CAMPBELL, CA – (December 11, 2018) – Today InsurAnalytics.ai announced the launch of its Insurance Analytics Cloud (IAC) Platform, Industry’s First Purpose-built, AI-Powered, Cloud Platform for Augmented Claims Processing for P&C Insurance.
One of the key challenges facing the P&C industry today is a continuous rise in expenses and losses and they’ve been growing for the better part of the last decade; resulting in combined ratios of more than 100%. To control the rising expenses and bring efficiencies to claims adjudication, insurance carriers have primarily used rule-based systems and experience and expertise of their adjusters. Scaling such an approach presents its own challenges because of the changing nature of claims given the technological advances in automobiles and changes in consumer behavior.
“Insurance Analytics Cloud” platform uses a deep-learning (AI) based approach to find patterns and more precisely predict key outcomes in a claims lifecycle by using structured and unstructured historical claims data; resulting in faster and more definitive settlements. This approach is not only scalable and reduces expenses, but has a significant positive impact on customer experience and NPS. Coupled with minimally invasive API-based integration and pre-trained neural networks, the platform offers unparalleled advantages of speed-to-market and low start-up costs.
Saama’s CEO Suresh Katta said on the eve of the launch, “It gives me great pleasure to announce the launch of Insurance Analytics Cloud. This is a great step in our vision to create industry-leading analytics products and generate superior business outcomes for our clients.”
CEO of InsurAnalytics.ai, Maneesh Madan said in a statement, “We are delighted to bring our AI-powered, Insurance Analytics Cloud platform to the market. We believe our platform will play a crucial role in improving claimant experience, and delivering significant insights for carriers to make smarter decisions in adjudicating claims.“
InsurAnalytics.ai is a start-up based in Silicon Valley with unparalleled expertise in the science of transforming data into actionable knowledge. Through pre-packaged, cloud-based AI and ML solutions the company brings faster time-to-market and low incubation cost advantages to its customers. InsurAnalytics.ai helps its customers achieve highly impactful business outcomes like faster settlements, lower expenses and losses, and superior customer experience through the use of data-driven insights.
InsurAnalytics.ai is a Saama Spin-off (A well-respected name in Data and Analytics with over 2 decades of experience).