In our modern, data-driven world, it's not uncommon to assume that every industry has successfully harnessed the power of publicly accessible data. However, the task is not as straightforward as it appears, particularly in the insurance sector. The inherent complexity of deciphering unstructured and noisy information from the extensive array of public sources presents significant challenges that until recently, kept the insurance industry on the sidelines of this data revolution. But all that is beginning to change. Owl.co, a Delaware-registered insurtech company, is pioneering a new era in the insurance landscape, offering innovative solutions that employ artificial intelligence to conquer these data challenges.
With its technology lead by an ex-Meta tech leader, Sam Merat, Owl.co's rapid ascent has made waves in the industry. Offering an AI-powered platform that collates and assesses data from billions of public sources, it offers a unique perspective with unexplored data to the insurance claim review process.
"In the face of big data reshaping countless industries, it's an imperative, not an option, for the insurance sector to adapt or risk being left behind," states Merat. "At Owl.co, we partner with the leading insurers to monitor their claim blocks and provide claims teams comprehensive data and insights, empowering them to confidently make timely and correct decisions - consistently."
The revolutionary platform promises more than just efficiency; it seeks to mitigate the long-standing issue of bias that has been a pain point in the insurance sector. Historically, insurance companies have faced accusations of discriminatory practices, such as redlining and race-based premiums. Owl.co, with its objective review of factual evidence, is committed to leveling the playing field.
"We are dedicated to making the insurance experience fairer and more equitable," says Merat. "Our platform utilizes AI and big data to create insights backed by evidence that are unbiased, relevant, and timely, pushing the industry towards transparency and fairness."
Owl.co's triumphant rise is undeniably linked to its impressive performance. The platform excels in providing consistent and reliable results, exceeding the average accuracy humans can achieve, considering the natural inconsistencies in human work. This high accuracy in identity resolution, along with actionable insights, leads to a sixfold increase in the effectiveness of claims management processes compared to conventional methods. This level of effectiveness has attracted many leading North American insurers to incorporate Owl.co into their claim operations.
The technological prowess of Owl.co is illuminated by Merat's formidable track record in the tech industry. Before joining Owl, Merat played a pivotal role in creating impactful AI products at Meta and Microsoft, contributing to innovations that positively affected hundreds of millions of individuals worldwide.
The meteoric rise of Owl.co serves as evidence of the broader shift towards AI and data-driven solutions in the insurance industry. With Owl.co paving the way, the sector is witnessing a shift from traditional, manual-heavy processes to an era of swift, accurate decision-making backed by comprehensive data.
Merat summarizes the vision, "At Owl.co, we're more than just a tech company; we are a catalyst for change, ushering in a new era of transparency, fairness, and efficiency in the insurance industry. This is a big deal!"
In the bigger picture, Owl.co exemplifies the transformative potential of AI and big data in insurance. By redefining the status quo, reducing discriminatory biases, and emphasizing efficiency and precision, Owl.co is setting a benchmark for future insurtech ventures.
In conclusion, the dawn of a new era in insurance is here, pioneered by companies like Owl.co. This revolution, bolstered by artificial intelligence and robust data, promises a future of claims management that is not just efficient and accurate, but also inherently fair and transparent. The landscape of insurance is changing, and the silhouette of an owl heralds the onset of this transformation.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com
