LineSlip Total Cost of Risk
LineSlip Solutions Inc.’s Total Cost of Risk service is 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 the data on an automated basis and present it to the customer in a way to understand, manage and report on their insurance program,”; 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 product LineSlip Risk Management, which won a Business insurance Innovation Award 2020, enables customers to summarize and view the risk transfer portion of their insurance programs. The TCOR extension enables the system to incorporate whatever self-insured part of a program exists—such as a captive, retention, or deductible—that the organization uses to manage its high-frequency incidents and low-severity claims.
The total cost of risk is presented to users, including overheads such as costs for maintenance, administration and the risk professionals themselves.
The idea emerged in mid-2021 as a result of customer feedback, Bernstein said. It took about six months to create the software and functionality, which included a lot of work on the client-facing part of the product, he said.
There is no additional cost for the TCOR extension, Bernstein said.
LineSlip’s products are hosted on Microsoft’s Azure Web Apps cloud-based platform, which allows the publication of 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 features hosted on the company’s systems and delivered via a web browser to clients’ laptops or handheld devices, Bernstein said.
Customer data is extracted using natural language processing from documents provided to LineSlip by its customer insurers and others. Future iterations of the systems will be able to import data directly from client systems without using paper documents, Bernstein said.