QBE Insurance Group Limited (QBE) through its QBE Ventures, has closed an investment into HyperScience, a machine learning company focused on building artificial intelligence products for automating office work.
In addition to its investment, QBE has entered into a multi-year commercial use agreement to roll out HyperScience products across QBE globally.
HyperScience helps large organizations across verticals like insurance, financial services, healthcare, and government reduce their manual data entry operations. Its AI can facilitate straight-through-processing, even for handwritten and low-resolution documents and unlock unused data trapped in unsearchable documents.
“This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business,” David McMillan, group chief operations officer, QBE Insurance Group said.
Peter Brodsky, CEO of HyperScience, said the partnership is starting with manual data entry but the AI applications are expected to eventually go beyond that. “For example, we’re working together with QBE to rethink key aspects of their operational platform in a way that enables them to serve their customers in a more scalable, effective, and personalized manner,” he said.
QBE Ventures, launched in 2017, has also invested in artificial intelligence startup Cytora that focuses on risk selection and pricing and RiskGenius, a machine learning company that analyzes policy and endorsement language and aids in product development.
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