InsurTech Spotlight: Chisel

Chisel

Company: Chisel

Website: www.chisel.ai

Business Category: A technology provider of InsurTech tools to insurance practitioners

Maturity Status: Startup (less than 3 years since product went into production)

Product or Service: Chisel AI

Area: Property & Casualty insurance – specifically, commercial insurance

Chisel AI’s purpose-built AI solution for commercial insurance reads unstructured data hundreds of times faster than a human – with greater accuracy. Our solution automatically recognizes and extracts more than 500 insurance-specific named entities including limits, premiums, deductibles, coverages, exclusions, etc. from unstructured documents like policies, quotes, binders, applications, submissions, loss run reports, statements of value and more. Our advanced AI platform and workflows automate high-volume, repetitive mundane brokering and underwriting processes like data rekeying, policy checking, submission intake, submission prioritization, and quote comparison. By digitally transforming routine activities, commercial insurance carriers and brokers can accelerate growth, double their business without adding staff, and deliver a better customer experience.

What makes us an InsurTech:

Chisel AI delivers the only purpose-built AI solution for commercial insurance brokers and carriers that reads unstructured data like insurance documents (policies, quotes, applications, submissions, endorsements and binders) 400 times faster than a human, with greater accuracy by automatically recognizing more than 500 insurance-specific named entities such as limits, premiums, coverages, etc. Our AI-powered data extraction platform and workflows – Policy Check, Quote Comparison, Submission Triage and Submission Prioritization – enable insurance companies to digitally transform high volume, mind-numbing underwriting and brokering activities enabling skilled knowledge workers to focus on strategic, high-value judgement work and nurturing customer relationships. With Chisel AI, insurers can reduce costly E&O risk, eliminate human errors, expand their underwriting capacity by 50%, double their business without adding staff and focus on customer-centricity.

Major features & technology used:

Chisel AI uses natural language processing, machine learning, and named entity recognition to extract, classify, and interpret unstructured data from a variety of insurance documents at superhuman speeds. Natural Language Processing or NLP is a machine’s ability to read language like a human, pulling relevant pieces of language, assigning contextual meaning to the words, and intelligently analyzing structured and unstructured text. Through model reinforcement learning, the machine continues to learn over time, getting better and better. Chisel AI also can recognize 500+ insurance specific named entities such as limits, premiums, deductibles, types of coverage, exclusions, endorsements, territories of coverage, outstanding conditions, statements of value, loss run reports, etc.

News & Updates

See the latest Chisel news.

About Chisel

Chisel AI is headquartered in Toronto, Canada. Chisel won Gold at the 2019 Zurich Innovation World Championship and the ACORD InsurTech Innovation Challenge in 2018. For more information, please visit www.chisel.ai.

Source: Chisel

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