The latest trend toward increasingly complex and expensive claims, amid a "talent gap" in the U.S. insurance industry, has prompted a Chicago-based startup to launch a new tool forthe insurers.It uses artificial intelligence and will help insurance professionals navigate complex policies more easily.
Qumis, founded in 2022, provides solutions that help insurance professionals decipher the complex language of policies.At the same time, they save time and improve efficiency.
"Our vision is that every time someone does something related to figuring out a policy, we have a solution for them that's really targeted specifically to them. We want to be the most accurate AI for insurance," said Dan Shuleman, founder and CEO of Qumis.
As a former attorney specializing in insurance law, Schuleman says –many insurance professionals have similar workflows and skills to lawyers.At the same time, inadequate support tools.
"A lot of people spend a lot of their days going through 200-page PDF files and making very important decisions about what they find. It's just a very labor-intensive process," he says.
According to him –presents a perfect opportunity for artificial intelligence to help speed up the process, revealing additional insights.Using institutional knowledge in new ways is a plus.
"We truly believe that if the entire insurance industry could hire lawyers permanently, they would. However, this is not possible due to the constraints of money and time that exist in the sector. Today, we can partially achieve a similar effect with artificial intelligence that saves resources and speeds up processes. It takes the right tool, the right platform and a team of competent people to provide such insights. This is emphasized by Shuleman, who believes that artificial intelligence is already a key enabler for the insurance industry.
Is it time for an "AI partner"?
One of the main reasons Shuleman ...
The latest trend toward increasingly complex and expensive claims, amid a "talent gap" in the U.S. insurance industry, has prompted a Chicago-based startup to launch a new tool forthe insurers.It uses artificial intelligence and will help insurance professionals navigate complex policies more easily.
Qumis, founded in 2022, provides solutions that help insurance professionals decipher the complex language of policies.At the same time, they save time and improve efficiency.
"Our vision is that every time someone does something related to figuring out a policy, we have a solution for them that's really targeted specifically to them. We want to be the most accurate AI for insurance," said Dan Shuleman, founder and CEO of Qumis.
As a former attorney specializing in insurance law, Schuleman says –many insurance professionals have similar workflows and skills to lawyers.At the same time, inadequate support tools.
"A lot of people spend a lot of their days going through 200-page PDF files and making very important decisions about what they find. It's just a very labor-intensive process," he says.
According to him –presents a perfect opportunity for artificial intelligence to help speed up the process, revealing additional insights.Using institutional knowledge in new ways is a plus.
"We truly believe that if the entire insurance industry could hire lawyers permanently, they would. However, this is not possible due to the constraints of money and time that exist in the sector. Today, we can partially achieve a similar effect with artificial intelligence that saves resources and speeds up processes. It takes the right tool, the right platform and a team of competent people to provide such insights. This is emphasized by Shuleman, who believes that artificial intelligence is already a key enabler for the insurance industry.
Is it time for an "AI partner"?
One of the main reasons Shuleman sees the moment as right for Qumis is the change in the industry.US insurers are now faced with increasingly complex claims that require a new approach and advanced technology.An example of this is the growing cyber claims, the likes of which the insurance industry has never seen before.Adding to the pressure is "crazy" welfare inflation, which renders traditional methods ineffective in managing these claims.
"I think one under-discussed aspect of welfare inflation is the complexity of the claims themselves. Claimants will become more complex and the types of claims will evolve, requiring a different approach and new solutions. Insurers will need tools that radically support the process and provide more efficient claims management. This is necessary to combat the unsustainable trends that are already putting serious pressure on the industry," says Shuleman.
He believes that AI tools like Qumis can help both maintain and retain the knowledge of experienced professionals and train new hires.
He admits that some insurance professionals feel uncomfortable when it comes to artificial intelligence.However, he says the Qumis platform was designed with this in mind and was created as an easy-to-use assistant that complements the human experience.
"We see our role as not just a supplier, but a true AI partner. We want to package AI in a way that's almost magical, without the worry of having to learn a new complex tool," Schuleman says.
"We're not here to replace people. We're not here to replace their skills or judgment. We're here to give them all the information where they can look at it and see if there's something wrong, with lots of mechanisms to check that," he says.
Complex policies and claims processing
Qumis can primarily be used to compare or analyze different documents and as a powerful claim processing tool.
For example, it can be used for marketing where different offers are compared so that a broker can make a recommendation, or if a broker wants to compare last year's renewal with this year's.
"We have pre-built data extraction methods to do this automatically for you, where if you get, say, three quotes, you can enter them directly into Qumis and then we'll analyze, prepare and deliver that information in the format you want to see it in," he says.
