TORONTO--(BUSINESS WIRE)--Chisel AI, an AI-based solution provider for the global insurance industry, today announced it has won the 2018 ACORD InsurTech Innovation Challenge (AIIC) in the Early Stage category. Chisel AI’s solution beat out stiff competition due to its groundbreaking approach to solving a key component of the big data challenge for the information-dense insurance industry. Not only can the solution extract important information from submissions, quotes, binders, and policies 400 times more quickly than humans, but it also accomplishes this with incredible accuracy.
“We are proud to be recognized by the industry standards body with this prestigious award. This is further affirmation we are truly helping insurance industry leaders navigate the vast digital transformation happening today,” said Ron Glozman, CEO of Chisel. “Our AI platform is proven to save carriers and brokers millions in costs and reduce E&O exposure by billions. At the same time, it improves employee engagement levels and dramatically enhances customer satisfaction by eliminating manual processes that are costly and prone to significant errors.”
Chisel AI continues its path of accelerated growth due to the demonstrable value its solution brings to insurance organizations around the world. Winning the ACORD InsurTech Innovation Challenge Award highlights the relevance of its offering for companies in need of an innovative approach to managing and extracting high-value information and enhancing their customer service levels.
About Chisel AI
Chisel AI 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 AI 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 AI due to its compelling value and dedication to transforming how insurance companies address the data challenge. Visit us at https://chisel.ai/