Patra, expert.ai | February 18, 2021
Patra, a main supplier of technology-enabled services for the insurance business, and expert.ai, the chief artificial intelligence solution for natural language understanding and natural language preparing (NLU/NLP), today reported an organization that carries efficiencies to an assortment of insurance processes. This organization conveys AI-powered policy checking to the insurance market today. By brushing expert.ai's technology and expertise alongside the market force of the InsurConneXtions Alliance individuals, extra complex solutions are right now being produced for the business.
Guaranteeing exact language understanding at speed and scale, expert.ai empowers worldwide associations to use its develop and demonstrated AI-based natural language (NL) stage to robotize the perusing, understanding, and extraction of significant information from organized and unstructured content to enlarge and grow experiences for each cycle that includes language. By incorporating expert.ai's front line AI capacities, Patra improves quality, lessens contact, and drives out shortcomings during the time spent physically inspecting and cross-approving handfuls to many pages of text for some random policy. These capacities encourage a more profound understanding of information, empowering beforehand unattainable experiences because of the tremendous and complex nature of language semantics.
In cooperating, the two organizations are fulfilling the developing requests in the insurance business of utilizing progressed natural language and ML capacities to address difficulties in policy checking hazard openness. With near 80% of the data inside the insurance business being unstructured information, insightful robotization dependent on human-like understanding is a basic factor for upper hand, as it expands limit, decreasing failures and high-hazard weaknesses. By applying the force of artificial intelligence to policy checking, Patra is giving offices, wholesalers, MGAs, and transporters a superior understanding of their book of business and assisting them with understanding estimating practices and inclusion elements by hazard hunger. These abilities will release another age of chances, including proactive warnings versus receptive revelations.
"With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today's technology," said John Simpson, CEO and Founder of Patra. "Policy Checking has been one of the insurance industry's biggest challenges for decades. Now, with expert.ai and the formation of the InsureConneXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing."
"We're honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review. And we see this as just the first step in working together to power language understanding in any application or process across the insurance value chain," said Walt Mayo, CEO of expert.ai. "The combination of expert.ai's long history of industry-best AI natural language understanding, and Patra's deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry."
Patra is a leading provider of technology-enabled services to the insurance industry. Patra's global experts' team allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra is also a founding member of the InsurConneXtions Alliance, representing leaders across insurance technology, brokerage, wholesale, and specialty insurance, representing over $50 Billion in Insurance premiums.
Expert.ai is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to NL combines symbolic human-like comprehension and machine learning to transform language-intensive processes into practical knowledge, providing the insight required to improve decision making throughout organizations. By offering a full range of on-premise, private, and public cloud offerings, expert.ai augments business operations, accelerates, and scales data science capabilities, and simplifies AI adoption across a vast range of industries, including Insurance, Banking & Finance, Publishing & Media, Defense & Intelligence, Life Science & Pharma, Oil Gas & Energy, and more. The expert.ai brand is owned by Expert System (EXSY:MIL), that has cemented itself at the forefront of natural language solutions, and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, Bloomberg INDG, BNP Paribas, Rabobank, Dow Jones, Gannett, and EBSCO.
Hub International Limited | November 03, 2020
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the insurance brokerage assets of The Olson Insurance Agency LLC (The Olson Agency) and Insure All, LLC (Insure All). Terms of the transaction were not disclosed. The owner of The Olson Agency and Insure All, Max Olson and Michael Forney, respectively, were each previously part of Nationwide Mutual Insurance Company's (Nationwide) exclusive distribution model and recently transitioned to independent brokers. Both The Olson Agency and Insure All provide personal and commercial insurance services, including home, auto, life and business. The agencies are based in the following cities in Virginia: The Olson Agency in Springfield, Arlington and Woodbridge; and Insure All in Stanley.
EY | July 14, 2021
EY today announced a partnership between Fadata, a leading software provider specializing in core insurance operational platforms, and Ernst & Young LLP (EY UK) to assist insurance companies in driving improved business performance through technology transformation that provides an end-to-end digital experience.
The partnership combines EY UK's insurance sector experience and expertise in enabling large-scale business and technology changes with Fadata's core insurance operational technology. EY UK and Fadata teams will use INSIS, Fadata's insurance process platform, to assist insurers in developing flexible and innovative products, bringing them to market faster, and distributing and servicing them via new digital channels. In addition, teams from EY UK and Fadata's INSIS will assist insurance companies in various business areas, including company management, insurance product lifecycle, and customer journey.
Insurance companies are under increasing pressure to prioritize technological advancements to promote company growth, enhance operational efficiency, and satisfy industry standards and regulatory requirements. According to NextWave Insurance: personal lines and small commercial, 37% of European customers would switch insurance if they did not provide cutting-edge technology. Insurance businesses can leverage a single platform for the different kinds of insurance services they provide to customers, such as life, pensions, non-life, and health, by working with EY UK and Fadata teams. In addition, the alliance assists insurers in providing scalable and agile platforms, which support broader business benefits for insurers such as cost efficiencies, automating processes to increase productivity, implementing standardized approaches to compliance, and modernizing outdated legacy systems and technology infrastructure.