Synechron Launches AI Toolkit for Insurers Thursday, May 30, 2019 - New York
Synechron Inc., a leading Digital Consulting firm for financial services, today announced the launch of Verito – an artificial intelligence (AI) toolkit for the insurance industry. Verito further builds on the power of Synechron’s award-winning suite of 16 InsurTech Accelerators launched in 2017 by providing a set of AI modules that focus on accelerating the underwriting value chain. The solutions will benefit insurance companies by giving them the building blocks to solve specific pain points related to application automation, risk analysis, quoting, and the use of alternative data in underwriting. The toolkit also can be applied to accelerate similar business challenges in related domains such as financial services.
Given the increasing pressure on the insurance industry to digitize the business, Synechron’s InsurTech Accelerator program was created to give the industry a broad range of innovative, business case-led solutions drawing on Blockchain, AI/Machine Learning, RPA, Experience Design, IoT, and Mobile Apps. Within this program, Synechron launched Visual Risk, an award-winning digital underwriting platform. Since launching Visual Risk, Synechron has gone back to the lab and modularized the key components of the solution into an AI Toolkit, Verito, which empowers users to go a level deeper and address even more narrow, technical challenges and point problems across the value chain.
Verito has 12 tools that include applied machine learning models, and advanced data aggregation and analytics, and it also applies a combination of AI, Natural Language Processing (NLP), and Machine Learning techniques to achieve time and cost savings, minimize risk, and increase efficiency across the underwriting process.
Bruce Polsky, Managing Director at Synechron stated, “Today, insurers, and especially underwriters are tasked with the immense challenge of becoming more digital to compete with start-ups and insurtechs, appeal to customer desires, and improve their own long-standing business problems. Our InsurTech Accelerators took the first step with innovation-led business-driven solutions. We are committed to furthering innovation and working hands-on with our clients, and saw an opportunity to use applied-AI and machine learning to create even more solutions to the most granular issues facing insurers. I look forward to continue creating even more opportunities in the future.”
Synechron is a leading Digital Consulting firm for financial services, Accelerating Digital for financial institutions by providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500+M in annual revenue. For more information on the Company please visit the website or our LinkedIn community.
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