Synechron Launches AI Toolkit for Insurers Thursday, May 30, 2019 - New York
Synechron Inc., a leading Digital Consulting firm for financial services, today announced the launch of Verito – an artificial intelligence (AI) toolkit for the insurance industry. Verito further builds on the power of Synechron’s award-winning suite of 16 InsurTech Accelerators launched in 2017 by providing a set of AI modules that focus on accelerating the underwriting value chain. The solutions will benefit insurance companies by giving them the building blocks to solve specific pain points related to application automation, risk analysis, quoting, and the use of alternative data in underwriting. The toolkit also can be applied to accelerate similar business challenges in related domains such as financial services.
Given the increasing pressure on the insurance industry to digitize the business, Synechron’s InsurTech Accelerator program was created to give the industry a broad range of innovative, business case-led solutions drawing on Blockchain, AI/Machine Learning, RPA, Experience Design, IoT, and Mobile Apps. Within this program, Synechron launched Visual Risk, an award-winning digital underwriting platform. Since launching Visual Risk, Synechron has gone back to the lab and modularized the key components of the solution into an AI Toolkit, Verito, which empowers users to go a level deeper and address even more narrow, technical challenges and point problems across the value chain.
Verito has 12 tools that include applied machine learning models, and advanced data aggregation and analytics, and it also applies a combination of AI, Natural Language Processing (NLP), and Machine Learning techniques to achieve time and cost savings, minimize risk, and increase efficiency across the underwriting process.
- Quotes, Forms, and Coverage Recommenders, all of which draw on AI & Analytics methods to show underwriters historical policies to make connections for new customers. Utilizing existing policy quotes that are similar to new customers, as well as grouping together similar new customers, to create a more streamlined, consistent, and efficient quote generation. To determine coverage, the tool gives recommendations on what type of coverage is generally required based on the existing policies held by other similar insured clients to make sure the new client is adequately covered for their needs
- Natural Language Processing is used for Submission Intake, which pairs NLP with information extraction, text classification, and named entity recognition to read structured and unstructured documents and extract the data required for a typical insurance policy submission. Similarly, NLP is applied to an Email Routing tool to ingest emails and process them through the text classifier that has been trained with historic actions to filter like messages to different business groups, for Social Analytics, using an engine trained to extract the sentiment, detect language and the topics covered across various social media feeds to categorize compliments and complaints that require escalation, and for Relationship Extraction, which uses an NLP techniques to extract person and organization elements out of input text, and it further finds the relationship between these elements.
- Furthermore, the toolkit includes GRASP, Synechron’s Natural Language Processing & Generation Service that is one API for many solutions, reduces efforts on tasks and allows the developer to focus on the core solutioning, and cuts development time by 20-25%.
- A Text Summarization tool automates reading unstructured documents and selects phrases and sentences from the source document to make up the new summary by using a Text Rank algorithm to create a graph of all sentences in the document and then scoring them all by importance.
- Distance to Fire Hydrant leverages object detection using neural networks on images to find a Fire Hydrant in images that have been captured and published on Google Street view, which is quicker than a manual inspector.
- Premium Advise assists the underwriter in determining the maximum premium that can be quoted while still resulting in won business.
Bruce Polsky, Managing Director at Synechron stated, “Today, insurers, and especially underwriters are tasked with the immense challenge of becoming more digital to compete with start-ups and insurtechs, appeal to customer desires, and improve their own long-standing business problems. Our InsurTech Accelerators took the first step with innovation-led business-driven solutions. We are committed to furthering innovation and working hands-on with our clients, and saw an opportunity to use applied-AI and machine learning to create even more solutions to the most granular issues facing insurers. I look forward to continue creating even more opportunities in the future.”
Synechron is a leading Digital Consulting firm for financial services, Accelerating Digital for financial institutions by providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500+M in annual revenue. For more information on the Company please visit the website or our LinkedIn community.
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