Sorcero CEO Dipanwita Das today appeared on SCOR’s Life and Health Innovation Podcast to discuss the future of AI in insurance, and how Sorcero’s Language Intelligence technology is empowering experts with domain understanding. Das told host Nia Escobar-Kölle about how Sorcero is bringing understanding to decision-making that involves large volumes of technical, scientific, and regulated content. Sorcero provides a platform to make critical decisions at scale with fewer errors in areas such as underwriting, claims, diagnostics, and medical and property insurance—driven by an approach to AI that is very different than what most in the insurance industry are familiar with.
“We are in the business of augmenting and empowering human subject matter experts,” said Das. “So our work isn’t about models at all, it’s about human beings.”
Das described how the Sorcero Language Intelligence Platform is for knowledge workers who have spent 10, 15, 20 years becoming specialists in their fields. These human experts are able to make decisions by switching effortlessly between multiple domains involving health and risk management data. AI technology as it exists today cannot accomplish the same thing, which is why the Sorcero Platform is designed to lay out all important content for an expert’s workflow in a way that embraces complexity while improving the speed and accuracy of their decision-making.
During the conversation, Das also highlighted the particular utility of applying Sorcero’s Language Intelligence technology to life insurance.
“Life insurance underwriting is where we really shine,” said Das.
Life insurers who are looking to build a more intelligent underwriting process need to incorporate multiple data streams to build a more holistic view of each potential customer. Sorcero is starting early engagements with companies in the life insurance space to demonstrate how Language Intelligence can help them accomplish their goals for digital transformation. The industry is moving towards a biological age model, which involves data streams that cannot currently be placed entirely within a software defined environment. Sorcero’s Platform will play a key role in synthesizing and bringing together all of those data streams and their unique patterns, applying an understanding of context to power critical life insurance underwriting decisions.
Das also emphasized how Sorcoro’s Language Intelligence technology keeps the subject matter expert at the core of the decision making process.
“First and foremost, we are not in the business of automation,” said Das. “We are in the business of augmentation.”
When you think of Sorcero, Das emphasized, you should think about high-value, high-volume, high-risk decisions that drive the core of your business. These are the kinds of decisions that require human input. The Sorcero Platform makes it possible for subject matter experts to stay deeply involved with critical workflows, with the tools that achieve greater speed while maintaining accuracy.
Das also discussed the need for reinsurance companies to understand ongoing developments in AI technology and how they are transforming the insurance industry. Reinsurers will utlimately need to sign off on any major changes to underwriting and claims payout processes. As a result, it’s important for them to be a party to the conversations on how a toolkit like the Sorcero Language Intelligence Platform will be implemented by the enterprises seeking approval. Das said that she would like to see reinsurance companies like SCOR partner with startups early on in the implementation process to ensure more fluid adoption of new technology. SCOR is a global reinsurance company, managing risk and balancing a global presence with industry-recognized expertise and cutting-edge financial solutions. With over 50 years in the reinsurance industry, SCOR has remained deeply involved with innovation and pioneering the future of insurance.
Das outlined how Sorcero has spent 2020 focus on refining the early use cases for its Language Intelligence Platform. The company is focusing on areas such as claims processing, medical overbilling, benefits navigation, tracking policy changes, and improving diagnostics. These applications exist in the networked domains of insurance and life science, where Sorcero’s understanding of technical and medical language can create new capabilities for dealing with content that are critical to the operating models of both industries.
Contact Sorcero to learn more about what Language Intelligence can do to empower experts at your enterprise.