Oct 20, 2020

Sorcero brings Language Intelligence tech to insurance

Sorcero
Language Intelligence
InsurTech NY
Insurance
William Girling
2 min
Following its entry in the InsurTech NY programme, cognitive-tech company Sorcero has expanded into the New York insurance market
Following its entry in the InsurTech NY programme, cognitive-tech company Sorcero has expanded into the New York insurance market...

Following its entry in the InsurTech NY programme, cognitive-tech company Sorcero has expanded into the New York insurance market.

A 12-day programme spread across six weeks, participants in the event will gain valuable insights into how to win commercial contracts, maximise talent acquisition, fundraising tips and much more.

Believing that Language Intelligence tech could lead to important developments in the insurance industry, Sorcero cited the following as key benefits in the fight to adequately serve customers amidst a significantly changing market:

  • Determining potential overbilling
  • Enhance large-scale competency and fraud detection
  • Increase operational efficiency and effectiveness

Commenting on the company’s potential at InsurTech NY, CEO and Co-Founder Dipanwita Das said, “We are really excited to bring the Sorcero Language Intelligence Platform to Insurtech NY.

“It’s an amazing opportunity to demonstrate how Sorcero is driving digital transformation in the insurance sector. InsurTech NY has a great reputation as a programme that connects industry leaders with companies that are pioneering innovative new technologies.”

Insurance: stability in the post-COVID world

PwC’s assessment, ‘COVID-19 and the insurance industry’, found that insurance could be a strong stabilising influence in communities ravaged by the downturns of the pandemic:

“Insurance companies play a pivotal role during times of economic stress by helping companies and households manage risks and cushion against losses,” it said, presenting four opportunities for the industry to transcend its former incarnation:

  1. Build trust and morale with employees, stakeholders and clients alike.
  2. Explore enticing but previously unavailable M&A opportunities.
  3. Integrate ‘direct channel contact’ as a faster alternative to person-to-person meetings, which are unpopular in today’s climate.
  4. Improve low interest rates and the compressed yield curve.

Furthermore, PwC advocates thinking in the long-term and investing the appropriate time and funds into the future, “Whether you’re trying to protect business integrity, empower your people, make better or faster decisions, or transcend through technology.”

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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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