Claims, Compliance
PRnewswire | June 28, 2023
Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico's Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company's overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers.
The integration with Azure OpenAI Service technology is another milestone in the company's long storied history of innovation and success in AI. Indico's co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we're seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more.
Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours.
Integrated with Indico's patented Intelligent Intake application interface, Indico's Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico's Enterprise LLM entirely within the customer's firewall.
Indico's Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite "covered or not" decisions. By utilizing state of the art machine learning, users are now able to "interrogate" submitted documents and produce summary data that typically take hours to research and create manually.
Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding.
"We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond," said Tom Wilde, CEO Indico Data. "As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise."
Jim DeMarco, Director of Insurance Strategy at Microsoft added, "Indico Data's integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data."
Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy coupled with expanded underwriting and claims processing will lead to faster response times, increased gross written premiums and improved customer satisfaction.
Indico Data automates critical workflows for enterprises in document-intensives industries, including insurance, financial services and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more.
About Indico Data
Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.
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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.
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Claims, Compliance
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.
About Bees360
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.
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