Insurance Technology
PR Newswire | September 28, 2023
Expert.ai unveiled today its "Enterprise Language Model for Insurance" – ELMI, a cutting-edge innovation in domain trained language models, set to help insurers reach their process automation and digital transformation goals with the highest accuracy. By simplifying and powering the interaction with language data within the expert.ai Platform for Insurance, Insurers can access solutions that scale and take advantage of deep insurance domain expertise combined with the best and most cost-effective attributes of Large Language Models (LLMs) to automate core processes.
Through the expert.ai Platform for Insurance, ELMI supports key capabilities, including:
Generative Summarization: generate accurate summaries, condensing vast amounts of claim or policy information into concise insights, saving time and accelerating straight through processing or human review activities.
Zero Shot Extraction: extract crucial insurance data from structured/unstructured, handwritten/typed, good quality/bad quality sources with accuracy and automatically normalize output formats and add medical annotations such as ICD 9/10 medical codes.
Generative Q&A: answer questions quickly so underwriters and claims handlers can extract meaningful insights from proprietary case files by asking questions using natural language queries.
Walt Mayo, expert.ai CEO, said: "Delivering on our commitment to innovation and higher level of efficiencies in the insurance sector, ELMI sets a new standard for AI-driven language solutions. As part of the expert.ai Platform for Insurance, ELMI equips insurers with the generative AI tools they need to automate the complex landscape of language-driven processes, while also offering substantial cost savings."
Unlike general knowledge large language models, ELMI is:
Trained for Insurance: Eliminating the cost and complexity of training language models, ELMI is engineered with a deep understanding of the insurance domain, providing insurers with generative AI capability ready to tackle underwriting and claims processing challenges.
Built for the real-world: ELMI is integrated into expert.ai end-to-end insurance solutions to meet the practical challenges of AI at scale across insurance workflows from underwriting to claims. Expert.ai purpose-built approach addresses critical shortcomings of general-purpose language models and brings the power of generative AI to improve accuracy and reduce costs.
Cost Optimized: When compared to hosted token-based models, ELMI offers a more cost-effective solution, reducing expenses related to usage, hosting, running, and maintenance, while still delivering superior performance and accuracy.
Secure and Compliant: ELMI is designed to ensure compliance with the most stringent governance standards and does not share sensitive insurance data.
Cloud-agnostic: Offering the flexibility to deploy on any cloud infrastructure or on-premises, ELMI deployments easily meet insurer's varying requirements.
For inquiries, demonstrations, or more information about ELMI, please request a demo.
About expert.ai
Expert.ai is the leading enterprise AI company solving complex language challenges. Our solutions deliver key information for publishers, streamline operations for insurers, drive revelations for pharmaceutical giants, and enhance customer interactions within financial services – all while automating traditional labor-intensive methods. By combining deep domain expertise with the finest attributes of Large Language Models, Machine Learning, and Symbolic AI, we are at the leading edge of linguistic advancements in hybrid AI. With a global presence in Europe and North America, we proudly serve clients that include AXA XL, Zurich Insurance Group, Generali, Sanofi, EBSCO, The Associated Press, Bloomberg INDG, and Dow Jones. For more information, visit https://www.expert.ai/
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Risk Management
Nearmap | December 07, 2023
Nearmap, one of the world's largest location intelligence and aerial imagery solutions providers, has signed an agreement to acquire Betterview, a leading property intelligence and risk management platform in the insurance industry.
Founded in Australia in 2007, Nearmap expanded operations into the U.S. in 2014 to help companies better visualize the truth on the ground to make more informed business decisions. Today's announcement marks a significant milestone in the advancement of the Nearmap global growth strategy. This will reinforce the company's position as a leading source of imagery intelligence, data and solutions, and expand and complement its expertise and capabilities for insurance customers and partners.
"The Nearmap acquisition of Betterview is transformative for the industry,"
said Andy Watt, CEO of Nearmap.
Integrating the Betterview platform and AI solutions into the Nearmap technology stack will enable better visualization of the truth on the ground with a richer, more powerful set of AI capabilities that combine the best of both companies. This is a significant milestone in our ongoing efforts to innovate solutions for insurance carriers, and expand our presence within the property and casualty space.
[Source -PR Newswire]
Betterview is an established and trusted source of property intelligence and risk management for the insurance industry, applying artificial intelligence and computer vision to help identify and mitigate property risk, improve and automate underwriting and inspection workflows, and provide a more productive, seamless customer experience.
"Combining the offerings of two best-in-class providers will deliver greater impact for insurers," said Betterview Co-Founder and CEO David Lyman. "The acquisition of Betterview by Nearmap will increase access to premium imagery and cutting-edge, scalable property intelligence solutions for the insurance industry."
"We are optimistic about the outcomes this acquisition will bring to our customers, the potential for developing even greater products together, and the impact it will have on the future of the insurance industry," said Betterview Co-Founder and COO Dave Tobias.
Nearmap and Betterview will harness the power of the leading image intelligence and property risk-management technology solutions — including a historical archive for change analysis, comprehensive post-catastrophe imagery, and AI attributes — to provide customers and partners with greater certainty and clarity, through
More efficient development of insurance solutions and capabilities
Faster and more accurate underwriting, property condition identification, and overall mitigation of risk
Enhanced visualization and interpretation of over 100 AI-powered property attributes
Deeper analytics, with more recency, and regularity through insights easily accessible within a browser, via API or business intelligence tools, or seamlessly integrated with existing underwriting or claims core systems
From imagery to insights to answers, this acquisition aligns with the Nearmap long-term global vision to be the source of truth that shapes our livable world.
Completion of the acquisition is subject to customary closing conditions. The financial terms of the deal have not been disclosed. Jefferies served as exclusive financial advisor to Betterview.
About Nearmap
Nearmap provides easy, instant access to high-resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in the United States, Canada, Australia, and New Zealand several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data-driven insights—enabling informed decisions, streamlined operations, and better financial performance. Founded in Australia in 2007, Nearmap is one of the largest aerial survey companies in the world.
About Betterview
Betterview is the Property Intelligence & Risk Management Solution the insurance industry depends on to identify and mitigate property risk, improve underwriting and inspection efficiency, and build a more transparent customer experience. Applying Artificial Intelligence (AI) and computer vision to aerial imagery and geospatial data, Betterview generates the most accurate property information insurers trust to automate pricing, underwriting, and renewals while focusing strategic action on critical properties, helping transform property insurance from Repair and Replace to Predict and Prevent.
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Insurance Technology
Business Wire | October 17, 2023
Hourly.io, a fast-growing workers’ compensation and payroll startup, has selected Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution to bring critical automation to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers.
Hourly will use Origami’s API to instantly quote policies. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information will be instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal.
As we continue our rapid growth across the United States, choosing and deploying the best available technology has enabled us to drive down costs and streamline the rate-to-bind process for small and mid-sized employers, said Tom Sagi, Co-Founder and CEO, Hourly. Origami’s solution seamlessly integrates with our platform so we can scale while maintaining our speed, efficiency and accuracy.
“Our automated solution aligns perfectly with Hourly’s objectives and the needs of its distribution network and clients,” said Christopher Bennett, Chief Strategy Officer, Core Solutions division at Origami Risk. “This proprietary capability is among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.”
Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders.
Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking, and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform.
About Hourly
Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io.
About Origami Risk – Core Solutions Division
Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at info@origamirisk.com.
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