(Image source: HyperScience homepage.)
QBE Ventures, the venture capital arm of QBE Insurance Group (Sydney), has closed an investment into HyperScience (0), a machine learning company focused on building enterprise-grade artificial intelligence (AI) solutions for automating office work—the third investment made by QBE Ventures in HyperScience since the latter’s launch in 2017.
QBE describes HyperScience’s offerings as helping large organizations across verticals such as insurance, financial services, healthcare, and government reduce their dependency on costly, slow, and error-prone manual data entry operations. HyperScience’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, according to a QBE statement. 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, QBE reports.
By automating the transformation of human-readable content into machine-readable data with far greater speed and accuracy than legacy data capture technologies, HyperScience enables organizations to do the following, by QBE’s description:
- Facilitate straight-through-processing, even for handwritten and low-resolution documents;
- Achieve faster customer response times; and
- Unlock data that has historically been trapped in static and unsearchable documents.
QBE reports that, in addition to its investment, it has also entered into a multi-year commercial use agreement to roll out HyperScience solutions across QBE globally.
“This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business,” comments 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.”
QBE Ventures backs companies which are working on technically-challenging and industry-changing ideas, relates Ted Stuckey, Managing Director, QBE Ventures. “We are excited to work with the HyperScience team to help build a future in which humans and machines benefit from working side-by-side, excelling at what each does best,” he says.
Starting with Manual Data Entry to Deliver Meaningful Impact
“QBE has been a great partner for HyperScience. Like many other large enterprises, they are excited about the promise of AI and ML, but they also appreciate that each step needs to deliver practical value for their customers today,” Peter Brodsky, CEO, HyperScience. “We’ve started with manual data entry because it’s where we can immediately have a meaningful impact on a pervasive problem, but our roadmap takes us 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.”