Ascent teams up with AI specialist Luminance

Specialty MGA, Ascent Underwriting has teamed up with artificial intelligence platform, Luminance to help its underwriters identify potential risks across its transactional liability portfolio.

The deal provides Ascent with access to the legal profession specialist Luminance’s pattern-detection approach and proprietary Legal Inference Transformation Engine.

Alex Smith, head of transactional liability at Ascent said: “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: “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.”

Luminance was founded by mathematicians from the University of Cambridge. Luminance is used by law firms and in-house teams around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery.

Founded in 2012, Ascent provides insurance solutions covering cyber liability, transactional risk, political risk, healthcare and professional indemnity. In 2019, Ascent Underwriting joined Cove Programs and Bay Risk to form Optio.

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