Global software company Symbility Solutions Inc. announced on Wednesday that it has entered into a new partnership with Toronto-based DeepLearni.ng to bring artificial intelligence (AI) solutions into property insurance.
Symbility said in a press release that “by closely collaborating with Symbility’s leadership, DeepLearni.ng has completed a comprehensive assessment of current opportunities in the company for artificial intelligence applications, based on impact and viability. Once deployed, these use cases would rapidly provide property insurance carriers and their vendor networks a new way to lower indemnity spend, provide better business insights, and most importantly, increase revenue.”
James Swayze, CEO of Symbility, said in the release that the company is “very focused” on a new suite of self-service products for policyholders that leverage the data from the millions of property insurance claims that it has processed over the years. “We were impressed with the 40 per cent efficiencies DeepLearni.ng generated for one of the world’s largest banks while maintaining rigorous security and compliance requirements and wanted to incorporate their models into our applications,” Swayze explained. “Having operated a cloud-based platform since our inception, we have every dataset on our servers and are excited to leverage artificial intelligence in the creation of a new product portfolio.”
Both Symbility and DeepLearni.ng said that they see “massive potential” for AI to transform the insurtech space. Some of the areas the two companies have already begun to explore include:
AI-assisted claims management – using AI to assist property claims for more accurate and consistent estimates and to simplify the entire process;
AI-assisted diagramming and claims processing – streamlining tools with AI to help adjusters easily produce more accurate measurements, diagrams and annotations for claims, while also utilizing indirect sources to automate some of the data collection;
AI-automated business intelligence – utilizing AI to automatically create reports on business performance; and
Personalizing the claims experience – using pre-existing data about policyholders and similar past interactions, AI can personalize each customer’s experience through automated reporting systems that are unique to their individual policy and situation.
“The insurance industry is the perfect space for AI right now with all the resources required to get machine learning projects off the ground: lots of context-rich data and interesting use cases,” DeepLearni.ng’s co-founder, Stephen Piron, said in the release. “From the start of our partnership, we immediately saw Symbility’s potential for artificial intelligence applications. Having such a volume of structured, formatted and indexed data allows us to accelerate our modelling with confidence over the accuracy of the results.”
With a roadmap of use cases customized, the next step of Symbility and DeepLearni.ng’s partnership is to begin the process of building and deploying the company’s first AI solution, which will be selected based on its “viability for rapidly measurable results and long-term business impact,” Symbility said in the release.
According to its website, Symbility offers “smart, flexible and secure cloud-based, mobile-enabled software.” The company focuses on “modernizing insurance claims solutions for the property and health industries,” and “brings smarter thinking to property insurance,” the release added.
DeepLearni.ng describes itself on its website as a “transformative tool that rapidly detects complex patterns within data.” The website said that DeepLearni.ng originated as a “secret lab for machine learning at one of Canada’s largest banks” and resulted in the “successful deployment of the first deep learning model for retail banking.”