New app centralizes and digitizes the entire insurance lifecycle

An artificial intelligence company based in Montreal has launched an application to centralize and digitize the entire insurance lifecycle.

Koïos Intelligence, which develops AI tools designed specifically for the finance and insurance industries, unveiled Olivo at the Fintech Forum at Montreal’s Palais des congrès from Oct. 29 to 31.

Consumers, brokers and insurance companies can use the “one-stop electronic tool” to guide them through every step of the insurance process, “taking them from quotes to claims quickly and easily,” Koïos said. It uses AI to streamline the underwriting and claims processes for all types of insurance.

The project is one of many underway, as the Montreal-based company is currently developing projects and use cases in collaboration with large financial institutions in Quebec. The company, founded in 2017, will enter a new phase to bring the final Olivo app to market in 2019.

The company optimizes efficiency of automated client servicing with emotional recognition, identifies and corrects anomalies in internal management data, and improves quantitative models and calculation methods for pricing and risk measurement in insurance.

Besides its senior management team, Koïos employs specialized professionals in cybersecurity, risk management and operational chains. It also partners with experts from the international scientific community coming from, among others, the Data Valorisation Institute and the Montreal Institute of Learning Algorithms.