Compensa Uses AI to Speed Up Insurance Offer Preparation for Businesses – Responses in Minutes Instead of Days
Compensa has introduced an innovative AI-powered solution that significantly reduces the time required to prepare insurance offers for businesses. Thanks to this new tool, brokers can receive a response in just a few minutes instead of several days.
How Does AI Work in Corporate Insurance?
Traditionally, insurance brokers send insurers detailed requests for proposals, which can range from 30 to over 100 pages and contain dozens of clauses requiring analysis. Until now, underwriters had to manually compare requested coverage with available policies, assess risks, and calculate premiums—a process that could take several hours.
Compensa’s new solution changes this workflow. Underwriters can now forward documentation to the AI Assistant, which analyzes the files within a minute, identifies requested insurance sums, organizes clauses, and compares them with Compensa’s standards. Based on this, it generates a preliminary insurance proposal.
This allows underwriters to focus on risk assessment and reviewing the AI-generated proposal. Only clauses that are not included in Compensa’s offerings or that significantly deviate from standard terms require further evaluation. The final step involves confirming insurance conditions and calculating the premium.
So far, the fastest response time recorded using the AI Assistant has been 15 minutes—from the initial request analysis to presenting a complete offer.
AI is Transforming the Insurance Industry
The first insurance policy generated with the AI Assistant was issued in December 2024. Compensa aims to use AI to handle 85% of broker inquiries in the future, which will:
✅ Reduce the workload for underwriters by automating time-consuming tasks.
✅ Shorten the response time for brokers.
✅ Increase the number of processed inquiries by up to 75%, directly boosting corporate insurance sales.
Currently, the industry standard requires brokers to wait several days for responses from insurers, with some inquiries remaining unanswered due to limited underwriting capacity. By leveraging AI, Compensa is setting a new standard for near-instant insurance offer processing.
The Technology Behind the AI Assistant
The tool used by Compensa was developed by Beesafe, the technology division of VIG Group. It operates on Microsoft Azure cloud and is powered by ChatGPT, enabling fast processing and analysis of large datasets.
Compensa’s introduction of AI into its underwriting processes demonstrates how artificial intelligence is transforming the insurance industry—enhancing efficiency for insurers while improving the overall experience for business clients.
