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The landscape of insurance, once a field firmly rooted in traditional, manual processes, is undergoing a significant transformation. Leading this revolution is Owl.co, a fast-growing insurtech company that leverages AI and big data to streamline claims management and combat fraud in the industry.
Co-founded by Vahid Mirjalili, a seasoned professional with years of enterprise change management experience, Owl.co is the beacon leading the industry into a new era. “Old-school methods, with their manual grind and bias baggage, just don’t cut it in today’s data-heavy landscape.” says Mirjalili. “At Owl.co, we’re breaking barriers with our insurer partners using our proprietary ethical AI. We’re the bridge connecting the colossal reservoir of public data and impact intelligence with insurers hungry for improvement. We’re here to redefine processes, root out unfit claims, and elevate customer service to new heights for our insurance partners.”
Registered in Delaware, Owl.co supercharges insurers with AI-fueled claim revelations. By sifting through billions of untapped public data, they unearth game-changing insights. Leveraging AI, Owl.co revolutionizes the claims process, spotlighting key claimant intel and optimally timing its review. This supercharges claim assessments, amplifies decision accuracy, and swiftly flags troublesome claims with unbiased precision.
But it’s not just about efficiency & efficacy. Owl.co has a fundamental principle at its heart – reducing bias – so much so that they have “Zero Bias” as one of their core values. The insurance industry is no stranger to allegations of unfair discrimination, with practices such as redlining and race-based premiums coming under scrutiny. Owl.co’s approach to gathering and assessing data helps reduce the potential for such biases, leading to fairer outcomes.
Mirjalili believes in creating an equitable insurance experience. “The use of ethical AI and big data enables us to generate accurate, timely insights without prejudice by essentially only looking at what people do and not who they are. It’s an important step towards eliminating bias in the industry,” he says.
Since its inception, Owl.co has seen substantial success. Their intuitive AI platform, which learns from user feedback over time, has achieved a remarkable 98% accuracy rate. This, along with the actionable insights it provides, has led to a six-fold impact over existing solutions in claims management.
The company’s achievement extends beyond numbers. Top insurers across North America have partnered with Owl.co’s to enhance their claim operations. Moreover, they have raised $30M in Series B funding, further validating their innovative approach and promising potential.
Owl.co’s solution has tangible benefits. The intelligent platform helps insurers prioritize claims, improves efficiency, reduces costs, and enhances the overall claimant experience. With Owl.co,
claims management becomes less about navigating dense paperwork and more about making informed decisions swiftly and accurately.
While impressive, Owl.co’s success isn’t surprising considering Mirjalili’s track record. Prior to Owl.co, he successfully lead multiple teams at BCG in overseeing and operationalizing change management for the largest financial institutions with a focus on efficiency and cost savings.
The insurtech industry is only set to grow, with AI and big data playing increasingly crucial roles in the sector. Owl.co’s efforts to transform the insurance industry through technology offer a glimpse into a future where claims management is faster, more accurate, and ultimately, fairer.
As Mirjalili succinctly puts it, “At Owl.co, we’re not just changing the way insurers work; we’re playing a role in reshaping the industry for the better.” With continuous learning and adaptability at its core, Owl.co’s future seems as bright as the industry it’s transforming.
In conclusion, the era of artificial intelligence and big data in insurance is here, and companies like Owl.co are leading the charge. By transforming traditional processes, reducing biases, and prioritizing efficiency and accuracy, they’re setting new standards for the insurance industry. The future of claims management has arrived, and it’s wearing the guise of an Owl!
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