Lexcel announced Oct. 15 an AI platform that brings firms’ prior underwriting decisions into reviews of new specialty risks, while leaving rules and final approvals in underwriters’ hands.
The system links three functions. An intake tool reads and routes broker submissions; a workbench follows each risk from submission through binding and claims; and workflow tools draft submission overviews, quotes and proposed terms with references to source documents. Lexcel says an underwriter reviews the generated work before anything is issued.
Lexcel says each firm sets the rules for its risks and that underwriters’ decisions feed back into the platform as precedent for later submissions. The company says deployments use firms’ live business and connect to their existing systems, without requiring a new system of record or in-house AI engineers. Its product page names Salesforce and SharePoint as destinations for verified submission and claims information.
The company says specialty managing general agents (MGAs) are already using the platform, but has not named customers or disclosed how many firms have adopted it. The National Association of Insurance Commissioners describes an MGA as an insurance producer authorized by an insurer to manage some or all of its business.
Lexcel says underwriting expertise can be difficult to retrieve from past files or draw on beyond senior staff, particularly as submission volumes grow. David Stepovich, Lexcel’s co-founder and chief executive, said the company aims to extend firms’ existing expertise across their risks. “Our role is to put their existing expertise to work on every risk,” he said.
The announcement did not disclose pricing or identify the AI models used. It also reported no measured results for processing speed, accuracy or insurance losses.
