TORONTO--(BUSINESS WIRE)--Chisel, an AI-based technology provider for the global insurance industry, today announced it has won Gold in the inaugural Zurich Innovation World Championship. Chisel’s purpose-built AI solution for insurance impressed the jury comprised of Zurich top executives, for its ability to read insurance documents 400 times faster than a human and with significantly greater accuracy; and to address key business challenges by digitizing and standardizing high volume, routine underwriting processes allowing skilled knowledge workers to focus on deepening customer relationships and delivering a better customer experience.
Chisel’s AI solution enables global insurance brokers and carriers to extract, identify and classify unstructured data from quotes, policies, endorsements, binders, applications, submissions, statements of value, and run loss reports. And unlike other solutions it recognizes 500+ domain specific named entities such as limits, premiums, deductibles, endorsements, etc. and includes intelligent workflows for Policy Check, Quote Comparison, Submission Triage, and Submission Prioritization.
Group Chief Strategy, Innovation and Business Development Officer Giovanni Giuliani said: “We are pleased that Chisel AI, zesty.ai, LifeNome and Soldier.ly are the winners of the first Zurich Innovation World Championship. Each of these insurtech startups demonstrated they can fully support Zurich and its customers with pioneering ideas and products. We are committed to drive transformation and innovation in the insurance industry and I am excited to see what our winners’ pilot programs will deliver for Zurich and the industry.”
“It’s an honor to win gold in Zurich’s first global insurtech competition,” said Ron Glozman, CEO and Founder, Chisel. “Our team looks forward to partnering with Zurich to demonstrate how our AI engine coupled with our intelligent workflows will enable them to decrease operational costs, eliminate error-prone manual processes, accelerate quote requests, expand underwriting capabilities, and deliver more value to their customers.”
Chisel’s advanced Natural Language AI Processing solution purpose-built for insurance enables insurers to digitally transform routine predictive tasks by augmenting their existing workforce with digital employees. With the combination of human and digital workers, insurers can cut costs by 80%, reduce human errors, mitigate E&O risk, boost sales, expand underwriting capacity, and increase customer satisfaction without adding staff. In 2018, Chisel won the ACORD InsurTech Innovation Challenge for early-stage companies. For more info, visit www.chisel.ai.