HyperScience | Top 20 Insurance Technology Solution Company - 2019
HyperScience: Harnessing the Power of AI to Transform Insurance Data and Processes
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CIOREVIEW >> Banking Insurance >> HyperScience

HyperScience has been recognized by CIOReview Magazine as the recipient of “Top 20 Insurance Technology Solution Companies - 2019,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with Peter Brodsky, Chief Executive Officer and Co-Founder.

HyperScience
Harnessing the Power of AI to Transform Insurance Data and Processes

HyperScience

Peter Brodsky, Chief Executive Officer and Co-Founder
Staying agile and responsive to changing consumer needs is a major priority for the world’s largest insurance leaders. To this end, most forward-thinking insurance companies are turning to cutting-edge AI technology to transform how they manage data, processes and people. Helping them in their quest, through its automated document processing and data extraction platform, is HyperScience.

HyperScience uses the latest in Machine Learning (ML) to automatically classify and extract data from the billions of documents – application forms, enrollment documents, claims, etc. – that flow between insurance companies and their customers and partners every year. “We help the world’s leading organizations harness the power of automation to unlock data, achieve efficiencies, improve response times, and elevate customer experience,” says Peter Brodsky, the chief executive officer and co-founder of HyperScience. “Organizations have access to more data with fewer errors and at lower costs, employees can focus on activities that drive the business forward, and most importantly, customers get the service and answers they expect and deserve.” By leveraging the latest AI tech in HyperScience, insurance companies can automate mission-critical processes and ensure the accurate, complete data they need to assess risks better, underwrite policies, process claims, and deliver timely (often critical) services to their customers.

Despite being “digital-first,” the mission-critical task of classifying and processing documents is still a very manual, expensive process for organizations today. Businesses are spending as much as $60 billion each year on data entry, and that figure is only getting larger. HyperScience’s proprietary Machine Learning models automatically classify and extract data across diverse inputs (such as handwritten forms or low resolution, distorted images) with greater accuracy than any other solution in the market today. Structured data files can be sent to downstream systems for quicker processing, resulting in improved customer experience and faster time-to-revenue. In addition to being able to tackle diverse document types, three key factors make the company’s system easier to use than other solutions: 1) how it measures confidence, 2) how it incorporates humans-in-the-loop, and 3) its user interface, which is designed for non-technical business users.

We deliver an automation solution that enables more accurate d ata, increased capacity, faster response times, and improved customer experience

HyperScience’s built-in quality assurance mechanism is exceptionally good at knowing when it is likely to be right as well as when it’s likely to be wrong. When it is less sure of a transcription, it sends the field to human supervisors to review and resolve. This fine-tunes the underlying models. In addition, the entire system is built with the need for human feedback in mind. “When our system is not sure how to proceed, we involve humans to help, sending a subset of exception cases to data keyers to review and resolve. This provides statistically significant data on both machine and human transcription and improves overall model performance,” mentions Brodsky.

Since closing its Series B in January 2019, HyperScience has surpassed the 115 employee mark, opened its second European office in London to fuel international expansion, and consistently achieved double-digit growth month-over-month. HyperScience is the platform of choice for leading insurance, financial services, healthcare and government organizations worldwide, including TD Ameritrade, QBE, and Voya Financial. On the product side, in 2019, HyperScience took significant steps towards its ultimate vision of making the platform input-agnostic, capable of extracting data from every document type (i.e., any structure and language) and flexible enough to adapt to any processing workflow. In addition to adding language support for French, Spanish, and German, the company continues to improve their specialized models to maximize extraction automation and accuracy for semi-structured documents.

For the future, HyperScience will continue to focus on serving customer needs and expanding its presence internationally. “We make it a priority to invest in our product and engineering, and will continue to do so, so that our research & development team has the resources they need to stay at the forefront of an ever-changing field,” concludes Brodsky.

HyperScience

News

Hyperscience Receives SOC 2® Certification for Its Enterprise AI Software Infrastructure Platform

Friday, September 15, 2023

hird-party audit confirms Hyperscience’s best practices for data protection and security processes, providing thorough risk mitigation for adopters of Enterprise AI approach.