Users can upload various claim documents and the AI tool will generate detailed reports.These reports are law firm caliber and indicate potential coverage issues in the particular claim.The user can then interact interactively with the report and receive guidance on next steps.The system supports orientation in the complex process and facilitates the making of more informed decisions on insurance cases.
"We're seeing a lot of 'cyber professional liability', D&O ('directors and officers') and things like that going through the platform, because right now it takes a full business day to process that kind of thing. In Qumis, you could probably do a tiva in half an hour," Shuleman says.
Qumis was founded in Chicago in 2022 and offers an AI platform trained by lawyers.This platform is designed to assist insurance professionals in dealing with complex policies and voluminous documents.The company now has relationships with five of the 15 largest insurance brokers in the United States.The platform was developed as a top-down solution, initially aimed at serving large international insurance companies.It is gradually expanding to provide efficient solutions for medium as well as small businesses.
Frequently asked questions
What is Qumis and who is the platform designed for?
Answer: Qumis is an artificial intelligence platform built specifically for the insurance industry.It helps brokers, insurers and claims adjusters read complex policies and claims faster and more accurately.The system analyzes voluminous documents and extracts the essential information automatically.This saves time and reduces the risk of errors.
What problems does artificial intelligence solve at Qumis?
Answer: The platform eliminates the need to manually review hundreds of pages of contract documentation.It compares policies, finds differences in terms and conditions and points out risks in coverage.This is particularly useful in complex claims such as cyber liability or D&O.In this way, specialists make decisions faster and more confidently.
Can Qumis replace a lawyer or insurance expert?
Answer: No.Qumis does not replace experts, but supports them.It provides structured information and analysis, but the final judgment remains in the hands of professionals.The aim is to speed up the work and reduce the administrative burden.
How does Qumis help in processing insurance claims?
Answer: The system analyzes claims documents and generates reports on potential coverage issues.It highlights clauses, exclusions and risks that may affect compensation.Users can ask questions of the system and receive specific guidance.This makes the complex process manageable and transparent.
Why is now the time to implement AI in insurance?
Answer: Claims are becoming more complex and the number of experienced professionals is decreasing.Social inflation and cyber risks are increasing the pressure on companies.Artificial intelligence helps compensate for staff shortages and retain expertise in organizations.This makes it a strategic tool, not just a technological fad.
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The latest trend toward increasingly complex and expensive claims, amid a "talent gap" in the U.S. insurance industry, has prompted a Chicago-based startup to launch a new tool forthe insurers.It uses artificial intelligence and will help insurance professionals navigate complex policies more easily.
Qumis, founded in 2022, provides solutions that help insurance professionals decipher the complex language of policies.At the same time, they save time and improve efficiency.
"Our vision is that every time someone does something related to figuring out a policy, we have a solution for them that's really targeted specifically to them. We want to be the most accurate AI for insurance," said Dan Shuleman, founder and CEO of Qumis.
As a former attorney specializing in insurance law, Schuleman says –many insurance professionals have similar workflows and skills to lawyers.At the same time, inadequate support tools.
"A lot of people spend a lot of their days going through 200-page PDF files and making very important decisions about what they find. It's just a very labor-intensive process," he says.
According to him –presents a perfect opportunity for artificial intelligence to help speed up the process, revealing additional insights.Using institutional knowledge in new ways is a plus.
"We truly believe that if the entire insurance industry could hire lawyers permanently, they would. However, this is not possible due to the constraints of money and time that exist in the sector. Today, we can partially achieve a similar effect with artificial intelligence that saves resources and speeds up processes. It takes the right tool, the right platform and a team of competent people to provide such insights. This is emphasized by Shuleman, who believes that artificial intelligence is already a key enabler for the insurance industry.
Is it time for an "AI partner"?
One of the main reasons Shuleman ...
The latest trend toward increasingly complex and expensive claims, amid a "talent gap" in the U.S. insurance industry, has prompted a Chicago-based startup to launch a new tool forthe insurers.It uses artificial intelligence and will help insurance professionals navigate complex policies more easily.
Qumis, founded in 2022, provides solutions that help insurance professionals decipher the complex language of policies.At the same time, they save time and improve efficiency.
"Our vision is that every time someone does something related to figuring out a policy, we have a solution for them that's really targeted specifically to them. We want to be the most accurate AI for insurance," said Dan Shuleman, founder and CEO of Qumis.
As a former attorney specializing in insurance law, Schuleman says –many insurance professionals have similar workflows and skills to lawyers.At the same time, inadequate support tools.
"A lot of people spend a lot of their days going through 200-page PDF files and making very important decisions about what they find. It's just a very labor-intensive process," he says.
