Chisel AI
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Overview
Chisel AI offers P&C insurance carriers and brokers providing commercial insurance the only purpose-built AI platform that applies natural language processing and machine learning to identify, extract, analyze and categorize unstructured data 400 times faster than a human, with greater accuracy. Our solutions empower insurers to free trapped knowledge from unstructured insurance documents such as policies, binders, quotes, submissions, applications, statements of value, loss run reports, etc., for greater business insights. By augmenting existing staff with digital employees, our customers can reimagine underwriting workstreams involving high volume, repetitive, administrative tasks to gain operational efficiencies, cut costs, win more business without adding staff, and ultimately, improve the customer experience.
The only AI platform designed for commercial insurance that can automatically recognize and extract 500+ named entities, and use this data to drive more automated, efficient, and resilient underwriting processes. Insurers can automate and standardize workflows such as:
- Policy checking
- Quote comparison
- Submission triage
- Submission prioritization
Not only can insurers accelerate the time for processing and the time to response, but they can mitigate E&O risk, increase underwriting capacity by 50%, cut costs by 80%, and allow skilled knowledge workers to spend more time on value-add judgment and customer-facing tasks.
Chisel AI 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. In 2018, ACORD recognized Chisel AI’s platform by crowning it the winner among early-stage companies in its Global InsurTech Innovation Challenge, and in early 2019, Chisel AI won Gold at the Zurich Innovation World Challenge.
