Counterpart Unveils AI-Driven Insurance Management Platform

Counterpart, a managing general underwriter specialising in management and professional liability insurance, has launched its Agentic Insurance™ platform that incorporates artificial intelligence across its operations. 

The platform, announced on 13 March, applies machine learning algorithms to enhance decision-making in underwriting, broker interactions, risk assessment and claims processing.

The Los Angeles-based firm disclosed that its systems have generated consistent annual premium growth exceeding 100% while maintaining employee growth at 50%. 

The company reports that thousands of brokers and policyholders currently utilise its technology.

Industry Implementation Gaps

The insurance sector continues to struggle with digital transformation, with Counterpart noting that fewer than 25% of insurers have achieved comprehensive digitalisation. 

Many firms face challenges from outdated systems, fragmented data architecture and inconsistent implementation of new technologies.

Counterpart has partnered with three carriers rated "A" by financial strength rating agencies in the insurance sector. 

These partnerships enable the company to provide pricing and terms at speeds two to five times faster than market norms, according to the firm.

The underwriter's Digital Risk Score system evaluates management liability risks using parameters that assess company stability, financial health and compliance history. 

This structured analysis forms the foundation of the underwriting component.

Broker Services and Risk Management

For insurance brokers, Counterpart has established 20 application programming interface (API) partnerships. APIs allow different software systems to communicate and share data, creating integrated workflows that reduce manual processes. 

These connections permit brokers to access the underwriter's services directly from their existing systems.

The platform includes risk assessment tools that identify potential exposures and provide guidance to mitigate these risks. 

For employment practices liability insurance policyholders, this includes access to a service called zeroHR, which provides resources to help manage workplace issues.

Counterpart reports its claims handling system resolves claims 50% faster than industry averages, maintaining a customer satisfaction score of 4.7 out of 5. 

The system uses predictive models to anticipate claim development and optimise expense management.

Tanner Hackett, Chief Executive Officer of Counterpart, says: “We are deepening our commitment to becoming the indispensable partner brokers, businesses and carriers trust to lead them into the future. 

“We have launched an initiative to develop one new agentic application per week on average—these incremental improvements for our stakeholders are compounding into transformative change over time.”

The firm has raised nearly US$60m in venture capital funding since its establishment. 

This capital has been directed towards developing data infrastructure, establishing distribution partnerships and building domain expertise in management liability.

Counterpart has received recognition from CB Insights as a "Top 50 Insurtech" and from Business Insurance as one of its "Best Places to Work" in 2024. The company's carrier partners include Aspen, Markel and Westfield Specialty.

“Counterpart's Agentic Insurance systems are a bellwether for the industry, signaling the impending shift toward more intelligent, integrated, and proactive insurance solutions,” Tanner says.

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