Chisel is a Toronto-based artificial intelligence software company that uses 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 stated goal of this company is 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.
Brokers can also employ the data extraction feature to create new policy documents for every customer. Brokers have access to policy checks with which they can compare a policy to a submission, quote, binder, or old policy. Chisel can automatically compare policies for brokers with the intended result of finding the best coverage and pricing for each customer.
Chisel Wins Zurich World Innovation Challenge
Chisel was chosen to receive the gold medal for the challenge in which 450 vendors participated.
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- Big dataCollection of complex data sets
- InsuranceEquitable transfer of the risk of a loss, from one entity to another in exchange for payment
- Natural language processingNatural Language Processing (NLP) is a field of computer science wherein computer and human languages interact. Programming computers to process vast amount of natural language data.