mgm Cosmo AI Suite: The first AI solution for industrial insurance

The Cosmo AI Suite is a comprehensive collection of tools and applications specifically designed to address AI challenges for industrial insurers and brokers. The components can be combined freely, operated with any insurer and broker software, and accelerate the development of AI solutions.

Short & concise

  • The Cosmo AI Suite is designed to support the goals of process efficiency, user experience and the creation of competitive advantages.
  • Any LLM models can be connected, including OpenAI, Llama or Mistral, and models can be switched and run in parallel.
  • Integration into existing IT systems is seamless, thanks to the use of standardised APIs and RPA.
  • Security and data protection are guaranteed through flexible hosting options, compliance with the GDPR and future EU regulations.

The Cosmo AI Suite provides the opportunity to create unique digital selling points (USPs), as it enables the development of individually developed AI solutions. These solutions offer the chance to provide innovative services that are tailored to the specific needs of customers and market partners. This contributes towards the strengthening of the market position and the development of customer loyalty. Furthermore, the automation and optimisation of routine processes enables insurers and brokers to deploy resources more effectively, allowing them to focus on developing new products and services. The AI Suite represents a forward-thinking solution, specifically designed for the industrial insurance sector.

Everything included: hosting, chat, assistant and implementation framework

The modular package is designed to help companies take advantage of artificial intelligence (AI) and gain a competitive edge. The suite currently includes the following modules and functions:

  • Cosmo AI Hosting offers a range of flexible hosting options, enabling companies to run their AI models on-premise, in the mgm data centre or with a cloud provider of their choice. This flexibility ensures that the solutions comply with specific security requirements and data protection guidelines, in particular the EU General Data Protection Regulation (GDPR). The local operation of our AI models demonstrates our commitment to data security and protection.
  • The Cosmo AI Knowledge Chat module provides a data protection-compliant chat solution that is designed as an open and free alternative to ChatGPT. It can be operated completely locally, including the connection of company data for AI-based knowledge management. This ensures the secure and efficient processing of customer data without compromising data protection.
  • The Cosmo AI Assistant, an add-in for the Outlook email client, automates insurance processes, thereby increasing efficiency in day-to-day business operations. The assistant can automatically summarise incoming customer or sales partner inquiries, extract data and transfer it to follow-up systems, and automatically answer emails. The automation of routine tasks allows employees to focus on more complex and value-adding activities.
  • Finally, the Cosmo AI Framework offers a comprehensive strategy and implementation toolbox, including strategic consulting, change management, and a development environment for customised AI solutions. It enables companies to precisely address their specific requirements and make the most of the potential of artificial intelligence.

Use cases, features and added value of the Cosmo AI Suite

One key use case is the automated processing of inquiries. A significant proportion of business transactions between insurers, brokers and end customers are conducted via email. However, these messages are rarely used to convey a single piece of information. Instead, data for risk assessment, claims settlement or billing is often compiled from a large number of emails and attachments. This is typically a manual process. With the help of Cosmo AI Chat or – even more conveniently – the Cosmo AI Assistant, summaries, overviews and data extractions can be created automatically.

The automation of this process results in a notable reduction in processing and response times, while also enhancing customer satisfaction. Manual input errors are reduced and employees can concentrate on more complex tasks. The local operation of this chat solution also ensures that all customer data remains protected and complies with the strict requirements of the GDPR. The Cosmo AI Assistant can also be used to automatically forward the extracted information to corresponding specialist systems such as inventory management, MVP and CRM. Another advantage of this process is that it reduces multiple entries and therefore the overall processing time.

In conjunction with the Cosmo AI Framework, bespoke solutions can be developed to address specific challenges. One example of this is automated document comparison, in which terms and conditions or claims notifications are automatically compared with each other to identify inconsistencies or deviations (e.g. “toxic clauses”). This enhances the quality of underwriting and claims processing, while reducing the risk of fraud.

Another advantage is the capacity expansion without the need to build additional resources, which are often difficult to find in times of a shortage of skilled workers. This is a strategy of “growing without growing”. Automation of processes allows for the processing of more inquiries in less time, which in turn improves service quality, particularly during peak periods such as renewal phases. This provides a sustainable competitive advantage in a rapidly changing market environment.

Integration into the existing IT landscape

The Cosmo AI Suite offers flexible integration into existing insurance and broker software. This encompasses systems for policy management, customer relationship management (CRM), claims processing and other bespoke applications. By utilising standardised APIs (Application Programming Interfaces) and/or RPA (Robotic Process Automation), the modules of the Cosmo AI Suite can be seamlessly integrated with existing systems. This enables the benefits of AI-supported automation and data analysis to be utilised without the need to replace existing systems or make extensive adjustments. The suite is not simply a collection of tools; it is a comprehensive solution that will raise efficiency, security and customer satisfaction in the insurance industry to a new level.

Another key aspect of the integration is the flexibility in terms of hosting. Companies have the option of operating the Cosmo AI Suite “on-premise” on their own servers, in the mgm data centre or with a cloud provider of their choice. The suite can be connected to any LLM models, including those from OpenAI, Llama or Mistral, and also supports switching models and parallel operation. This flexibility ensures that companies retain control over their data while finding the optimal balance between security, cost and performance.

Supporting the organisation with change and transformation

The Cosmo AI Suite is being introduced in stages, starting with simpler applications such as Cosmo AI Chat, and progressing to more complex, bespoke solutions based on the Cosmo AI Framework. This implementation approach allows companies to become acquainted with the new technologies in a gradual manner, experience the benefits in practice and further develop the solutions in accordance with their specific requirements and priorities.

To guarantee the success of the integration and the optimal utilisation of the Cosmo AI Suite, mgm offers an integrated consulting and training concept. This concept includes both technical support during implementation and training for employees to ensure they are able to fully exploit the possibilities of the AI-based solutions.

Hands-on learning is an essential element of this process. Employees must have the opportunity to directly experience the possibilities of AI and understand how these technologies can support their work. The introduction of an internal AI chat solution, for instance, streamlines access to company and customer knowledge. Such initial applications also provide valuable experience for the further implementation of AI technologies. It is also important to recognise the current limitations of AI and to have realistic expectations of what is technologically feasible. This is a key idea of the Cosmo AI Suite.

Security and compliance of the AI solution

The Cosmo AI Suite places security and data protection at the heart of the AI strategy and is aligned with the provisions of the General Data Protection Regulation (GDPR), as well as EU regulations:

  • The EU AI Act is a set of rules designed to regulate the development and use of AI systems within the EU, with the objective of minimising risks and increasing confidence in AI technologies.
  • The EU Data Act, in turn, aims to establish a fair and innovative data market by establishing rules for the access and use of data.

The Cosmo AI Suite is continuously updated to meet the evolving compliance requirements, which are still being developed, and thus offers companies a competitive advantage. To further reinforce the security of sensitive data, the suite employs cutting-edge security measures to guarantee the protection of data integrity and confidentiality. These include the use of encryption technologies, regular security audits and reviews, as well as strict access controls and authentication procedures. These measures serve to minimise the risk of data leaks and cyberattacks, as well as protecting the confidentiality of customer information.

Are you interested?

If you are in the process of defining your AI strategy and initial AI use cases, we would be delighted to share our experience with you. A preliminary introduction to AI technologies can facilitate the development of a strategic solution and enhance acceptance within the organisation.


Further information:

  • mgm Cosmo is the digital platform solution for the industrial and commercial insurance sector.
  • All insights from and about the insurance industry can be found here.