NEW YORK, May 2, 2018 -- QBE Insurance Group Limited (QBE) announces today that QBE Ventures has closed an investment into HyperScience, a machine learning company focused on building enterprise-grade artificial intelligence (AI) solutions for automating office work. This is the third investment made by QBE Ventures since its launch in 2017.
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.
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:
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. In addition to its investment, QBE has entered into a multi-year commercial use agreement to roll out HyperScience solutions across QBE globally.
David McMillan, Group Chief Operations Officer, QBE Insurance Group said, "This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business. 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."
Ted Stuckey, Managing Director of QBE Ventures said, "QBE Ventures backs companies which are working on technically-challenging and industry-changing ideas. 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."
Peter Brodsky, CEO of HyperScience, commented on the partnership, saying: "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. 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."
QBE Insurance Group Limited is listed on the Australian Securities Exchange, is one of the top 20 global insurance and reinsurance companies as measured by net earned premium and has operations in 36 countries. Visit www.QBE.com.
About QBE Ventures
QBE Ventures is the venture capital arm of QBE Insurance Group. QBE Ventures invests globally in companies that provide access to differentiated technology which has the potential to enhance QBE's business model, drive efficiencies and develop new avenues of growth.