Fractal, a global leader in artificial intelligence and analytics, powering decisions in Fortune 500 companies, announced its participation in CB Insights Tech Market: Digitizing P&C Insurance taking place on May 13-14th 2021. Fractal’s Chief Practice Officer for Insurance and Technology, Sankar Narayanan, will be speaking at “Tech Showcase: Computer Vision for Underwriting & Claims”. The event will bring together over 400 top executives and insiders for discussions and presentations on some of the most pressing needs and innovative solutions.
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The talk will feature Fractal’s Image and Video Analytics (IVA) solution and demonstrate how it enables #betterdecisions for P&C Insurers. IVA is Fractal’s deep-learning based solution that is used by insurers to analyze images/videos/complex documents at scale, during underwriting and claims stages. During underwriting, it is used to assess value and estimate coverage with precision and during claims it is used to assess severity and estimate settlement amount, at speed. IVA has been ranked as one of the differentiated products in The Forrester Wave on Computer Vision Consultancies, 2020.
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IVA reduces inefficiencies and limitations that Insurers are facing today as it requires significantly lesser training data (one of the biggest problems associated with computer vision solutions), has anywhere deployment to allow “Ambient Intelligence”/ “Embedded AI” so that the algorithms can scale cross embedded systems (devices/IoT systems) / cloud and hybrid architecture and incorporates two patents (a) patent for hierarchical classifiers of DL architecture and (b) self-supervised learning for identifying patterns.
“Improved effectiveness and increased efficiency lead to Better Decisions”, said Sankar Narayanan, Chief Practice Officer – Insurance, Banking & Technology, Fractal. “Insurers are dealing with many impeding factors such as legacy technology, data inconsistencies, and process friction in addition to the external pressures caused by the prevailing interest rate environment and nimbler competitors. Computer Vision techniques offer great promise in leveraging alternative data sources to reduce underwriting and claims cycle time, and digitize parts of the process, leading to lower expense ratios and better customer experience. I look forward to the opportunity to discuss these challenges and solutions alongside so many great minds at this year’s CB Insights Tech Market”.
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