Digital Insurance Agenda

YUKKA Lab – News-based Risk Scores for augmented underwriting

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 9, 2022

Often time pressure does not allow an underwriter to perform a thorough news search.

Augmentation of an underwriter’s ability to assess masses of data through the adoption of AI will give him and the company an edge on the competition in terms of speed, scope and accuracy of the underwriting process allowing to excel in flow business by doing more deals faster while decreasing the risk of potentially overseeing critical news.

YUKKA Lab indexes the media landscape in real-time to make news measurable. It condenses the entire information overload into a single digit risk score outlining if the company is involved in risk events, weighted according to the impact for its business.

Providing a data driven approach to news, YUKKA Lab allows underwriters to complete an extensive media screening in less time and work on more deals while lowering the risk to oversee anything in the news to prevent future credit defaults or bad business. Pairing the expertise of an underwriter with the advantages of an AI assistant that 24/7 screens the news landscape for potential risks on open deals and an existing credit book.

With the YUKKA Risk Lab underwriters get the perfect AI Assistant, trained to evaluate the news exactly how an underwriter would, pre-assessing all the companies and providing an overview with one ‘news-based credit risk score’, the events the company was a participant of including the exact text where the company was mentioned. Giving the underwriter up to 10 times his own ability to perform a news based due diligence. Not only is he able to screen millions of articles about a company going back 20 years in time, but he also gets a summary condensed into a news-based risk score that indicated the probability of a downgrade. 

How does it work?

YUKKA Lab offers a fully developed SaaS and API solution that is implemented with global banking and reinsurance companies through the cloud as well as on premise.

The solution pairs real-time unstructured data with the known structured data to get a more complete picture. Providing underwriters and credit analysts with a data driven approach to news that condenses the entire media overload into an actionable credit risk score that can be transparently broken down into the underlying events and traced back to the original articles. In essence, underwriters do not need to read articles but directly look at the resulting data to make better decision whether to enter a deal.

Why did we select YUKKA Lab to present at DIA Amsterdam 2022?

Throughout the insurance industry there is a widespread adoption of unstructured real-time data to make better decisions. Making use of NLP, Machine Learning and AI and pairing them with human expertise. Gaining unique insights that only can be derived with software. By indexing the news in real-time and transforming it into a credit risk score means much more data can be taken into the decision-making process of the underwriter, including an audit track to retrace what information was available and how it was assessed at the time of the underwriting in case this becomes relevant for compliance reasons.

YUKKA Lab is a powerful news analytics and signal engine for the insurance industry that adds to a higher level of efficiency and sets a new standard for incorporating AI assisted news-due-diligence in the underwriting & credit analytics process. Resulting in more business, with lower risk and a retraceable audit track.

At DIA Amsterdam 2022, Oliver Berchtold, Co-Founder & CPO at YUKKA Lab, will give a Live Demo on how the tool boosts efficiency and how it adds to the ability of an underwriter to assess the risk exposure based on news. He will share how the solution is built on collected experience with underwriting and credit analytics units of reinsurance client as well as the risk departments of banking clients.

About YUKKA Lab

The company was founded in 2017 and currently employees 25 FTE’s. It is headquartered in Berlin and is globally active. The founding team consists of Andreas Pusch, Oliver Berchtold and Christian Richter, who together represent 40+ years of expertise in finance, media intelligence and SaaS. The company has a pre-series A funding.

YUKKA Lab was picked by SwissRe and Plug and Play to predict credit rating migration solely based on use. After a successful six months POC, YUKKA refined its solution in an eight months MVP to then being implemented in the Underwriting and Credit Analytics process.

”With YUKKA Lab we introduce a data driven approach to news to unlock unique insights and transform the way we work through AI”

Andreas Pusch CEO & Founder

Visit their website here!


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