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LineSlip Total Cost of Risk
LineSlip Solutions Inc.’s Total Cost of Risk service was designed to allow users to easily calculate expenses beyond risk transfer costs.
The service is an extension of the New York-based company’s existing technology platform, which focuses on extracting and presenting key data to risk managers.
LineSlip was formed in 2016 and launched its first product, LineSlip PE, in 2018, followed by LineSlip Risk Management in 2019, said Leo Bernstein, co-founder and CEO of LineSlip.
“We extract data on an automated basis and present it back to the customer in a way to understand, manage and report on their insurance programs,” he said.
The company uses a combination of natural language processing and proprietary algorithms to “teach” systems to recognize relevant insurance terminology, he said.
The LineSlip Risk Management product, which won a Business Insurance Innovation Award in 2020, enables customers to summarize and view the risk transfer portion of their insurance programs. The TCOR extension allows the system to incorporate whatever self-insured portion of a program exists — such as a captive, retention or deductible — that the organization uses to manage its high-frequency, low-severity incidents and claims.
The total cost of risk is presented to users, including overheads such as expenses for maintenance, administration and the risk professionals themselves.
The idea arose in mid-2021 as a result of client feedback, Mr. Bernstein said. It took about six months to craft the software and functionality, which included much work on the client-facing portion of the product, he said.
There is no extra charge for the TCOR extension, Mr. Bernstein said.
LineSlip’s products are hosted on Microsoft’s Azure Web Apps cloud computing-based platform, which allows publishing applications running on multiple frameworks and written in different programming languages, including Microsoft’s proprietary and third-party products. LineSlip is a software as a service product, with software and capabilities housed on the company’s systems and delivered via a web browser to clients’ laptops or handheld devices, Mr. Bernstein said.
Client data is extracted using natural language processing from documents provided to LineSlip by its client insurers and others. Future iterations of the systems will be able to import data directly from client systems without the use of paper documents, Mr. Bernstein said.