Globenewswire | July 13, 2023
Bees360, the top provider of drone-enabled property inspection services powered by artificial intelligence (AI), and Hosta AI, the most advanced provider of AI-enabled interior property inspections powered by more than a decade of MIT research, have partnered to transform the insurance claims process.
Inconsistent data collection and varying methods of individual inspectors and adjusters with differing expertise complicate traditional processes in property and damage inspections. With more than six million home inspections conducted annually in the U.S. alone, insurers need consistent, accurate, and transparent processes of effectively managing such risks. Bees360 and Hosta AI address this challenge head-on by harnessing advanced technologies to improve the quality, efficiency, and accuracy of property inspections, to produce the most robust property dataset possible, and to enable superior claims service from the start.
"This partnership with Hosta AI means we are collectively bringing operational efficiencies and advanced interior data analytics to the insurance industry," said Andy Liu, CEO of Bees360. "By combining the power of aerial and interior inspection and advanced data processing, we are revolutionizing insurance claims processing and providing insurers with a competitive edge while delivering faster, more accurate results for policyholders."
The combined AI capabilities of Bees360 and Hosta AI offer a complete solution for property inspections and claims adjustments. Bees360 leverages state-of-the-art drone inspection technology and Hosta AI delivers an AI-powered Assessment Platform to address the interior, resulting in streamlined and accelerated claims processing.
"Our partnership with Bees360 allows us to harness their extensive aerial inspection capabilities and combine them with our expertise in advanced interior data processing,” said Henriette Fleischmann, CEO of Hosta AI. “By unlocking the potential of AI and machine learning, we can provide insurance companies with unparalleled insights to enable superior service and highly accurate claim settlement."
Bees360 and Hosta AI share a commitment to delivering innovative solutions that expedite the claims settlement process, enhance accuracy, reduce costs, and improve customer satisfaction.
Bees360 is a leading innovator of deep learning and computer vision technology who focuses on bringing AI and drone solutions to property underwriting and claim inspections. It is founded by data scientists and insurance experts whose collective background in data science, mathematics, property claims & underwriting provide an unparalleled level of knowledge to build AI-powered workflow and a disruptive business model for the conventional insurance industry. Learn more at www.bees360.com.
About Hosta AI
Established in 2020, Hosta AI is on a mission to empower people and businesses with fast, accessible and trusted information about their built surroundings. Hosta helps companies that need fast and accurate data about the built environment accelerate their businesses with automated property assessments. The Hosta AI Assessment Platform uses patent-pending AI spatial and material analysis to automate property assessments from just a few simple photos. To learn more about Hosta AI, please visit www.hosta.ai.
Claims, Insurance Technology
PRnewswire | July 20, 2023
Simplifai, an AI automation solutions provider, launches Simplifai InsuranceGPT – a world-first custom-built GPT tool, fuelled by the company's revolutionary no-code AI-powered platform.
With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI - delivering fast, concise, and accurate responses in a secure way.
While several insurance product providers have merely begun to integrate ChatGPT or Google Bard into their services, Simplifai's InsuranceGPT large language model (LLM) is the first to be trained specifically on information directly relevant to the insurance sector.
Gartner predicts the global market for AI software will surpass $135bn by 2025, with the banking, financial services and insurance sector constituting a massive 25% of that market. Yet, the insurance industry is still learning how to fully embrace AI and LLMs, such as ChatGPT. The technology holds the potential to radically transform the data processing and claims processes, but with several LLMs facing criticism around data security concerns and the inaccurate presentation of data, public LLMs are being labelled unsuitable to address the needs of the claims handling industry.
"Amidst an era where data security and accuracy have become paramount concerns, InsuranceGPT is our response to these challenges. Unlike public LLMs, our solution has been meticulously engineered with a strong emphasis on privacy and the precise presentation of data, thereby directly addressing the inadequacies flagged in the insurance claims handling industry. By providing an AI solution that is tailor-made for this sector, we're not just promising innovation, we're ensuring trust and reliability." - Vasim Shaikh, CEO India Operations at Simplifai
By offering the insurance industry's first custom, cloud-based, private Software-as-a-Service LLM, Simplifai can allay these concerns through:
Fitting into existing ecosystems - InsuranceGPT is platform-based and plugs into third-party services such as Salesforce and Hubspot, as well as industry platforms for claims management, pulling information from the often cumbersome and conflicting systems used by insurance firms for easy implementation and management.
