Apr 9, 2021

Fincons Group and expert.ai enhance insurance with NLP

FinconsGroup
expert.ai
NLP
Cloud
William Girling
2 min
Italian consultant firm Fincons Group has stated that it will be enriching its offerings to insurance customers with expert.ai’s cloud-based NLP solution
Italian consultant firm Fincons Group has stated that it will be enriching its offerings to insurance customers with expert.ai’s cloud-based NLP solut...

Fincons Group, which was initially founded as a software house before transitioning to being a digital transformation-focused consultancy, will also offer the same enhancements to banks.

expert.ai specialises in developing ‘practical AI (artificial intelligence)’ systems using natural language processing (NLP). It will be providing both its Studio and NL API solutions through Fincons Group.

The company’s NL API is based on the cloud and allows the user to gain a complex understanding of data without the need for accompanying infrastructure, which also means reduced operational costs. Its features include:

  • Deep linguistic analysis
  • Knowledge graphs to resolve ambiguities
  • Automatic data extraction and linking
  • Document classification

APIs: The power of digital transformation

Fincons Group is aware that replacing legacy software can be an expensive undertaking for incumbent insurers. The practicality of APIs, however, mitigates this issue by providing fully-developed, scalable and easily deployable solutions that can be added to existing systems.

"By using AI applied to natural language, companies in the financial services and insurance sector can derive tangible value from their information,” explained Giuliano Altamura, Global Financial Services and Insurance Business Unit General Manager at Fincons Group.

“The potential offered by expert.ai in terms of its API and development environment is a critical success factor for initiating change in a way that is not only fast, but also predictable and easy.”

Insurance moves to the cloud

In addition to APIs, the cloud is emerging as one of insurance’s most transformative technologies.

IBM considers the following as primary benefits of shifting away from individual data centres to the cloud:

  • Reduced operational costs
  • Increased agility
  • Greater compliance
  • Faster innovation and time-to-market for new products and services

In our recent featured article, ‘Cloud atlas: A new world for insurtech in 2021?’, we explored how cloud in conjunction with AI is altering the sector. Although adoption has been given a boost by the COVID-19 pandemic, it’s clear that some companies are unaware of how detrimental clinging to legacy systems has been for insurance long-term.

“Legacy technology has dragged down the economics of the insurance industry for a long time,” said Kris Sharma, Financial Services Lead at Canonical. “This legacy ‘technical debt’ is a major concern for the industry as some of the insurance firms are spending up to 75% of their IT budget on maintaining legacy systems.”

The importance of embracing next-gen tech is clear: it isn’t just a novelty, it’s a necessity.

Video source: expert.ai

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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