SLK, V-Labs automate CNA Insurance processes

Technology services firm SLK Software and AI company V-Labs have partnered with CNA Insurance to automate new business submissions, claims and other processes for the insurer.

Ajay Kumar, CEO of SLK Software

“With our innovative AI-augmented solution, CNA can reimagine and accelerate its new business intake process. The solution overhauls traditional manual processes and legacy systems using AI and NLP/Computer Vision-based technologies to extract data,” Ajay Kumar, CEO of SLK Software wrote in a response to questions.

SLK and V-Labs’ AI solution increases insurance carriers intake by more than five times, and makes it possible to issue new policies in a few hours with 98% accuracy, according to Kumar. “These emerging technologies will help reduce cost and improve quality of insurance services,” he wrote.

For mid-cap and large-cap size companies, SLK has used AI-led automation to provide Computer Vision-based damage detection, automated onboarding and claim processing, broker prioritization, rating assurance, intelligent IT operations and disaster recovery.  

Jane Possell, chief information officer, CNA

Jane Possell, chief information officer, CNA, said in a press release, “CNA embarked on several initiatives to help take important steps towards AI-augmented underwriting, endorsement, and claim processing. In collaboration with SLK and V-Labs, CNA plans to accelerate its adoption of AI technologies to help transform the intake and other business processes across our enterprise.”

Dr. Murali Kota, founder and CEO of V-Labs, said in the press release, “V-Labs has built AI-products that are beginning to transform traditional business processes and legacy systems, by leveraging fundamental AI/ML technologies, including NLP and computer vision. The rapid acceleration in real-time data extraction and contextualization will lead to high levels of business process automation, real-time decision-making systems, market insights, and new product creation. This is enabling true business transformation across many industries.”