage, the software can pre-fill insurance forms and underwriting worksheets, using a proprietary algorithm and extensive data to expedite the process.

Jessica Thayer, senior vice president and financial institutions practice leader at Starkweather & Shepley, noted: “Our clients’ feedback has been instrumental in shaping our approach and guiding our decision to utilize cutting-edge technology to facilitate the insurance process.

“We understand the complexities that our clients face with insurance applications. By introducing this innovative solution, we are taking a significant step toward providing as stress-free an experience as possible for our clients.”

She added: “Our goal is to simplify the insurance journey. We want to ensure that our clients can focus on what matters most without the burdensome complexities of traditional applications.”

Earlier this year, the company opened a new office within the Golden Bear Plaza at 11760 U.S. Highway One West Tower in Palm Beach Gardens, its second site in Florida.

Andrew Fotopulos, then executive vice president for Florida and now chairman of the firm, said at the time: “We are excited to celebrate the expansion of our Palm Beach Gardens location and proud of what our team has been able to accomplish in Florida.

“As we celebrate 145 years of business this year, our growth is a testament to the hard work and dedication of our team.”

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