The firm has partnered with machine learning company HyperScience, entering into a multi-year commercial use agreement to roll out the latter’s solutions across QBE. In addition, its venture capital arm QBE Ventures has closed an investment into the AI start-up.
Financial details of the investment – the third made by QBE Ventures since its launch last year – were not disclosed.
HyperScience’s technology allows firms to facilitate straight-through processing and achieve faster customer response times, as well as “unlock” data within static and unsearchable documents. The New York-based company basically automates office work, and QBE has come onboard to reap the tech’s benefits.
“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 at QBE. “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.”
According to Peter Brodsky, chief executive of HyperScience, they are working with QBE to “rethink” key aspects of the Australian insurer’s operational platform in order to serve customers in a more scalable, effective, and personalised manner.
“QBE has been a great partner for HyperScience,” commented Brodsky. “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.”
