QBE Ventures, the venture capital unit of QBE Insurance Group, has invested in HyperScience, which uses machine learning to automate low, medium, and high skill office work.
It is QBE Ventures’ third investment since its launch last year.
HyperScience helps large organizations across industries such as insurance, financial services, healthcare, and government reduce their reliance on expensive, slow and error-prone manual data entry operations.
At present, the company’s products are being used by global financial services companies.
QBE has also signed a multi-year commercial use agreement to roll out HyperScience solutions across the company.
QBE Insurance Group chief operations officer David McMillan 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.”
HyperScience, which was founded in 2014, seeks to make the benefits of machine learning accessible to enterprises and government institutions globally.
The company automates the transformation of human-readable content into machine-readable data with better speed and accuracy, when compared to legacy data capture technologies.
HyperScience allows organizations facilitate straight-through-processing, achieve faster customer response times and unlock data that has historically been trapped in unsearchable documents.
HyperScience CEO Peter Brodsky said: “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.”
Image: QBE’s venture capital firm invests in HyperScience. Photo: courtesy of cooldesign at FreeDigitalPhotos.net.