InsurTech startup i3systems has teamed up with Microsoft Azure as part of an AI programme to redefine health and life insurance claims.
i3systems joined forces with Microsoft Azure as part of the “AI Innovate” programe in collaboration with G7 CR Technologies’ STAB program for ISVs, to provide industry-leading accuracy in document and data intelligence for critical BFSI processes.
With its domain-specific AI models powered by Microsoft Azure Cognitive Vision, i3systems has set out to transform health and life insurance companies.
According to i3systems, the current issue in the insurance industry is underwriting losses of 2-20% compared to premiums collected, largely due to leakages in claim payments, inaccurate medical underwriting, and fraudulent claims.
With payment decisions based on manual judgment through scanning more than 20-100-page documents, there is a high risk of errors, inconsistency in judgment, and fraudulent claims getting approved.
i3systems’ AI products automate underwriting and claim to process, providing intelligence based on patterns in medical, financial, and similar documents, irrespective of formatting, source, or nomenclature.
The i3systems partnership with Microsoft Azure & G7 CR Technologies’ STAB Program for ISVs uses modern artificial intelligence models that are ready to use.
With Microsoft Cognitive Vision supporting the OCR of these documents, i3systems added image and natural-language models to convert them into useful data for the automation of business processes as well as analytics of historical data.
Dr. Mallesh Bommanahal, the co-founder and CEO of i3systems, said “With micro-insurance becoming increasingly important in semi-urban and rural areas, low ticket insurance is necessary to win customers with lower spending potential. However, high underwriting and claim processing costs, as well as rampant fraud by low-volume providers, are impossible to be resolved by prevalent PDF-centric underwriting and claim settlement processes.”
Earlier this year, Peppercorn, an AI-driven insurance provider, launched on Confused.com as it rolls-out the use of its conversational AI insurance assistant.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global