FAQ

A. Chisel AI is a software firm that offers a suite of purpose-built artificial intelligence workflows for commercial insurance brokers and carriers.

A. The technology behind Chisel AI was conceived in a dorm room at the University of Waterloo, Ontario, Canada between 2013 and 2016. The company was founded in 2016. We are headquartered in Toronto.

A. Yes. Chisel raised a large seed round led by Venrock, a leading Capital Venture firm. We are now taking that capital and investing it in our people and our growth.

A. Yes, Chisel was crowned the 2018 ACORD InsurTech Innovation Challenge Winner. In 2019 Chisel won Gold at the Zurich Innovation World Championship for their Submission Triage & Submission Prioritization solutions.

A. Sort of. While at the University of Waterloo, our CEO and Founder, Ron Glozman, developed an app that read textbooks like a human—just 400 times faster. The app became a top app on the Google App Store with downloads across 33 countries and 44 universities. This success encouraged Ron to commercialize the app for sectors dealing in high volumes of structured and unstructured data, as well as mundane, time-consuming administrative tasks that could be digitized.

A. Chisel uses natural language processing and named-entity recognition to instantly read complex documents and then extract all the pertinent data trapped inside those documents. Brokers and carriers automate the time-consuming, error-prone tasks that exist in their back office and save 80% or more in operating costs.

A. The Chisel AI solution was trained on insurance specific documents such as policies, binders, quotes, submissions and developed using proprietary models, parsers and file readers that deliver a unique platform dedicated to the unique needs of commercial insurance brokers and carriers.

A. Our tools help you double your business without increasing the size of your workforce, and help you deliver more value to your customers. Chisel AI helps you boost your underwriting by up to 50%, double your quoting capacity, compare 10 quotes in seconds, eliminate manual data entry, check policies in seconds, increase speed to binding, accelerate customer response times, increase gross written premiums and more.

A. Artificial intelligence (AI) is the applied algorithms and development of computer systems that perform tasks that normally require human intelligence, such as visual perception, speech recognition, data extraction and translation between languages.

A. Natural Language Processing (NLP) is a machine’s ability to read written language like a human, pulling relevant pieces of information, assigning value to the words, and intelligently analyzing structured and unstructured text.

A. AI augments your staff rather than replacing them. Our tools automate high-volume, repetitive, error-prone administrative tasks allowing your skilled knowledge workers focus on high-value, customer-facing initiatives.

A. Yes. Chisel AI is the only AI solution that extracts, reads, interprets and understands over 500 data elements from unstructured data in commercial insurance submissions, quotes, applications, binders, endorsements and policies.

A. It’s super easy to use and it’s super fast. It reads like a human – only 400 times faster and with significantly greater accuracy. And it is the only AI platform purpose-built for insurance that can extract data from commercial insurance documents like submissions, applications, quotes, policies, binders and statements of value. Chisel also recognizes 500+ insurance-specific named entities such as limits, premiums, deductibles, types of coverage, exclusions, endorsements, territories of coverage, outstanding conditions, etc.

Chisel AI uses Natural Language Processing (NLP) - the ability for a computer to understand human language. It is not rules-based, and it is not pattern matching technology. NLP is a machine’s ability to read written language as humans do, pulling out relevant pieces of information, assigning meaning to those words, and intelligently analyzing structured and unstructured text. AI leverages cognitive capabilities which means the machine learns over time through supervised, semi-supervised and unsupervised learning, updating itself and getting better.

A. Chisel uses natural language processing (NLP) and named entity recognition (NER) to read unstructured data like insurance documents and extract critical information from digital native documents in file formats such as Word, PDF, Email and Excel.

Chisel AI is the only purpose-built AI and NLP platform for insurance that recognizes 500+ insurance-specific entities such as limits, premiums, deductibles, types of coverage, exclusions, endorsements, territories of coverage, outstanding conditions, statements of value, loss run reports, etc.

A. A digital native document is a word document, excel or computer-generated PDF (not scanned). Chisel can work with scanned documents but working with scanned documents slightly reduces the accuracy and processing speed due to the use of Optical Character Recognition technology (OCR).

A. Chisel AI is a purpose-built platform for commercial insurance carriers and brokers to read their policies and extract specific policy-level data 400 times faster than a human and with significantly greater accuracy. The data can then be used to make faster and better decisions, ultimately reducing costs and improving customer experience. Chisel AI can be used for Policy Checking, Quote Comparison, Submission Triage and Submission Prioritization.

A. It depends on the use-case or more importantly the problem we’re trying to help you solve. Chisel can be implemented in as few as 2 weeks.

A. Outsourced solutions rely on an “economies of scale” model. Outsourcers apply the same knowledge workers to the problem that you have in-house, but they’re able to take advantage of a lower cost-base and higher volumes (aggregated across many customers). Introducing NLP into your operations is based on a strategic decision to keep your operations in-house and to begin the evolution of leveraging NLP to reduce risk and increase profit margins across all lines of business.

A. Regular expression platforms tend to showcase Find/Replace features inside word processing editors. Typically using first generation and second-generation text identification and pattern matching technology to achieve clause matching function. Artificial Intelligence and Natural Language Processing platforms deliver quality through cognitive capabilities. The machine learns over time and updates itself through unsupervised and supervised learning. The benefit of AI is it gets better over time and works well with large data sets.

A. Wherever you have knowledge workers reading standardized documents on a regular basis, Chisel AI can automate that process. If you have knowledge workers reading, highlighting specific content, pulling-out or hiding specific content, Chisel AI can automate that process. Chisel AI empowers commercial insurance brokers and carriers to empower their existing human workforce with tools to automate high volume, repetitive tasks such as Policy Checking, Quote Comparison, Submission Triage and Submission Prioritization.

A. The Chisel platform has no volume limits due to the elasticity of the platform and our access to cloud computing resources. If you doubled your policy volume, we can easily increase your dedicated computing capacity in the cloud.

A. It takes Chisel AI less than a second to read an average document. It can be as fast as 100 milliseconds.

A. It takes 336 milliseconds, on average, to automatically check a policy with a binder from the moment the policy and binder are linked to Chisel AI and the CHECK button is pressed. The average total time to complete the first machine pass and a human second pass check, is two and half minutes compared to 30+ mins for a human on their own.

A. Yes. Most major AMS and BMS platforms do not use AI to read documents and therefore will always be limited in their ability to deliver speed and accuracy. Often getting information into the AMS and BMS is done by hand, Chisel has integrations to help automatically populate those systems.

A. Yes, we use publicly available APIs to connect to the major BMS and Agency Management Systems. Integration with custom or legacy systems is also possible, please contact us with your specific needs.

A. Yes, we use SSL to encrypt all communications between our servers and the user’s browser. Data is also encrypted at rest.

A. Your data will reside in your preferred geography. We use AWS as our hosting partner and we can also work with Microsoft Azure or Google Cloud. AWS is trusted and used by many of the Fortune 500 firms. It’s certified by ISO, PCI and AICPA. It supports many of the standards issued by ISO, PCI and ACIPA including ISO27001 and Level 3 SOC. A full list of certifications and standards that AWS supports can be found here

Chisel AI is a SaaS-based offering. Our pricing model is volume based.

A. Chisel AI extracts, interprets, classifies and analyzes unstructured data in commercial insurance submissions, applications, binders, endorsements and policies 400 times faster than a human can—with greater accuracy.

A. Book a free consultation by completing this form, or by phoning us at 647.952.3022

A. Please visit our Careers page and take it from there.