TORONTO--(BUSINESS WIRE)--Chisel, an AI-based solution provider for the global insurance industry, today announced technology and finance industry veteran Jason McDermott has joined its leadership team as Chief Revenue Officer. Mr. McDermott will play a key role in driving growth for the three-year-old company, which is poised to revolutionize the way valuable information stored in insurance documents is extracted and leveraged.
Mr. McDermott brings a wealth of experience from his 28 years in the technology industry, helping early-stage ventures realize their value through strategy, leadership, and innovation. He comes to Chisel from supply chain leader TECSYS Inc., where he led growth initiatives as Vice President of Sales. Mr. McDermott also served as Vice President, Finance Solutions for NexJ Systems and Vice President of Sales for Bycast, where he helped drive a twenty-fold revenue increase over five years. Early in his career Mr. McDermott led the financial services delivery practice for insurance and finance industry leader Janna Systems, which was purchased for $1.4 billion in 2000.
“With his leadership experience guiding early-stage companies, Jason is an incredible asset to our team as we begin scaling the business,” said Ron Glozman, CEO of Chisel. “He represents the type of talent we’re bringing on board during this new period of growth and underscores our commitment to our expanding customer base. We’re now at a point where our technology has been proven in the market, and we’re ready to meet the needs of the global insurance industry. There is no one better to lead us there than Jason.”
“I’m thrilled to join Chisel as it moves into the next phase of an already exciting journey,” Mr. McDermott said. “The work Chisel does has an immediate, critical impact for those in the insurance industry, and I’m proud to become a part of its long-term success.”
Using natural language processing and named entity recognition, Chisel reads insurance documents such as submissions, quotes, binders, and policies and extracts important information in milliseconds. This rate is 400 times faster and more accurate than what humans can achieve, enabling brokers and carriers to save potentially 80 percent or more in operating costs.
Chisel offers the global insurance industry the only out-of-the-box solutions that apply natural language processing and AI to unstructured data sources such as insurance documents. These solutions empower insurers, reinsurers, and brokers to free trapped knowledge and automate E&O policy checking, submission prioritization, quote comparison, and claims triage. Chisel successfully raised one of the largest seed rounds in Canadian history and is funded by Venrock, a leading Silicon Valley venture firm. Venrock invested in Chisel due to its compelling value and dedication to transforming how insurance companies address the data challenge. Visit us at https://chisel.ai/.