iLearningEngines Joins Forces with Techvantage Systems to Revolutionize AI Solutions in BFSI Industries
iLearningEngines (Nasdaq: AILE) has announced a strategic partnership with Techvantage Systems to enhance AI capabilities in the banking, financial services, and insurance (BFSI) industries. This collaboration aims to automate processes and optimize costs for finance and insurance businesses. iLearningEngines' Learning Automation Platform will be leveraged to address various use cases in BFSI, including claims processing and automated training material management.
Techvantage Systems, founded in 2010, has successfully pivoted towards BFSI industries under the leadership of Deviprasad Thrivikraman. The partnership has already shown significant impacts, such as helping a U.S.-based insurance company manage over 20,000 assets and reducing another insurer's backlog of claims from 8,000 to 2,500 per month. Techvantage Systems aims to significantly grow its revenue in the next three years and is exploring new markets including manufacturing and retail.
iLearningEngines (Nasdaq: AILE) ha annunciato una partnership strategica con Techvantage Systems per migliorare le capacità di intelligenza artificiale nei settori bancario, dei servizi finanziari e delle assicurazioni (BFSI). Questa collaborazione si propone di automatizzare i processi e ottimizzare i costi per le aziende finanziarie e assicurative. La Learning Automation Platform di iLearningEngines sarà utilizzata per affrontare diversi casi d'uso nel BFSI, tra cui la gestione delle richieste di indennizzo e la gestione automatizzata dei materiali di formazione.
Fondata nel 2010, Techvantage Systems ha saputo orientarsi con successo verso i settori BFSI sotto la guida di Deviprasad Thrivikraman. La partnership ha già mostrato impatti significativi, come l'aiuto a un'assicurazione statunitense nella gestione di oltre 20.000 beni e la riduzione dell'arretrato di richieste di un'altra assicurazione da 8.000 a 2.500 al mese. Techvantage Systems punta a far crescere significativamente il proprio fatturato nei prossimi tre anni ed è alla ricerca di nuovi mercati, inclusi quelli della manifattura e del commercio al dettaglio.
iLearningEngines (Nasdaq: AILE) ha anunciado una asociación estratégica con Techvantage Systems para mejorar las capacidades de inteligencia artificial en las industrias bancaria, de servicios financieros y de seguros (BFSI). Esta colaboración tiene como objetivo automatizar procesos y optimizar costos para empresas de finanzas y seguros. La Learning Automation Platform de iLearningEngines se aprovechará para abordar diversos casos de uso en BFSI, incluyendo el procesamiento de reclamos y la gestión automatizada del material de capacitación.
Techvantage Systems, fundada en 2010, ha pivotado exitosamente hacia las industrias BFSI bajo el liderazgo de Deviprasad Thrivikraman. La asociación ya ha mostrado impactos significativos, como ayudar a una compañía de seguros basada en EE.UU. a gestionar más de 20,000 activos y reducir el rezago de reclamos de otra aseguradora de 8,000 a 2,500 al mes. Techvantage Systems busca aumentar significativamente sus ingresos en los próximos tres años y está explorando nuevos mercados, incluyendo manufactura y comercio minorista.
iLearningEngines (Nasdaq: AILE)는 Techvantage Systems와 strategic partnership을 체결하여 은행, 금융 서비스 및 보험(BFSI) 산업에서 AI 능력을 향상시키겠다고 발표했습니다. 이 협력은 금융 및 보험 비즈니스를 위해 프로세스를 자동화하고 비용을 최적화하는 것을 목표로 합니다. iLearningEngines의 Learning Automation Platform은 BFSI의 다양한 사용 사례, 특히 클레임 처리 및 자동화된 교육 자료 관리를 위해 활용될 것입니다.
2010년에 설립된 Techvantage Systems는 Deviprasad Thrivikraman의 지도하에 BFSI 산업으로 성공적으로 전환하였습니다. 이 파트너십은 이미 미국 기반의 한 보험회사가 20,000개 이상의 자산을 관리하도록 도왔고, 다른 보험사의 청구 백로그를 월 8,000건에서 2,500건으로 줄이는 등 중요한 영향을 미쳤습니다. Techvantage Systems는 향후 3년 동안 수익을 크게 성장시키고자 하며, 제조 및 소매를 포함한 새로운 시장을 탐색하고 있습니다.
iLearningEngines (Nasdaq: AILE) a annoncé un partenariat stratégique avec Techvantage Systems pour améliorer les capacités d'IA dans les secteurs bancaire, des services financiers et des assurances (BFSI). Cette collaboration vise à automatiser les processus et à optimiser les coûts pour les entreprises de finance et d'assurance. La Learning Automation Platform d'iLearningEngines sera utilisée pour traiter divers cas d'utilisation dans le BFSI, y compris le traitement des demandes d'indemnisation et la gestion automatisée du matériel de formation.