New York, NY–
Hyperscience, a provider of enterprise artificial intelligence solutions, today announced successful completion of its SOC 2 evaluation. The audit, conducted by Schellman—a leading provider of cybersecurity assessment services—confirms that Hyperscience’s practices, policies, procedures and operations meet SOC 2 compliance across the categories of security, availability, processing integrity and confidentiality.

“Introducing cutting-edge AI solutions within the enterprise holds great promise and benefit – but like all new transformative technologies – it carries a significant amount of data, security and corporate risk. Our commitment to achieving SOC 2 certification sets a solid, trusted foundation for enterprises, alleviating unique concerns associated with AI, such as handling of sensitive enterprise training data,” said Andrew Joiner, CEO of Hyperscience. “Hyperscience’s SOC 2 certification provides enterprises with peace of mind, and supports an environment where our innovative AI infrastructure harmoniously coexists with the other most sensitive aspects of their operations. Embedding transparency and ethics into our software from Day 1 continues to set us apart from other AI software vendors.”

SOC 2 Compliance has become a vital benchmark and prerequisite in the software procurement process. The American Institute of Certified Public Accountants (AICPA) established this framework to help build a documented framework of policies and procedures that demonstrate a company’s adeptness in managing and securing data in the cloud, while ensuring superlative customer privacy and effective handling of internal communications.

Beyond its SOC 2 accreditation, Hyperscience also holds the Cyber Essentials Plus certification put forth by the National Cyber Security Centre, considered “the highest level of certification offered under the Cyber Essentials scheme.” The enterprise AI leader also conducts regular audits, vulnerability scanning and penetration testing to ensure the security of its platform.

“Protection of our clients’ information is of the utmost importance to us,” said Tony Lee, Chief Technology Officer for Hyperscience. “Not only do we follow certified best practices to the letter, but we also ensure data at rest and in transit is protected through industry-standard encryption, as well as identity and access management to better assess current and future risk to our infrastructure.”

Hyperscience Unveils Latest Version of the Hyperscience Hypercell, Designed to Meet the Emerging Requirements of Today’s Enterprise

Friday, April 12, 2024

Hypercell supports Hyperscience R39 release, which includes breakthrough model lifecycle management, accelerated automation for highly complex documents, and advanced decisioning capabilities



Comprehensive platform delivers on the promise of hyperautomation at scale, with unparalleled accuracy and automation rates in challenging, complex, and regulated environments



New York, NY –
Hyperscience, a market leader in hyperautomation, today announced the Hyperscience Hypercell, an all-in-one enterprise AI infrastructure software platform designed to accelerate transformational AI initiatives at scale in a variety of enterprise settings where security, compliance, and infrastructure requirements are top priorities. Hyperscience also announced improvements to Hyperscience R39, including updated proprietary ML models, applications, and automation workflows. The combination of Hyperscience Hypercell with R39 delivers unmatched accuracy and automation across the entire spectrum of documents and information assets that organizations rely on to run their business, in the most difficult and challenging enterprise environments.



“All transformational technologies, including AI, struggle in their adoption into the enterprise, because of unique legal, security, compliance, and data handling requirements,” said Andrew Joiner, CEO of Hyperscience. “The latest release of the Hyperscience Hypercell meets those standards, and removes barriers to bring the benefits of AI into the core of the enterprise. Combined with the latest release of Hyperscience R39, customers can now choose one platform for AI to meet their most complex document automation needs, and achieve tangible ROI compared to existing legacy approaches.”



Organizations across the globe recognize the potential for transforming their business with AI. However, these organizations are experiencing significant challenges, since enormous general purpose LLMs haven’t delivered the requirements unique to enterprises such as security, data trustworthiness, compliance, and transparency, and running AI at scale can be a complex, high-risk undertaking.



