Revolutionary InsurTech startup i3systems has teamed up with Microsoft Azure as part of the “AI Innovate” program in collaboration with G7 CR Technologies’ STAB program for ISVs, to provide industry-leading accuracy in document and data intelligence for critical BFSI processes. With its domain-specific AI models powered by Microsoft Azure Cognitive Vision, i3systems is changing the game for health and life insurance companies.
The current issue in the insurance industry is underwriting losses of 2-20% compared to premiums collected, largely due to leakages in claim payments, inaccurate medical underwriting, and fraudulent claims. With payment decisions based on manual judgment through scanning more than 20-100-page documents, there is a high risk of errors, inconsistency in judgment, and fraudulent claims getting approved. But i3systems’ AI products automate underwriting and claim to process, providing intelligence based on patterns in medical, financial, and similar documents, irrespective of formatting, source, or nomenclature.
With over 16 large-scale enterprises in the insurance industry already benefiting from i3systems’ document processing engine, the company is a market leader in the Indian AI for Insurance domain. i3systems’ clients have witnessed a significant improvement in customer NPS and a 70% decrease in processing time and cost.
While most AI-focused InsurTech startups are working on customer onboarding and using image-processing-based OCR models, automation of claims and underwriting is an extraordinarily complex AI problem. But the i3systems partnership with Microsoft Azure & G7 CR Technologies’ STAB Program for ISVs has solved this issue using modern Artificial intelligence models that are ready to use from day-1. With Microsoft Cognitive Vision supporting the OCR of these documents, i3systems added image and natural-language models to convert them into useful data for the automation of business processes as well as analytics of historical data.
Dr. Mallesh Bommanahal, the co-founder and CEO of i3systems, is passionate about leveraging AI to make the ubiquitous distribution of affordable insurance plans possible. “With micro-insurance becoming increasingly important in semi-urban and rural areas, low ticket insurance is necessary to win customers with lower spending potential. However, high underwriting and claim processing costs, as well as rampant fraud by low-volume providers, are impossible to be resolved by prevalent PDF-centric underwriting and claim settlement processes”, he says.
Industry veterans such as Mr. Bahram Vakil, the Founding Partner of AZB Partners, and Mr. Zhooben Bhiwandiwala, the President of the PE Arm of Mahindra Group, back i3systems.
Additionally, Unitus Ventures has supported them through multiple rounds of capital infusion to make a wider social impact of AI possible.