AI insurtech Concirrus has announced a new filing service that offers customers a seamless end-to-end solution at a competitive price.
This new product is said to be the first solution on the market to ensure customer privacy and improve productivity by 400%.
Using AI tools such as ChatGPT can come with inherent risks that must be carefully managed to realize their true benefits, said Vinod Singh, chief technology officer at Concirrus. increase.
He continues: “As ChatGPT itself explicitly warns users about the risks of providing sensitive data, we continue to see articles highlighting concerns about data leaks and privacy issues.
“This is why our solution is so much better than anything on the market today, as we have developed a privacy layer that can leverage the power of large-scale language models such as Open AI’s Google Bard and ChatGPT.
“This allows us to seamlessly transform outgoing emails and attachments into structured data that can be ingested into our data analytics platform, Quest, while ensuring the security of sensitive data and preventing data leaks.”
Concirrus’ submission solution goes beyond basic data extraction capabilities. Concirrus co-founder and CEO Andrew Yeoman commented: “The sheer volume of email transmissions that insurers receive each year is staggering, but only a fraction of them get attention and only a fraction result in quotes.
“This limits the ability of insurers to effectively assess risk. Automated solutions have emerged, but they require extensive training and labeling efforts, reducing the benefits for insurers.” .”
By streamlining processes through automation and addressing privacy concerns, Concirrus has developed a simple workflow that integrates with its customers’ pricing engines. This enables faster decision-making and allows underwriters to focus on the most important application preparation.
“We are entering an era where point solutions that require customers to combine disparate systems become a complex and difficult technical burden. We provide the insurance market with a solution that can be brought together in a data analytics environment,” Yeoman concludes.