Businesses and governments are reluctant to serve up their unique proprietary data and assets to train LLMs, since doing so can generate huge costs and incur competitive, privacy, security, and compliance risk. Organizations cannot afford the reputational and business risk associated with hallucinations and inaccuracies – for instance filling a patient’s prescription incorrectly, or misinterpreting language and meaning in the insurance claim of a VIP customer. Also, given the velocity of innovation in AI, model lifecycle management and training data management systems struggle to keep pace, and maintain auditability, traceability, and governance of their models.





Hyperscience Hypercell – Turnkey AI Infrastructure Software Designed for the Enterprise



Hyperscience meets the highest enterprise standards with the Hyperscience Hypercell, delivered through a turnkey AI infrastructure software approach. The Hyperscience Hypercell was purpose-built to address the stringent accountability, data security, compliance, legal, regulatory, and privacy concerns that are top of mind when applying AI for business use cases.



Designed to run in all environments – on-premises, hybrid cloud, SaaS, and air-gapped environments – the Hypercell provides customers with flexibility to run their AI initiatives in the manner that best fits their needs. Also, the Hypercell infrastructure provides the governance and security required for customers to run proprietary models, as well as open source and Frontier models, all from one turnkey platform. The platform allows customers to privately train models with their own enterprise ground truth data and includes an easy-to-use interface that enables business users to supervise results based on their own domain expertise.





Hyperscience R39 – Driving a Fundamental Shift in Document-Centric Automation



Hyperscience R39 is the latest version of the Hyperscience software offering, and provides a comprehensive collection of proprietary models, applications, and automation flows. Built on proven AI, the software uniquely understands content in a wide spectrum of documents. This allows organizations to process and act on the data assets spread across their organization, with human-level accuracy rates of 99.5%.



Models – deliver intelligent extraction, classification, understanding, comparison, and summarization of all variations of data, from highly structured to unstructured, human-friendly content.

Applications – provide a low-code / no-code approach to operating the system, with no data scientist or developers needed, so business users can train, QA and supervise the process with intuition and ease. The Hypercell also includes co-pilot capabilities that provide users with an easy experience for building applications on the platform.

Automation Flows – allow customers to define their end-to-end automation approach, with out-of-the-box (OOTB) blocks and configurable code blocks with LLM innovations that stitch together model capabilities.



Model Lifecycle Management at Scale



Hyperscience has deepened its model lifecycle capabilities in R39, enabling organizations to orchestrate, upgrade, and manage models more efficiently and with stronger governance, resulting in faster time to value and lower total cost of ownership. Updates include:



Incremental training – allows customers to leverage existing investments in models when updating and fine-tuning ML models. Customers can simply re-train existing models with new data only, allowing them to decrease model training time by up to 50 percent.

Training Data Management for Classification models – enables customers to preview, list, edit, and manage training documents used to train their models for both classification and identification all in one easy-to-use interface, saving customers time in putting models into production.

Automated upgrade management – provides automated checks and notifications for prerequisites to address before upgrading Hyperscience software. These capabilities are especially important in AI, given that upgrading AI models can be complex and producing an incorrect model can have costly downstream impact.

Trainer resiliency – ensures that in the event of a model training interruption, the training does not have to revert back to the very start of the process, but can resume from the point just before the interruption.

Audit log enrichment – R39 also provides audit log enrichment, which traces user events and processes metadata from across the platform.



Enterprise-Class Hyperautomation



Hyperscience also continues to extend its enterprise class hyperautomation capabilities in the R39 release, with more tools for developers, storage APIs, and expanded Chinese language support.



Free form text fields in custom supervision – flow developers can now add freeform data through the Custom Supervision interface, resulting in richer contextual understanding throughout end-to-end automation processes.

Multiple tables automation – customers can easily identify and extract data from multiple, independent tables within a single document, such as invoices, billing statements, specification sheets, and contracts. These improvements build on best-in-class capabilities from Hyperscience for processing complex data and tables, and allows business users to build workflows to automate and review extractions from multiple tables at scale.

Language improvements – organizations can now process all types of documents, from structured to unstructured, human-friendly content, in Chinese. These capabilities are valuable for international organizations requiring understanding and processing of Chinese content.

Amazon Simple Storage Service S3 connector – provides out-of-the-box integration with Amazon S3, so customers can integrate and configure the right storage directly from the Hyperscience platform user interface.

