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 usesused 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, wona 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 opeartionsoperations.

Chisel provided software for both insurance carriers and brokers. The software features for carriers included features that carriers were able to utilize such as 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.

For insurance brokers, Chisel offered workflow solutions including policy checks, in which the AI would check policies to ensure they were standardized, offered increased accuracy with reduced exposure to the broker, and to help brokers increase profit margins, staff productivity, and increase the 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 broker's increase their customer connection and increase their sales capacity.

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 insureensure 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 autoamteautomate 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.

Chisel iswas 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 uses natural language processing (NLP)AI to streamline theautomate processerrors of producing conventionaland dataomissions sourcespolicy inchecking, thesubmission insurance industryprioritization, suchquote as insurance documentscomparison, clientand records,claims andtriage. claims.TheThe stated goal of thisthe company iswas to drive down operational costs, reduce delays, and increase profits for insurance companies and other health-related entities.

Chisel provides software for both insurance carriers and brokers. Features that carriers are able to utilize are 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 is sent out to the customer.

Chisel was founded by Ron Glozman in 2015 and earned several rewards and accolades, including a place on the 2020 InsurTech100, won Gold 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 opeartions.

Chisel provided software for both insurance carriers and brokers. The software included features that carriers were able to utilize such as 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 cancould also employ the data extraction feature to create new policy documents for every customer. Brokers havehad access to policy checks with which they cancould compare a policy to a submission, quote, binder, or old policy. Chisel canwas 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 including policy checks, in which the AI would check policies to ensure they were standardized, offered increased accuracy with reduced exposure to the broker, and to help brokers increase profit margins, staff productivity, and increase the 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 broker's 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 insure 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 autoamte 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.