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’s purpose-built AI solution for commercial insurance reads unstructured data 400 times faster than a human with greater accuracy. Our solution automatically recognizes more than 500 insurance-specific named entities including limits, premiums, deductibles, coverages, exclusions, and more. Our advanced AI platform and intelligent workflows automate high volume, mundane processes like policy checking, quote comparison, submission triage and submission prioritization. By digitally transforming routine underwriting and brokering activities, commercial insurance carriers and brokers can double their business and deliver a better customer experience without adding staff.

What makes us an InsurTech:

Chisel 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 platform coupled with our intelligent workflows for Policy Check, Quote Comparison, Submission Triage and Submission Prioritization enable insurance companies to digitally transform high volume, routine underwriting and brokering activities allowing their skilled knowledge workers to focus on strategic, high-value account management. With Chisel AI, insurers can minimize E&O risk, reduce human errors, cut costs by up to 80%, double their business and deliver a better customer experience without adding staff.

Major features & technology used:

Chisel AI uses natural language processing, machine learning, and named entity recognition to extract, classify and analyze unstructured data like insurance documents 400 times faster than a human with greater accuracy. Natural Language Processing or NLP is a machine’s ability to read language like a human, pulling relevant pieces of language, assigning 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.

About Chisel

Chisel is located 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