Hyperscience will host a webinar on April 11, 2024 at 11:00 am ET to provide an overview and demo of the Hyperscience Hypercell and the Hyperscience R39 release, and Q&A. Click here to register.

Hyperscience unlocks GenAI for mission critical applications with Hypercell

Thursday, June 13, 2024

Hyperscience, a market leader in hyperautomation and a provider of enterprise AI infrastructure software, is introducing a new solution that brings the back office into the GenAI age, fine-tuning LLMs with ground truth documents embedded at the core of the enterprise.

Hypercell for GenAI automatically annotates, labels, and structures data from documents for fine-tuning LLMs and GenAI experiences, allowing organizations to rapidly and continuously develop highly accurate, relevant, and valuable enterprise models, according to the company.

Through a trusted and proven interface, businesspeople can use Hypercell for GenAI to accelerate mission critical workflows, grounded in secure, proprietary data, and tuned to the business.

Hyperscience is working with Google Cloud, Hewlett Packard Enterprise (HPE), and other partners on this solution, to give customers flexibility to operate in the infrastructure and AI development platform of their choice, to enable use cases such as prompt engineering, RAG, grounding, and vector search on the customers’ proprietary enterprise data, according to the company.

“The success or failure of any AI initiative starts with the data that feeds the models,” said Andrew Joiner, chief executive officer, Hyperscience. “Too often, models are built on faulty and incomplete data, and inefficient manual methods and legacy technologies struggle to keep pace with the dynamic flow of documents that course through organizations every day. Today, Hyperscience provides a breakthrough to this challenge by allowing organizations to establish an accurate data estate that trains LLMs to speak the language of their business, and empowers users with relevant, in-context GenAI experiences that align with their business processes and use cases.”

Hyperscience aims to disrupt the status quo with a novel approach built on AI at its core. Based on a proprietary, machine learning model-based architecture that reads and understands content fluently, Hyperscience delivers industry-leading accuracy rates of 99.5% and automation rates of 98%, as per the company.

Designed with simplicity, business users can train and manage models based on their domain expertise, and the Hyperscience platform's blocks and flows enable process orchestration and integration with downstream enterprise applications.

Hypercell for GenAI leverages the same core technology for hyperautomation, to rapidly transform complex documents into LLM and RAG-ready data, accurately, automatically, and continuously.

Hypercell for GenAI establishes a comprehensive data estate to power relevant, in-context GenAI experiences. The solution provides a simple user interface that delivers trusted, accurate results as part of a business user’s workflow.

Hypercell for GenAI can run on-premises, in a hybrid cloud, in a public cloud, in a SaaS environment, and even highly secure air-gapped environments. Built with the highest security, governance, compliance, and traceability standards, the offering is well suited for use cases in regulated industries and the public sector. Hypercell for GenAI provides a cutting edge architecture that enables organizations to deliver enterprise AI cost effectively, on top of CPUs or GPUs. The solution supports a wide range of LLMs, including Mistral Large and Mistral 8X22B, Llama3 (including all three versions), and GPT 3.5 and 3.0.

Hyperscience is collaborating with Google Cloud and Hewlett Packard Enterprise, leveraging AI software that accelerates AI model development by transforming complex documents embedded at the core of the enterprise into an accurate, AI-ready data estate for applications, including generative AI.

Hypercell for GenAI will be available on Google Cloud Marketplace or directly from Hyperscience. Hypercell for GenAI leverages the core capabilities of the Hypercell, an all-in-one AI infrastructure software platform that accelerates enterprise AI initiatives at scale.

Top 20 Insurance Technology Solution Companies - 2019

Company
HyperScience

Headquarters
New York, NY with offices in London, UK and Sofia, Bulgaria

Management
Peter Brodsky, Chief Executive Officer and Co-Founder

Description
Helps insurance companies obtain the accurate, complete data they need to assess risks better, underwrite policies, process claims, and deliver timely (often critical) services to their customers

Top 20 Insurance Technology Solution Companies - 2019

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