Being ever vigilant about security – As a company, Simplifai is committed to privacy and upholding strict control and regulation of data, as well as firm adherence to GDPR. By training a private LLM, security can be guaranteed.
Maintaining 'No code necessary' – Simplifai's no-code model allows businesses to seamlessly integrate to the platform, without the need for tech expertise, increasing efficiency and speed of use.
Showcasing a commitment to building services tailored to the specific and regulated requirements of insurers, Simplifai has also launched the Simplifai Reference Programme for advanced AI, establishing a customer reference board. The board has leading names within the insurance sector from Europe and Nordics, including Van Ameyde, CCN and Eika, and they are in talks with some of the biggest Indian Insurers to join the board. This will ensure product development is in line with customer requirements.
Jan-Michiel Cillessen, Group COO of Van Ameyde Group said: "Van Ameyde's Claims platform, ECHO, has already benefited from the best-in-class AI automation that the Simplifai partnership provides. In addition, Simplifai's expansion to GPT technology will further solidify our leading position in the claims handling space. In order to even consider Simplifai as a partner, we also needed to ensure their continued strategic focus on security and compliance, as well."
"The potential offered by generative AI is incredible, but a specially-built industry-specific GPT trained on insurance data is the only way to offset risks around security, data privacy and accuracy. InsuranceGPT grants us the ability to make our customers' employees even more efficient and effective, not to mention more valuable, while maintaining our commitment to privacy and security," said Bård Myrstad, Simplifai Co-Founder and CEO.
Founded in 2017, Simplifai is a secure AI solutions company. Its AI Automation platform is used to create Simplifai Archiver, Claims Handling, Document Handling, Debt Collection and Customer Service solutions. With its headquarters in Oslo, Norway, the company has offices in Pune, India, the Netherlands, Sweden and Ukraine.
Core Insurance, Insurance Technology
PRnewswire | July 11, 2023
NSM Insurance Group, the nation's leading specialty insurance provider with more than $1.5B in premium across 25+ niche insurance programs in the U.S. and U.K., today announced the completion of its acquisition of Shield Commercial Insurance Services. Based in Palm Desert, CA, Shield specializes in insurance solutions for the general contractor and construction liability space.
"We are energized to continue our series of strategic acquisitions in the U.S. and U.K. with Shield," said Bill McKernan, President of NSM Insurance Group. "Shield is a fast-growing and best-in-class business with exceptional underwriting and a profitable track record. They are a perfect fit for our B2B portfolio of dynamic, specialized businesses. We will accelerate their growth by expanding their geographic footprint and national distribution with our robust network of 15,000+ agent partners across the country."
Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages for General Liability, Excess Liability, Workers' Compensation, Inland Marine and Contractors Professional & Pollution Liability.
"We're thrilled to join the NSM family of specialty insurance brands and further enhance and bolster our offerings to meet the unique needs of contractors," said Robert Anderson, President and Co-Founder of Shield Commercial Insurance Services. "Over the last two decades, we have delivered innovative products for this niche segment and have built a tremendous reputation with agents and carriers alike — which has fueled our explosive organic growth over the last five years."
Over the past 33 years, NSM has developed a winning formula for building the industry's most successful and sustainable programs, consistently outperforming competitors and driving industry-leading growth and profitability over the last four years. This latest acquisition complements NSM's robust portfolio of specialty insurance programs and brands for the commercial P&C industry and consumer insurance — backed by the company's state-of-the-art resources, including IT, operations, marketing, HR and finance.
About NSM Insurance Group
NSM Insurance Group is the nation's leading specialty insurance provider, exclusively focused on building successful insurance programs. For more than 30 years, NSM has been committed to delivering industry-specific insurance programs that help agents meet the unique needs of their customers and fuel market growth through innovative development, underwriting, distribution and claims expertise. The company has built more than $1.5 billion in premium across 25+ specialty insurance programs and brands in the U.S. and U.K. focused on collector cars; pets; social services and behavioral health; addiction treatment; coastal condominiums; towing and garage; trucking; sports and fitness; professional liability for contractors, architects and engineers; habitational; medical stop loss and managed care; staffing; and workers' compensation. For more information on NSM, visit nsminc.com.