Bowhead Specialty, a casualty {and professional} legal responsibility insurance coverage supplier, has enhanced its underwriting course of by implementing Kalepa’s Copilot underwriting platform.
The AI-driven platform is designed to enhance danger choice and assist underwriters dedicate their time to high-return alternatives.
Bowhead’s transfer follows its preliminary public providing (IPO) within the US.
Within the IPO, the insurance coverage firm raised $128m by the sale of over 7.5 million shares at $17 every, surpassing the initially marketed 6.7 million shares priced between $14 and $16.
Bowhead earmarked the web proceeds from the IPO for the expansion of its insurance coverage subsidiary and different company wants.
Bowhead Specialty CEO Stephen Sills mentioned: “Our partnership with Kalepa permits us to remain on the innovative. Many firms make huge claims of their demos and discuss in regards to the potential of AI, however nobody has impressed us as a lot as Kalepa.”
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Kalepa CEO and co-founder Paul Monasterio mentioned: “Industrial insurance coverage is a trillion-dollar trade on tempo to double inside the decade, however it has been left behind technologically for a number of many years.
“Copilot’s groundbreaking AI is altering that by delivering tangible enhancements to development, effectivity, and profitability for insurers of all sizes.”
In a separate improvement earlier this month, Munich Re Specialty – North America, a division of Munich Re, additionally deployed the Copilot underwriting platform.
Launched in 2018 by Monasterio and Daniel Hillman, Kalepa raised $14m in a Collection A funding spherical led by Impressed Capital in September 2021.
