“AI can help in practically every situation, enabling underwriters to access external data to strengthen their risk management and decision-making.”- Mr. Piyush Goel, Founder and CEO of Beyond Key.
Here’s the interview snippet from the interaction with Mr. Piyush Goel, Founder and CEO of Beyond Key.
Saumya: Tell us about the journey of Beyond key from the year it was established and till now?
Piyush: Our team has expanded to more than 300 outstanding software professionals since its founding in 2005. We have been concentrating on creating scalable software solutions and products that go above and beyond what our customers anticipate from us as a worldwide IT consulting and software services company. We refine, adjust, come up with new ideas, and put them into practice for the overall success of organizations. We have been operating more quickly and providing our customers with effective results by utilizing the appropriate technologies. We advance with a distinct strategy to reinvent the future using our imaginative creativity. We acknowledge that technology is constantly evolving and adapt our methods accordingly to produce outcomes. Delivering technological solutions with passion and going above and beyond expectations is what we do.
Saumya: What are AI and Machine learning for smarter solutions?
Piyush: Algorithms for machine learning and artificial intelligence are becoming more and more essential to many different businesses. With the goal of automating and improving activities and operations in general, they are now moving towards much smarter solutions. It is quickly transitioning from a traditional, highly regulated environment to a tech-driven industry. The dependence on technology has grown significantly along with the more intelligent utilization of infrastructure. A number of beneficial improvements in the technology sector have been made possible by data science, with the help of AI and ML. Most utilities’ AI expenditures are typically used to improve customer service. Investments in AI and ML can produce substantial returns on investment, by increasing speed and efficiency and, hence, improving customer experience. AI has the potential to significantly improve customer service for businesses. The benefits of AI and ML will be put to use as the industry develops, resulting in smarter networks, more effective operations, and improved customer happiness.
Saumya: What is the future of Insurtech? How is Ai’s impact on the Insurtech industry?
Piyush: The insurance sector is well positioned to profit from AI and machine learning because of the vast amounts of data that organizations and agencies gather. Claims estimators can rapidly and more accurately resolve claims using AI photo analytics and estimate logic. Several Insurtech systems employ AI to speed up the process and instantly generate a quote, saving time and enabling negotiators and underwriters to issue policies more quickly. AI can help in practically every situation, enabling underwriters to access external data to strengthen their risk management and decision-making. The insurance sector will be impacted by AI and machine learning in the future in many areas, but especially in underwriting, claims, and distribution. Insurance companies will be able to analyze and price risk more quickly and accurately using AI in conjunction with other technologies like automation.
Saumya: Can you tell us about the top solutions for Insurance Beyond Key have?
Piyush: In addition to providing our clients with the best software solutions, we bring the most top-notch solutions to the insurance sector as well, which include optical character recognition (OCR), where data is converted to readable format from images, emails, faxes, physical documents, etc. Data is extracted and reused from scanned documents, camera photos, and image-only PDFs by this OCR application. In addition, we integrate BI into the insurance industry, which enables our clients to derive useful consumer information from the available data, enhancing their understanding of their customers and enabling them to take better decisions. It aids in lowering risks, boosting sales, and strengthening the organization’s financial position. Additionally, we provide a broad range of SharePoint intranet consulting services to our esteemed clients in the insurance industry, helping them gain a competitive advantage by using our technology and domain knowledge to help their businesses become more responsive to market opportunities and threats.