New insurtech using NLP and machine learning technology launches in the US
New York-based NeuralMetrics, an insurtech data provider using natural language processing (NLP) technologies to power a real-time, alternative data engine for commercial lines general or property and casualty (P&C) insurance companies, has launched in the US.
Headquartered in NYC, with offices in the UK, Europe, the UAE, and India, NeuralMetrics was founded by data and technology entrepreneurs Prakash Vasant and Marcus Daley. The start-up aims to help transform the accuracy of insurers’ underwriting capabilities.
The company claims SmartRatio SaaS platform uses NLP and machine learning to extract actionable information from unstructured public data to enhance decision-making and increase revenues.
“The world’s pace of change has accelerated dramatically in the last decade and insurers need more information in order to stay ahead of digital-first competitors,” said Vasant, co-founder and CEO of NeuralMetrics. “By providing real-time access to new and unstructured data sources, NeuralMetrics is helping transform the accuracy of insurers’ underwriting capabilities.”
Daley, technical co-founder and executive advisor, added: “One of the greatest opportunities in InsurTech is addressing the information gap in the SME business sector. The challenge has been working with big data while accurately processing models against small, public data that represents individual small businesses. Doing this efficiently represents a game changer for the industry.”
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