October 16, 2023
Insurance, like energy, affects everyone. The cost of insurance permeates the entire economy - and the costs have been rising. This cost rise isn’t just about policies and claims—it’s heavily because of the operational challenges plaguing the industry. And to make things worse, the industry is facing a significant labor shortage driving up human costs.
When I first moved to the US, I realized how essential insurance is in daily life. I couldn’t drive a car or visit a doctor without it. Later, when our company sought Directors and Officers (D&O) insurance, it took the broker five days to get a quote. He explained to us that many workflows like quoting and renewals are still manual across the industry.
This insight convinced us that the insurance industry is a significant opportunity but we needed to know why they remained manual so far - and why could they be solved now?
The insurance sector deals with vast amounts of unstructured data and so far it has not been reliably possible to process PDFs, emails, and other unstructured forms of data. To make things worse, the systems in the industry were disjointed and there were very limited APIs leading to humans performing the work manually across these systems. This made the data processing cumbersome and error-prone.
By focusing on eliminating these inefficiencies by utilizing AI Teammates, we aim to create significant second-order effects. Our goal is to transform insurance operations, making them faster, more efficient, and more affordable.
Building for the insurance industry is a strategic decision and a personal mission to improve a sector that impacts everyone’s lives.
