TORONTO, Aug. 2, 2017 /CNW/ - Symbility Solutions Inc. ("Symbility") (TSX.V: SY) a global software company focused on modernizing the insurance industry, has entered into a new partnership with DeepLearni.ng, a Toronto-based company providing artificial intelligence solutions for enterprise. The partnership will provide the knowledge and tools required to successfully introduce artificial intelligence into Symbility's technology stack.
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.
"Symbility is very focused on a new suite of self service products for policyholders that leverage the data from the millions of property insurance claims we have processed over the years," stated James Swayze, CEO of Symbility Solutions. "We were impressed with the 40 percent 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. 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 see massive potential for artificial intelligence to transform the InsurTech space. Some of the areas Symbility and DeepLearni.ng have already begun to explore include:
- AI-Assisted Claims Management - using artificial intelligence to assist property claims for more accurate and consistent estimates, while at the same time simplifying the entire process for everyone involved
- AI-Assisted Diagramming and Claims Processing - streamlining tools with artificial intelligence 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 artificial intelligence to automatically create reports on business performance
- Personalizing the Claims Experience - using pre-existing data about policyholders and similar past interactions, artificial intelligence 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," says DeepLearni.ng's Co-Founder, Stephen Piron. "Getting to the bottom of Symbility's data assets and organizational context proved this for us. 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 modeling with confidence over the accuracy of the results."
With a roadmap of use cases customized for the business established, the next step of Symbility and DeepLearni.ng's partnership is to begin the process of building and deploying the company's first artificial intelligence solution, which will be selected based on its viability for rapidly measurable results and long-term business impact.
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Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible. symbilitysolutions.com
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