Insurtech Vanguards is a community of select start-ups and technology providers that are bringing innovative and business-critical solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs, while connecting them with Guidewire’s P&C customers.
“Roots Automation has established a new category within the insurtech space through AI-powered Digital Coworkers,” said Laura Drabik, Chief Evangelist, Guidewire. “Digital Coworkers leverage advanced, proprietary artificial intelligence (AI) – including their recently announced InsurGPT – to ingest, analyse and process documents and data across claims, underwriting and insurance operations. We are very excited to have Roots onboard.”
Today, leading insurance organisations are working with Roots Automation and realising significant value through their Digital Coworkers, including:
- 80%+ of claims setup (including FNOL) handled by a Digital Coworker for a leading carrier;
- 99% straight-through processing rates for a global TPA;
- 90%+ accuracy when dealing with unstructured broker submissions for a large carrier; and
- 30 seconds to analyse, classify and extract data from claims and underwriting documents (down from 24 hours) for an insurance conglomerate.
“Our vision is to make work more human for all insurance organisations, by bringing machine intelligence and human ingenuity together,” said Chaz Perera, CEO & Co-founder, Roots Automation. “The Vanguard programme embodies this same vision by bringing forward-thinking insurers and innovative insurtechs together, to increase operational efficiency, improve margins and revolutionize the way work is managed.”
“We are very excited to be part of the Guidewire Vanguard program and believe our Digital Coworkers can unlock significant financial and operational value for all Insurance organisations,” added Perera.
Source: PR Newswire