“Everyone talks about artificial intelligence (AI), machine learning, and the internet of things (IoT). However, no one talks about the fact that 9 out of 10 AI projects within an enterprise are very mediocre, at best and failure, at worst,” says Krishna Kumar, Founder and CEO, App Orchid. According to him, one of the most notable reasons for this is the quality of the implementation of AI. In many cases, it is either poor or erroneous. And thus, there has been an increasing demand for AI and machine learning along with a significant gap in terms of their implementation, which proved to be the founding stone for California-based App Orchid. The company applies AI to tap the large-scale problems in the insurance industry.
If we go by Kumar’s words, for several years, the insurance industry has steered its operations through predictive analysis and risk assessment. Though, their business models have a massive reliance on structured datasets. Until recently, the piles of unstructured data within organizations remained unnoticed and businesses failed to understand the valuable insights hidden in it. App Orchid simplifies that process, realizing the significance of unstructured data obtained from social media, online research or other information sources. The firm utilizes AI, machine learning, and natural language interface to extract and blend structured data from the IoT with unstructured data from tribal knowledge and the internet of everything.
App Orchid applies its technical expertise in AI to solve business problems that have historically remained untouched in the insurance industry
Analyzing both structured and unstructured data, App Orchid applies its technical expertise in AI to gain insights into business problems that have historically remained untouched in the insurance industry. Since every business has its own requirements, App Orchid provides both off-the-shelf applications and platforms to clients who wish to build their own applications.
Since its genesis in 2013 to this day, App Orchid has sustained an eminent position in the AI space. The company designs apps that can obtain data from any sources to create a virtual repository of intelligence. With a vision to take the insurance industry to a whole new level, App Orchid demonstrated one of its applications in a trade show. One of the insurance companies that visited the trade show was amazed with App Orchid’s application and wished to engage in a contract. The insurance company bought App Orchid’s platform in SaaS-based model to test-drive their business functions and different ideas. The client had a massive corpus of data-binding documents, contracts, claims documents, underwriting documents, and emails, and wanted to automate the procedure of classifying the documents. App Orchid’s machine learning enabled platform automatically classified the documents and simplified the complex file structure by creating a folder format. App Orchid’s platform also provided a holistic view of the client’s claims processes like date of raising the claim, underwriting reports, profit or less among the other related information.
App Orchid holds an impressive track record of successfully carrying out each of its projects. Kumar ascribes this to the company’s efficient methodologies of carrying out the project implementations. While until 2015, the company was struggling to make profitable returns and was yielding less than a million dollar, the company has thereafter grown at an exponential pace, ending 2017 at a mark of ten million. Kumar believes insurance itself is a big industry and has a multitude of untapped opportunities.