InsurTech Spotlight: Element AI

Element AI

Company: Element AI

Website: www.elementai.com

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: Underwriting Partner software – part of AI Intelligence Series

Area: Property & Casualty insurance

Element AI delivers AI products at scale to help people work smarter. Our streamlined operations model allows us to turn cutting-edge research and deep industry expertise into scalable industry-specific products—and ultimately make our customers’ businesses safer, stronger and more agile.

What makes us an InsurTech:

The products that Element AI develops are designed to help employees work smarter in key roles across the insurance industry, including underwriters, clerks, underwriting managers and adjusters. With AI technology, insurers will have the opportunity to automate some of their routine, day-to-day work. If the model is not confident enough in its decision, an employee can be looped in for input before any action is taken.

Beyond automation, recent developments in AI can also help insurers by providing decision recommendations to employees, allowing them to work more efficiently. Built from AI core components, Element AI develops AI-powered systems of intelligence that can connect to existing systems of record and systems of engagement. Trust is at the heart of the company’s vision in developing technology that allows the decisions and recommendations to be explained, traced and interpreted.

Major features & technology used:

Fundamental and applied research teams form the backbone of all the work that Element AI produces. Element AI teams are advancing AI research and building products to address real-world pain points. AI products dedicated for the insurance industry use machine learning (ML) and predictive analytics to support decision-making and to develop recommender systems. With operations research combined with ML, Element AI is developing products to optimally allocate resources. Deep learning is applied to detect objects in images through the use of deep learning computer vision, and with deep learning in optical character recognition and natural language processing, to assist in automatically processing documents and extracting information.

News & Updates

See the latest Element AI news.

About Element AI

Element AI was co-founded in 2016 by seasoned entrepreneur JF Gagné and leading AI researcher Yoshua Bengio, PhD. Located in the deep learning hub of Montréal, Canada, Element AI also has offices in Toronto, London UK, Singapore and Seoul. The company is committed to promoting collaborative research models to develop AI products at scale to help people work smarter. To learn more about Element AI products and services, visit www.elementai.com or contact [email protected].

Source: Element AI

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