Technology services firm SLK Software and AI company V-Labs have partnered with CNA Insurance to automate new business submissions, claims and other processes for the insurer.
“With our innovative AI-augmented solution, CNA can reimagine and accelerate its new business intake process. The solution overhauls traditional manual processes and legacy systems using AI and NLP/Computer Vision-based technologies to extract data,” Ajay Kumar, CEO of SLK Software wrote in a response to questions.
SLK and V-Labs’ AI solution increases insurance carriers intake by more than five times, and makes it possible to issue new policies in a few hours with 98% accuracy, according to Kumar. “These emerging technologies will help reduce cost and improve quality of insurance services,” he wrote.
For mid-cap and large-cap size companies, SLK has used AI-led automation to provide Computer Vision-based damage detection, automated onboarding and claim processing, broker prioritization, rating assurance, intelligent IT operations and disaster recovery.
Jane Possell, chief information officer, CNA, said in a press release, “CNA embarked on several initiatives to help take important steps towards AI-augmented underwriting, endorsement, and claim processing. In collaboration with SLK and V-Labs, CNA plans to accelerate its adoption of AI technologies to help transform the intake and other business processes across our enterprise.”
Dr. Murali Kota, founder and CEO of V-Labs, said in the press release, “V-Labs has built AI-products that are beginning to transform traditional business processes and legacy systems, by leveraging fundamental AI/ML technologies, including NLP and computer vision. The rapid acceleration in real-time data extraction and contextualization will lead to high levels of business process automation, real-time decision-making systems, market insights, and new product creation. This is enabling true business transformation across many industries.”