Gradient Ventures, Google’s venture capital arm, announced its investment in Axle, an artificial intelligence (AI) platform focused on verifying customer information. Axle’s platform, “Plaid for Insurance”, is an industry-first development that uses AI to reduce fraud and accelerate underwriting processes.
Why “Plaid for Insurance”?
“Plaid for Insurance” serves as an innovative approach to data verification, allowing insurers to quickly and accurately verify customer information to expedite underwriting processes. The technology also leverages AI to identify and prevent fraud and other non-compliance activities.
Features of “Plaid for Insurance”
• Real-time background checks – Conducts identity verification and comprehensive background checks in real-time to reduce the risk of fraudulent activity
• Identifies suspicious behavior – Utilizes AI systems to analyze customer data and detect patterns of suspicious behavior or false information
• Eliminates manual processes – Automates mundane manual processes, such as manual data entry, to reduce time and costs associated with underwriting
• Provides customer insights – Offers customer insights to enable insurers to make more informed decisions
Benefits of Investing in “Plaid for Insurance”
• Reduced fraud – AI-powered fraud prevention processes reduce the risk of fraudulent activity and non-compliance activities
• Faster underwriting processes – Automation of manual processes reduces time and costs associated with underwriting
• Improved customer insights – More accurate customer insights enable insurers to make more informed decisions
Conclusion
Gradient Ventures’ investment in Axle’s “Plaid for Insurance” AI platform signals the potential of AI to revolutionize the insurance industry. The platform’s features and benefits, such as faster underwriting processes and improved customer insights, will no doubt be of great benefit to insurers in the near future.
