Ashoke Dutt, CEOA data-driven approach is the fortitude for business governance that values decisions backed up with verifiable data. In this scenario, data experts play a key role in managing data and extracting meaningful information from the cluster of data. Often, data within insurance organizations is so vast and so distributed, that even a small search query can prove to be challenging. Additionally, tighter regulatory requirements and lack of differentiation is forcing insurers to define new products while effectively managing risk. “Semantify empowers actuaries and underwriters to independently and instantly perform discovery and analysis from multiple disparate data sources in real time without dependence on data experts,” explains Vinod Himatsinghani, SVP Growth Verticals Business Head, Semantify. This allows actuaries to validate hypotheses, run cross-variable tests, and generate custom visualizations with great speed and accuracy. This ontology was inspired by a need to allow actuaries and underwriters perform rooted data sourcing while letting data experts work on complex arrangements. “The immense grunt work for data experts in pulling up data is fully automated by Semantify, freeing up their valuable bandwidth for critical analysis,” adds Ashoke Dutt, CEO, Semantify.
Semantify creates dynamic dashboards using prebuilt ontologies for Life and P&C to address these key challenges. Its partner eco-system leverages IoT data, transforming it into meaningful information for underwriting and claims. Implementing data sourcing typically involves centralizing data, massaging data, and preparing for analytics. With out-of-the-box connectors for standard industry data sources and structures, Semantify instead connects directly into the primary data source, leaving data where it is. It effectively normalizes data across the platform during the search function using the concepts of synonyms and entity variations. “The implementation time for any data program decreases to 4-6 months as against Industry benchmarks of 12 to 18 months. ROI goes up substantially, and almost immediately,” adds Himatsinghani.
Unlike its competitors, Semantify concurrently searches all data types— structured, semi-structured, and unstructured—for discovery and analysis. Partnering with a leading claims management company, Semantify has worked toward meta-tagging Adjuster Notes and Call Center notes, converting widely distributed data into a structured index by applying one of the 14 Semantify’s patented automatic Semantification modules.
Vinod Himatsinghani, SVP & Growth Verticals Business HeadUsing this solution helped the claims management company speed up claims processing and leverage underwriting specialists for swift handling of Property Claims. Apart from insurance companies, Semantify is also meta-tagging medical notes from doctors and nurses to identify potential discrepancies for further investigation into medical malpractice. In both cases, Semantify is connected to their existing reporting and dashboarding tools for visualization, providing seamless integration with any system, eliminating the need to move data to a central warehouse.
The immense grunt work for data experts in pulling up data is fully automated by Semantify, freeing up their valuable bandwidth for critical analysis
Being subject matter experts and suppliers for large global banks and financial companies, tier 2 and tier 3 firms have also started adopting Semantify’s solution, driven by the low investment costs. Productivity benefits from just automating the grunt work of pulling information from the enterprise data universe are significant and immediate. Agile deployments and integrations coupled with comprehensive self service capability, maintain and enhance the application significantly, reducing usage and maintenance costs. “When every other tool uses statistical ranking and appliance power, we are using industry domain knowledge,” says Dutt. “We enable enterprises to empower everyone, from call center representatives to the CEO, with the ability to perform their own discovery and analysis to respond faster to customers, regulators and business opportunities,” concludes the CEO.