Over the last decade, the world of risk has changed fundamentally. Businesses are now navigating through cyber attacks, worldwide pandemics, and stronger, and more frequent, natural disasters – simultaneously. While the risks have evolved, much of the industry responsible for transferring and mitigating those risks remains mired in pen and paper. Insurance brokerages still closely resemble their original form from the 1600s, when modern insurance began to take shape in Edward Lloyd’s London coffee shop. 

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“You can actually track the development of insurance alongside the development of society. Major innovations have been made possible because people could transfer and mitigate risk so they could pursue their visions,” says Spike Lipkin, CEO and Co-Founder of Newfront, a modern insurance brokerage transforming the industry as we know it.

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Similar to other brokerages, Newfront is swimming in data from clients, including countless pages of documents such as loss histories, third-party contracts, and detailed employee demographics—all required details when seeking coverage. Once this information is collected from a client, it typically sits, unstructured, in filing cabinets, in stacks on desks, or in a haphazardly-organized shared drive. Deriving any kind of useful intelligence from this data required tedious extraction of details from PDFs and byzantine email threads. 

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Unlike other insurance brokerages, however, Newfront has spent the past six years building a proprietary platform to house and organize this data, and using recent advances in artificial intelligence (AI) and Machine Learning (ML), can easily reference the information, resulting in better decisions, faster interactions, and transparency for clients and colleagues. The one-stop shop platform:

• Optimizes productivity through automation and an easy to use interface
• Offers real-time data leading to personalized insights
• Scales with client growth and supports key business use cases

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When combined with Newfront’s deep expertise in insurance, this boasts powerful outcomes: deeper market intelligence, smarter coverage recommendations, and an elevated experience for clients and professionals.

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“Newfront brings together world-class domain experts and world-class technologists and pairs them up against this opportunity in an industry where technology and innovation just hasn’t existed,” said Patrick Miller, Newfront Head of Data. 

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The advances Newfront has made with AI, ML, and Large Language Models mean that the company’s elite insurance experts can spend more time optimizing risk management and total rewards programs and less time manually sifting through data, ultimately benefiting clients.

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“Our use of AI empowers both the service professional and the client,” Miller said. “At Newfront, we take a human-centric focus to design, where we attempt to augment, as opposed to automate the insurance professional.” 

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Newfront’s approach is enabling its clients to pursue their world-changing visions with confidence.

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“We work with some of the most innovative companies in the world. They create new treatments, build new technology, and they do it by taking risk,” Lipkin said. “We are working with these companies in an innovative manner to provide insurance and risk transfer products so they can provide their mission. We believe the role of Newfront is completely fundamental to human progress - to de-risking human progress.”

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