Chisel

Chisel was a Toronto-based artificial intelligence software company that used natural language processing (NLP) to streamline the process of producing conventional data sources in the insurance industry, such as insurance documents, client records, and claims. The company's platform used AI to automate errors and omissions policy checking, submission prioritization, quote comparison, and claims triage. The stated goal of the company was to drive down operational costs, reduce delays, and increase profits for insurance companies and other health-related entities.

Chisel was founded by Ron Glozman in 2015 and earned several rewards and accolades, including a place on the 2020 InsurTech100, a Gold finish at the 2019 Zurich Innovation World Championship, and the ACORD InsurTech Innovation Challenge in 2018. On April 19, 2022, Chisel filed an assignment in bankruptcy after the company sought investment financing to strategically grow the business. The lead investor in the funding round experienced delays in closing the round, and in order to mitigate the company's risk and with no confirmation of its ability to close on the necessary financing, Chisel decided to cease operations.

Chisel provided software for both insurance carriers and brokers. The software features for carriers included data extraction from key insurance documents, automation of the intake process, artificial intelligence analysis of submissions, and errors and omissions checks to review the policy before it was sent out to the customer.

Brokers could also employ the data extraction feature to create new policy documents for every customer. Brokers had access to policy checks with which they could compare a policy to a submission, quote, binder, or old policy. Chisel was also built to automatically compare policies for brokers with the intended result of finding the best coverage and pricing for each customer.

For insurance brokers, Chisel offered workflow solutions with the following benefits:

• Policy checks in which the AI checked policies to ensure they were standardized
• Increased accuracy
• Reduced exposure for the broker
• Increased profit margins
• Improved staff productivity
• Improved customer experience. Similarly, for brokers, Chisel offered automated quote comparison to ensure their customers received the best coverage operations at the best prices and to help brokers increase their customer connection and increase their sales capacity.

For insurance carriers, Chisel offered similar workflow solutions, including policy checks for the insurance carriers, which offered automatic validation of policies, checking to mitigate risk, digitally ensure standardization in policy validation, improve data hygiene, and strengthen contract certainty. Similarly, Chisel offered submission intake and triage solutions for insurance carriers, which used the platform's AI to automate clearance and registration, auto-decline and auto-route submissions, help carriers expand their underwriting and quoting capacity, while also reducing operation costs by increasing efficiencies and through reduced response times with better risk reservations and predictions. And Chisel offered submission prioritization for carriers, helping carriers to increase their underwriting capacity to reduce broker response times and use a systematic way to prioritize applications.