QBE invests in machine learning tech firm Hyperscience - Reinsurance News

QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like re/insurance, financial services, health, and governments. It aims to reduce companies' dependencies on costly, slow, and error-prone manual data entry operations by automating the transformation of human-readable content into machine-readable data, and with greater speed and accuracy than legacy data capture technologies. This allows clients to facilitate straight-through-processing, achieve faster customer response times, and unlock data that has otherwise been trapped in static or unsearchable documents. David McMillan, Group Chief Operations Officer (COO) at QBE Insurance Group, said: "This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business. "From driving operational efficiency to unlocking a wealth of new data and insights, HyperScience has delivered a platform that will support QBE's objectives of delivering "Brilliant Basics" in underwriting, pricing and claims." Ted Stuckey, Managing Director of QBE Ventures, added: "QBE Ventures backs companies which are working on technically-challenging and industry-changing ideas.