Fondée en 2010, Techvantage Systems a réussi à se rediriger vers les secteurs BFSI sous la direction de Deviprasad Thrivikraman. Le partenariat a déjà montré des impacts significatifs, comme aider une compagnie d'assurance basée aux États-Unis à gérer plus de 20 000 actifs et réduire l'arriéré des demandes d'indemnisation d'un autre assureur de 8 000 à 2 500 par mois. Techvantage Systems vise à augmenter considérablement ses revenus dans les trois prochaines années et explore de nouveaux marchés, y compris la fabrication et le commerce de détail.
iLearningEngines (Nasdaq: AILE) hat eine strategische Partnerschaft mit Techvantage Systems bekannt gegeben, um die KI-Fähigkeiten in den Bereichen Bankwesen, Finanzdienstleistungen und Versicherungen (BFSI) zu verbessern. Diese Zusammenarbeit hat das Ziel, Prozesse zu automatisieren und die Kosten für Finanz- und Versicherungsunternehmen zu optimieren. Die Learning Automation Platform von iLearningEngines wird genutzt, um verschiedene Anwendungsfälle im BFSI zu adressieren, darunter die Bearbeitung von Schadenfällen und das automatisierte Management von Schulungsmaterialien.
Techvantage Systems, gegründet im Jahr 2010, hat sich unter der Leitung von Deviprasad Thrivikraman erfolgreich auf die BFSI-Branche ausgerichtet. Die Partnerschaft hat bereits signifikante Auswirkungen gezeigt, wie die Unterstützung eines in den USA ansässigen Versicherungsunternehmens bei der Verwaltung von über 20.000 Vermögenswerten und die Reduzierung des Rückstands von Schadensmeldungen eines anderen Versicherers von 8.000 auf 2.500 pro Monat. Techvantage Systems strebt an, seinen Umsatz in den nächsten drei Jahren erheblich zu steigern und erkundet neue Märkte, einschließlich der Fertigung und des Einzelhandels.
- Strategic partnership with Techvantage Systems to enhance AI capabilities in BFSI industries
- iLearningEngines' platform enables rapid deployment of AI applications at scale
- Techvantage Systems reduced an insurer's backlog of claims from 8,000 to 2,500 per month using AI solutions
- Partnership aims to streamline processes and drive significant cost savings for BFSI businesses
- Techvantage Systems targets significant revenue growth in the next three years
- None.
Insights
This partnership between iLearningEngines and Techvantage Systems marks a significant advancement in AI applications for the BFSI sector. The collaboration leverages iLearningEngines' AI platform as "Lego blocks" to rapidly develop tailored solutions, potentially reducing development time to as little as two weeks. This approach could accelerate AI adoption in financial services, addressing complex issues like claims processing more efficiently.
However, the real-world impact remains to be fully seen. While case studies show promising results, such as reducing claims backlogs, the scalability and adaptability of these solutions across diverse financial institutions will be crucial. The partnership's success will likely hinge on its ability to consistently deliver measurable improvements in operational efficiency and cost reduction across various BFSI use cases.
This partnership could be a game-changer for BFSI industries struggling with process inefficiencies and high operational costs. The ability to rapidly deploy AI solutions for specific use cases like claims processing and verification could lead to significant cost savings and improved customer satisfaction. For instance, the reduction of claims backlog from
However, financial institutions must consider the regulatory implications of implementing these AI solutions, particularly in areas like risk assessment and decision-making. The success of this partnership will depend on its ability to navigate complex regulatory environments while delivering tangible benefits. The potential for expansion into other sectors like manufacturing and retail also suggests a broader market opportunity for AI-driven process optimization.
