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.
For more information please contact a sales representative or
info@symbilitysolutions.com. Stay up to date by subscribing to our
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ABOUT SYMBILITY
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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SOURCE Symbility Solutions Inc.