NeuralMetrics, an insurtech data provider that uses natural language processing (NLP) technologies to power a real-time data engine for commercial lines general and P&C re/insurers, has announced its official launch.
The company is headquartered in New York City, with additional offices in the UK, Europe, the UAE, and India, and was founded by data and tech experts Prakash Vasant and Marcus Daley.
NeuralMetric’s SmartRatio SaaS platform uses NLP and machine learning to extract information from unstructured public data to inform decision-making for re/insurers.
The platform is currently in live in production environments with several commercial lines P&C insurers, according to the company.
“The world’s pace of change has accelerated dramatically in the last decade and insurers need more information in order to stay ahead of digital-first competitors,” said Vasant, co-founder and CEO of NeuralMetrics.
“By providing real-time access to new and unstructured data sources, NeuralMetrics is helping transform the accuracy of insurers’ underwriting capabilities,” he explained.
Daley, who is technical co-founder and executive advisor at the firm, also commented: “One of the greatest opportunities in InsurTech is addressing the information gap in the SME business sector.”
“The challenge has been working with big data while accurately processing models against small, public data that represents individual small businesses,” he added. “Doing this efficiently represents a game changer for the industry.”
NeuralMetric’s believes its Smart Ratio platform will be particularly useful in terms of delivering data for underwriting, as well as for classification and intelligent prospecting initiatives.
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