According to him –presents a perfect opportunity for artificial intelligence to help speed up the process, revealing additional insights.Using institutional knowledge in new ways is a plus.
"We truly believe that if the entire insurance industry could hire lawyers permanently, they would. However, this is not possible due to the constraints of money and time that exist in the sector. Today, we can partially achieve a similar effect with artificial intelligence that saves resources and speeds up processes. It takes the right tool, the right platform and a team of competent people to provide such insights. This is emphasized by Shuleman, who believes that artificial intelligence is already a key enabler for the insurance industry.
Is it time for an "AI partner"?
One of the main reasons Shuleman sees the moment as right for Qumis is the change in the industry.US insurers are now faced with increasingly complex claims that require a new approach and advanced technology.An example of this is the growing cyber claims, the likes of which the insurance industry has never seen before.Adding to the pressure is "crazy" welfare inflation, which renders traditional methods ineffective in managing these claims.
"I think one under-discussed aspect of welfare inflation is the complexity of the claims themselves. Claimants will become more complex and the types of claims will evolve, requiring a different approach and new solutions. Insurers will need tools that radically support the process and provide more efficient claims management. This is necessary to combat the unsustainable trends that are already putting serious pressure on the industry," says Shuleman.
He believes that AI tools like Qumis can help both maintain and retain the knowledge of experienced professionals and train new hires.
He admits that some insurance professionals feel uncomfortable when it comes to artificial intelligence.However, he says the Qumis platform was designed with this in mind and was created as an easy-to-use assistant that complements the human experience.
"We see our role as not just a supplier, but a true AI partner. We want to package AI in a way that's almost magical, without the worry of having to learn a new complex tool," Schuleman says.
"We're not here to replace people. We're not here to replace their skills or judgment. We're here to give them all the information where they can look at it and see if there's something wrong, with lots of mechanisms to check that," he says.
Complex policies and claims processing
Qumis can primarily be used to compare or analyze different documents and as a powerful claim processing tool.
For example, it can be used for marketing where different offers are compared so that a broker can make a recommendation, or if a broker wants to compare last year's renewal with this year's.
"We have pre-built data extraction methods to do this automatically for you, where if you get, say, three quotes, you can enter them directly into Qumis and then we'll analyze, prepare and deliver that information in the format you want to see it in," he says.
Users can upload various claim documents and the AI tool will generate detailed reports.These reports are law firm caliber and indicate potential coverage issues in the particular claim.The user can then interact interactively with the report and receive guidance on next steps.The system supports orientation in the complex process and facilitates the making of more informed decisions on insurance cases.
"We're seeing a lot of 'cyber professional liability', D&O ('directors and officers') and things like that going through the platform, because right now it takes a full business day to process that kind of thing. In Qumis, you could probably do a tiva in half an hour," Shuleman says.
Qumis was founded in Chicago in 2022 and offers an AI platform trained by lawyers.This platform is designed to assist insurance professionals in dealing with complex policies and voluminous documents.The company now has relationships with five of the 15 largest insurance brokers in the United States.The platform was developed as a top-down solution, initially aimed at serving large international insurance companies.It is gradually expanding to provide efficient solutions for medium as well as small businesses.
Frequently asked questions
What is Qumis and who is the platform designed for?
Answer: Qumis is an artificial intelligence platform built specifically for the insurance industry.It helps brokers, insurers and claims adjusters read complex policies and claims faster and more accurately.The system analyzes voluminous documents and extracts the essential information automatically.This saves time and reduces the risk of errors.
What problems does artificial intelligence solve at Qumis?
Answer: The platform eliminates the need to manually review hundreds of pages of contract documentation.It compares policies, finds differences in terms and conditions and points out risks in coverage.This is particularly useful in complex claims such as cyber liability or D&O.In this way, specialists make decisions faster and more confidently.
Can Qumis replace a lawyer or insurance expert?
Answer: No.Qumis does not replace experts, but supports them.It provides structured information and analysis, but the final judgment remains in the hands of professionals.The aim is to speed up the work and reduce the administrative burden.
How does Qumis help in processing insurance claims?
Answer: The system analyzes claims documents and generates reports on potential coverage issues.It highlights clauses, exclusions and risks that may affect compensation.Users can ask questions of the system and receive specific guidance.This makes the complex process manageable and transparent.
Why is now the time to implement AI in insurance?
Answer: Claims are becoming more complex and the number of experienced professionals is decreasing.Social inflation and cyber risks are increasing the pressure on companies.Artificial intelligence helps compensate for staff shortages and retain expertise in organizations.This makes it a strategic tool, not just a technological fad.