Apr 22, 2021

Ping An-backed startup Laiye secures US$50m for AI solutions

Laiye
PingAn
Insurance
AI
William Girling
2 min
Laiye, a startup backed by Chinese insurance giant Ping An, has managed to secure $50m investment for its artificial intelligence (AI) based solutions
Laiye, a startup backed by Chinese insurance giant Ping An, has managed to secure $50m investment for its artificial intelligence (AI) based solutions...

The Series C round was co-led by Ping An Global Voyager Fund and Shanghai Artificial Intelligence Industry Equity Investment Fund. Other participants included Lightspeed Venture Partners, Sequoia Capital China and Wu Capital.

Laiye’s AI solution has been developed as an end-to-end solution for boosting operational efficiency and driving productivity. It boasts full-spectrum intelligent automation capabilities, including RPA, IDP, and chatbot applications:

  • Laiye RPA: automates process-driven tasks and allows human staff to be redistributed in more value-adding roles
  • Laiye IDP: converts unstructured data into a more organised and useful form, which can subsequently be used by companies to extract value
  • Laiye Chatbot: streamlines customer service by emulating human conversation via text and voice

Becoming a leader in Chinese tech

Sometimes referred to as ‘China’s answer to UiPath’, Laiye has achieved several significant milestones since it was founded in 2015 by Ivy-League PhD graduates.

Its clients include Fortune 500s and government institutions, its products have been well-received by users, and its chatbot business reached profitability in Q4 of 2020.

The company’s expansion plan is set to include locations in Asia, the US and Europe, with high-profile partners like Microsoft, Deloitte and KPMG reportedly already on board. 

According to Jonathan Larsen, Ping An Group Chief Innovation Officer and CEO of Ping An Global Voyager Fund, Laiye could have a particularly important role to play in the developing finance market:

"Laiye has established itself as a clear leader in China in an extremely fast-growing and attractive space. Laiye's solutions have particular resonance with financial institutions, which in China are generally just beginning to reap the rewards of RPA applications. Ping An is excited to partner with Laiye to help take it to the next phase of its growth story."

Combining insurance and AI

Ping An is not alone in realising the potential for combining insurance with AI; Zurich and ABBYY are also among those overtly interested in developing this relationship.

The motivation is clear: customers now expect a more digital experience, which translates to faster, easier, and more customisable service. If insurance is to prevent usurpation from the tech sector entirely, it has to integrate cutting-edge tools into its business practices, and AI is one of the most immediately practicable.

“This mass adoption of automating insurance customer interactions has set the baseline of automation higher than ever before, and these paths of automation will continue well beyond the pandemic. This is why insurance companies are acting quickly and turning to easy-to-use automation solutions to speed up their digital offerings,” said Eileen Potter, Solution Marketing Manager for Insurance at ABBYY.

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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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