SLK Software, a global technology services firm, and V-Labs, an AI company, aligned with CNA Insurance, a leading U.S.-based insurance provider, will deploy an enterprise-wide AI-led intelligent automation solution to accelerate and transform CNA’s intake automation for new business submissions, claims, and other critical business processes.
As insurance companies accelerate their adoption of next generation technologies around AI and Machine Learning, the challenge of rapid intake and processing of structured and unstructured data and documents has taken center stage.
“CNA embarked on several initiatives to help take important steps towards AI-augmented underwriting, endorsement, and claim processing,” said Jane Possell, Chief Information Officer, CNA. “In collaboration with SLK and V-Labs, CNA plans to accelerate its adoption of AI technologies to help transform the intake and other business processes across our enterprise.”
“Both SLK and CNA are committed to driving high-levels of data accuracy, acceleration towards business closure, providing deeper insights to increase revenue, and rapidly scaling AI across the enterprise. At SLK, we challenge the status quo with our unique and differentiated solutions and IPs, bringing together our expertise in automation, analytics and AI that provide unparalleled value to our customers,” said Ajay Kumar, Chief Executive Officer, SLK Software.
“We are delighted to work with CNA on their business transformation journey. V-Labs has built AI-products that are beginning to transform traditional business processes and legacy systems, by leveraging fundamental AI/ML technologies, including NLP and Computer Vision. The rapid acceleration in real-time data extraction and contextualization will lead to high levels of business process automation, real-time decision-making systems, market insights, and new product creation. This is enabling true business transformation across many industries,” said Dr. Murali Kota, Founder and CEO of V-Labs.
The AI-based automation technology has reduced the average processing time in targeted areas from several hours or days to a few minutes. Applicable across the insurance value chain, this cutting-edge solution will create value to all players in the insurance industry — customers, brokers, insurers, reinsurers, and claims processors.
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