QBE partners with AI tech firm HyperScience
Australia-based QBE Insurance Group has closed an investment into HyperScience while entering into a multi-year commercial use agreement to roll out HyperScience solutions across QBE globally.
HyperScience is a machine learning company focused on building enterprise-grade artificial intelligence (AI) solutions for automating office work.
“This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business,” said David McMillan, group chief operations officer, QBE Insurance Group. “From driving operational efficiency to unlocking a wealth of new data and insights, HyperScience has delivered a platform that will support QBE’s objectives of delivering “Brilliant Basics” in underwriting, pricing and claims.”
HyperScience helps large organizations across verticals like insurance, financial services, healthcare, and government reduce their dependency on costly, slow, and error-prone manual data entry operations. The company’s products are currently being used by global financial services firms, including one that has doubled the processing throughput for their wealth management client account forms while increasing both the automation and accuracy for sorting the incoming documents. HyperScience has also successfully applied its technology toward ongoing file migration projects, in one case demonstrating quadrupled processing throughput for a large brokerage firm when compared to their original all-manual approach.
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