What a week. This was a special milestone for Instabase and for me personally. A little over 8 months ago I started at Instabase as Insurance Leader. The job? Bring the amazing technology proven with the world’s largest banks to the world’s largest insurers. This week at Insurtech Insights we were ready to get on the biggest stage (so far) and share our story.
Why were we ready?
- We have signed the world’s largest insurers including the likes of AXA and many more that cannot be publicly named as customer
- We have proven out the value we bring to the most intractable problems insurers face in claims and underwriting
- We have boots on the ground and proven capability in every major insurance geography with people who understand this complicated industry, its challenges, and who can demonstrate how IB technology can help in days not months or years
At Insurtech Insights I had, amongst many others, the pleasure to talk about fraud with Tarun Kohli, about claims automation with Ian Thompson and Oriane Valdelievre, and about underwriting with dozens of underwriting professionals at private round tables.
It was amazing to hear about the insights and incredible advances professionals are making across this industry. Ranging from advanced fraud, triage, and risk modelling to predictive analytics to predict where and when claims will happen.
But to run models one needs data. And to create value, all of this needs to run at vast scale with high accuracy. Plumbing and a great foundation is of key importance to sustainable and continuing transformation. And to unlock innovation, insurers need to unlock the data they already have.
And unfortunately, most of that data is highly unstructured and difficult to process. Think of Attending Physician Statements for life underwriting, field adjuster reports in commercial claims, medical records for bodily injury claims, or complex tables like schedules of value and loss runs for underwriting. Frankly, sometimes even a simple passport poses a problem. Beyond that, most insurers work with complex IT environments with a lot of legacy systems and operate in highly regulated environments. All of this makes it difficult to achieve the type of transformation many insurers want.
This is where Instabase comes in. Instabase’s document automation platform for unstructured data gives insurers two significant superpowers:
- Evergreen deep learning technology able to extract even the most intractable unstructured data
- A highly modular platform with over 150+ existing building blocks which can be configured in every imaginable way to get to value in days not months and which can operate in even the most complex IT environments
But I want to come back to the title of this blog. Relentless. Because all of the technological aspects of Instabase are amazing. But what you as an insurer should care about is working with partners who love your customers and people as much as you do (or more!). And that is what this team is and does. And why customers choose Instabase. We don’t stop.
Get yourself a relentless partner who unlocks your innovation and dramatically accelerates your transformation. Together we have super powers!