QBE Insurance Group’s streak of investing in technology start-ups continues. Through its investment arm QBE Ventures, the company recently partnered with HyperScience, a machine-learning company putting artificial intelligence to work. The start-up automates office work and will allow QBE to glean useful data from thousands of documents that often just get filed away in a box or the cloud, never to see the light of day again.
“HyperScience, to us, was a really obvious choice and an obvious partner because of the problem they were solving and the way that they were doing it,” said Ted Stuckey, head of QBE’s Global Innovation Lab. “If you look across the normal operations of your standard property and casualty insurer, so much of what we do is back-office processing of information. Just the volume of the documents that we deal with, the volume of human-readable content that is touched by so many different people across the organization, automating that [by] using artificial intelligence to influence and add efficiency to that process was not only a huge operational efficiency game, but an obvious partnership.”
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