Luminance, the leading artificial intelligence platform, today announces that specialty MGA Ascent Underwriting, part of the Optio group, has integrated its innovative machine learning technology to expose potential risks across Ascent’s transactional liability portfolio.
Luminance’s pattern-detection approach and its proprietary technology ‘LITE’ (Legal Inference Transformation Engine), will provide Ascent’s underwriting team with instant insights and risk intelligence. This will greatly enhance underwriter decision-making processes and their overall view of risk across individual transactions.
Alex Smith, Head of Transactional Liability at Ascent said:
“Delivering a consistently valuable product through effective underwriting is crucial to both our clients and insurance partners. Luminance optimises underwriting by instantly highlighting all potential risks across a huge volume of documents. This means we can provide accurate feedback to our clients and better understand the risk exposure.”
Emily Foges, Luminance’s CEO, added:
“We are very happy to welcome Ascent Underwriting as Luminance’s latest customer. By immediately reading and understanding contracts of any volume and in any language, Luminance allows transaction professionals to proactively identify risk and respond to this accordingly. I look forward to hearing how Luminance’s technology will accelerate the underwriting process for Ascent.”
Founded in 2012, Ascent Underwriting is a well-established Managing General Agent underwriter which provides innovative insurance solutions both face-to-face and via a proprietary electronic platform. Practice areas include cyber liability, transactional risk, political risk, healthcare and professional indemnity. In 2019, Ascent Underwriting joined Cove Programs and Bay Risk to form Optio, a future-thinking company of insurance experts and market-makers.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in over 47 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York, Chicago and Singapore.
Luminance empowers advisors from around the globe to be at the forefront of innovation. In just over three years, Luminance has established itself as the leading artificial intelligence platform for the legal profession. Luminance’s transformative technology is now being used by over 200 customers in 47 countries around the world.