Roots Automation, creator of advanced, intelligent Digital Coworkers for the insurance industry, today announced significant achievements as it wraps up 2022. Demand for the company’s Digital Coworkers that improve insurance operations has fueled Roots Automation’s notable growth across several areas, including financial, product and staffing. The company’s Digital Coworkers’ underlying AI technology also earned a patent, the company’s first patent.
In November 2022, Roots Automation announced that it closed $10 million in a Series A funding round. MissionOG led the round, supported by Liberty Mutual Strategic Ventures, Vestigo Ventures and CRV. The funding is enabling the company to continue to focus on its Digital Coworkers product development and market expansion as it supports insurers’ critical needs to address increased margin pressure and declining operational efficiency.
Also in July of this year, the U.S Patent Office awarded Roots Automation a new patent based on its unique, novel human-in-the-loop AI technology. This technology enables the company’s Digital Coworkers to interact with human employees in real-time to raise and manage exceptions such as missing data, poor quality documents or a variety of other exceptions that commonly occur within automated processes. An alternative to robotic process automation (RPA) technology, which has fallen short of its promise to automate tasks in unstructured environments, Digital Coworkers ingest and analyze both structured and unstructured data to work seamlessly with a company’s human workforce — addressing a $100+ billion market opportunity to improve insurance operations through automation and AI.
“Insurance companies have a desperate need to automate many business processes for efficiency, but current solutions are limited to rule-based tasks and aren’t insurance industry-specific, limiting their potential,” said Cathy Carr, VP of Insurance Support Services, Berkshire Hathaway Guard. “Digital Coworkers lessen our stress over finding and retaining talent, and unburden our teams so they can focus on more impactful work. Roots Automation’s unique approach to automation has improved our employee retention while offering superior economics and enhanced customer experience.”
The company released a new product, the Iris-CMS-1500-Document Reader, in February 2022, which was the first niche SaaS platform to accurately extract data from CMS-1500 medical claim forms for insurers and insurer-affiliated organizations. The solution automates the data extraction of medical claim forms with industry-leading straight-through processing rates, meaning information is pulled from CMS-1500 claim forms without any human intervention. The SaaS product utilizes proprietary machine learning and custom Intelligent Document Processing (IDP) to read CMS-1500 forms at 95%+ accuracy while maintaining security and HIPAA compliance.
Roots Automation further bolstered its senior executive team in July by naming Ratish Dalvi as Head of Artificial Intelligence and Machine Learning. In this role, Dalvi leads the data science and machine learning team to further advance the company’s market-leading AI capabilities – specifically around Computer Vision and Natural Language Processing (NLP) – allowing customers to automate a wider range of complex business processes. Roots Automation also appointed Chris Gayner as vice president of marketing in February 2022.
“We know that our AI- and machine learning-driven Digital Coworkers are crucial for automating insurers’ non-strategic tasks while empowering them to address business-critical initiatives like reducing claims leakage and keeping workforces engaged and happy,” said Chaz Perera, co-founder and CEO, Roots Automation. “Our funding, AI-focused patent, new product, and the hire of Ratish demonstrate our ongoing commitment to maximizing the power of these technologies to enable our customers to continue to improve margins and increase operational effectiveness. We are excited to finish out a highly successful 2022 and look forward to continuing that momentum into 2023.”
“Roots Automation has helped American Exchange automate and improve a lot of our internal data validation and data entry processes,” said Andrew Hetzler, CEO of American Exchange. “This has both reduced our workload and has reduced human data entry error to almost zero. The best part is that our process with Roots Automation has allowed our agents to do what they do best, and that is talk to people and help them with their individual and Medicare health insurance decisions.”
Source: Cision PR Newswire