Florida-based insurtech Brylianze has unveiled plans to develop an insurance artificial intelligence (AI) platform.
Founded by Steve Addair last year, Brylianze focuses on core transformation and digital journey of insurance businesses.
It offers specialised services around technology platforms.
The company now intends to invest in machine learning technology and deep learning framework.
The investment amount will be “sizable”, noted Addair, without divulging other financial terms.
Brylianze CEO Steve Addair said: “Artificial Intelligence will be a major thrust for insurance companies in the near future. AI will be a dominant software platform for insurance once the bulk of insurance companies gets important components into place.
“Insurance companies are going finish their core system implementations within the next two years. This core is rating, policy, billing and claims. Generally, the industry is about seventy to eighty percent there.
“Next, companies need to get their database strategy and database implementation in place. Most companies are working on this now or thinking about it. We’ll see a serious shift towards Artificial Intelligence in the insurance industry once we see enough insurance companies that have a stable core and database platform.”
Addair added that TensorFlow has become their chosen deep learning library as it supports the use of high level APIs and development of own custom operators.
Brylianze will also invest in the Uber-created Opensource Horovod Deep Learning platform, which enables it to harness large datasets with complex models.