The world of commercial insurance is experiencing change, and chisel AI is leading the pack. In its efforts to use artificial intelligence to automatically perform repetitive data heavy tasks, it's matching one of the major headaches in the industry — making sense of the unending backlogs in the flood of unstructured data. Meanwhile, Chisel AI brings solutions that improve both operational efficiency and customer experience.

Redefining Data Extraction and Risk Management

The Chisel AI platform extracts incredibly fast at the critical policy level documented in digital-native documents. It is unsurpassed by human abilities. In an industry where timeliness of accurate data affects informed decision-making, this Natural Language Processing (NLP) and Machine Learning (ML) capability enables insurance carriers and brokers to read and analyze unstructured data-about policies, quotes and submissions-as much as 400 times faster than the manpower effort.

The rapid data extraction process accelerates speed and accuracy in underwriting, minimizing risks by providing real-time information to insurers when they make better decisions regarding risk management.

Routine Underwriting and Brokering Function Automation

Chisel AI isn't limited to just extracting data. It deals with entry-level, high-volume work such as policy checking, quote comparison, submission intake, and triage. These automated workflows let brokers and carriers multiply their outputs - such that productivity doubles with no need for hiring new employees. With most of the critical heavy-lifting done, insurance companies can freely work on higher-level stratagems like relationship building or even complex decision-making while delivering pretty good customer service.

Chisel AI converts and does simple chores digitally and converts them into automated processes, thus improving profitability because it reduces operational cost. This transition enhances employee satisfaction as well as customer experience-requirements that are becoming more critical in a rising competitive marketplace.

Innovation and Industry Recognition

Chisel AI's contributions to make the commercial insurance industry clean have not gone unnoticed. The company was placed on the 2020 InsurTech100 list and won Gold at the 2019 Zurich Innovation World Championship. The accolades are appropriate because Chisel AI is clearly ready to push the boundaries of technology in insurance and these accolades reflect that. There is further evidence of their leading role in digital transformation in the commercial insurance world in which they won the ACORD InsurTech Innovation Challenge in 2018.

The Game-Changer for Insurance Brokers

The most remarkable part of Chisel AI's platform, perhaps, is the Policy Check Solution. This is such a revolutionary tool that it automates the entire process of checking previously existing policies, quotes and binders against new policies - the time and energy that go into such processes have drastically reduced. True, it is a breakthrough innovation that uses intelligent workflows powered by AI coupled with a component that makes it use NLP to cross-check and verify all documents simultaneously.

The Policy Check feature enhances operational efficiency and decreases errors and thus improves profit margins. It streamlines operations in the review of policies, and elevates customer service in such a way that the brokers are able to respond more quickly and accurately to inquiries.

Empowering the Future of Commercial Insurance

The combination of data extraction, automation, and insights delivered through artificial intelligence will change everything in the commercial insurance world: routine processes automated, valuable data extracted in real-time, all so organizations can remain competitive in what is quickly becoming a data-driven world. Chisel AI is uplifting this latest trend by bringing intelligent, cost-effective innovations to bear on the industry's work processes: making them smarter, more efficient, and more profitable.

About the Leader

Jason McDermott, President & Chief Executive Officer of Chisel AI, has overall responsibility for global strategy, organization, culture, and all aspects of operations at Chisel AI. Named to ACORD’s Top InsurTech Leaders of 2021 list, Jason is an insurance change agent and frequent speaker at industry conferences and events. He brings to the company a wealth of experience from his 30 years in the technology industry, helping early-stage companies’ scale by realizing their value through strategy, leadership, and innovation. Jason joined Chisel AI in 2018 as the company’s Chief Revenue Officer. Prior to Chisel AI, he served as Vice President of Sales at TECSYS Inc. Earlier in his career; Jason served as Vice President, Finance Solutions for NexJ Systems, and led the financial services delivery practice for insurance and finance industry leader Janna Systems, which was purchased for $1.4 billion in 2000. An avid skier, runner, swimmer, and cyclist, Jason actively competes in triathlons including ITU World Triathlon Grand Finals in Chicago and London. He holds a B. Math from the University of Waterloo.

“In a landscape where precision and speed are paramount, Chisel AI stands as a catalyst for innovation, empowering brokers to navigate the complexities of policy checks with unprecedented ease and accuracy.”