• December 6, 2023
Indico Integrates Generative AI Technology to Optimize Processes for Insurers

Boston-based Indico, whose platform is specifically focused on automating and applying unstructured data into enterprise workflows, recently announced it has integrated Microsoft Azure’s OpenAI Service. OpenAI, the company behind ChatGPT, partnered with Microsoft to make its generative AI service available to enterprise customers. Indico’s version of the technology is being offered first to insurance companies who can apply large language model capabilities to optimize the underwriting and claims intake processes.

Indico has been focused on automating document-based workflows that incorporate unstructured data since it was founded in 2014. Some estimates calculate that 85 percent of an organization’s data could exist in unstructured formats (e.g., texts, CSV, video and audio files, PDF, contracts, emails, etc.), making it very difficult to use in automated processes.

The company said the first product enhancements released will enable users to leverage Azure’s OpenAI Service “dramatically” accelerating the ease and speed at which they can automate processes, in some cases going from days to hours.

“We are thrilled to utilize the power of Azure OpenAI Service in the insurance industry and beyond,” said Tom Wilde, CEO of Indico Data. “As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise.”