Strategic Partnership Enhances AI Capabilities, Automates Processes, and Optimizes Costs for Finance and Insurance Businesses
BETHESDA, Md., Aug. 08, 2024 (GLOBE NEWSWIRE) -- iLearningEngines, Inc. (Nasdaq: AILE) (“iLearningEngines” or “the Company”) today announced its strategic partnership with Techvantage Systems, a leader in AI-driven software solutions, to revolutionize AI capabilities in the banking, financial services, and insurance (BFSI) industries. This collaboration aims to enhance Techvantage Systems’ AI-driven solutions, providing innovative tools to automate processes and optimize costs for their customers.
iLearningEngines is a leading cloud-based, AI-driven learning automation solution provider focused on empowering enterprises to efficiently package and disseminate institutional knowledge across their functions. The Company’s Learning Automation Platform and AI technology solutions enable organizations to take advantage of AI more quickly in a way that is both scalable and resource friendly.
The platform is designed to be used as an accelerator that enables companies to purpose-build AI engines that address their unique business problems. This approach enables iLearningEngines’ technology to augment existing systems and solutions rather than replacing them. The platform’s cost of ownership is also a fraction of what traditional application development requires.
Techvantage Systems was founded in 2010 and has since then grown from a data-focused software development company to a pioneer in AI-driven solutions. Under the leadership of Deviprasad Thrivikraman, who joined as a partner in 2015, the company has successfully pivoted towards the BFSI industries.
The partnership with iLearningEngines allows Techvantage Systems to leverage the Company’s robust AI platform to address various use cases in the BFSI industries, including claims processing and verification, as well as automated training material management. This strategic alliance is designed to combine Techvantage Systems’ expertise in AI-driven solutions with iLearningEngines’ advanced AI platform, creating a powerful synergy that enhances the capabilities of both companies. Together, they aim to deliver cutting-edge AI solutions that streamline processes, improve decision making, and drive significant cost savings for BFSI businesses.
Elaborating on the partnership's impact, Deviprasad Thrivikraman, CEO at Techvantage Systems, said: “When we started with AI, machine learning and deep learning were just industry jargon. Many companies were doing proofs of concept, but the use cases were repetitive. That’s when we started exploring the market to see if there were any toolkits that we could use and evaluated quite a few of them."
“When it came to iLearningEngines, we found very strong components we could use as Lego blocks to literally solve any use case, particularly in the BFSI industries – sometimes in as little as two weeks,” said Thrivikraman.
Techvantage Systems’ AI Engines, built on the iLearningEngines platform, are designed to solve complex business problems and improve decision making. Their solutions have already made significant impacts, such as helping a U.S.-based insurance company manage over 20,000 assets. Another insurer reduced their backlog of claims from 8,000 to 2,500 per month using Techvantage Systems’ mobile-centric AI solution. These success stories prove Techvantage Systems’ commitment to delivering high-quality, efficient AI solutions that drive tangible results for their customers.
Addressing iLE’s goals with the partnership, Ram Parameswaran, SVP – Technology and Products at iLearningEngines, said: “At iLearningEngines, we strive to develop AI-driven solutions that not only push the boundaries of what is possible with AI, but also solve specific business problems and provide organizations with powerful tools that improve decision making and streamline operations.
“We’re proud to support Techvantage Systems through their AI-driven operational transformation, which is driving productivity for their customers through improved employee morale and efficiency,” said Parameswaran.
Looking ahead, Techvantage Systems is exploring new markets and industries, including manufacturing and retail. By leveraging iLearningEngines’ cutting-edge AI technology, Techvantage Systems aims to significantly grow its revenue in the next three years and is currently in discussions with several large insurers and banks.
About Techvantage Systems
With an impressive legacy spanning over 14 years, Techvantage has cultivated extensive expertise in navigating complex business challenges using cutting-edge AI solutions. Catering to diverse industries, including BFSI, Telecom, E-commerce/Retail, Manufacturing and Oil & Gas, Techvantage harnesses the power of Data Science and AI to steer enterprises through strategic decision-making, elevate customer and employee experiences, and fine-tune operational efficiency.
To learn more, visit www.techvantagesystems.com.
About iLearningEngines
iLearningEngines (Nasdaq: AILE) is a leading Applied AI platform for learning and work automation. iLearningEngines enables Enterprises to rapidly productize and deploy a wide range of AI applications and use cases (AI Engines) at scale.
iLearningEngines is powered by proprietary vertical specific AI models and data with a flexible No Code AI canvas to drive rapid out-of-the-box deployment while offering low latency and high levels of data security and compliance. Serving over 1,000 enterprise end customers, iLearningEngines is deployed globally into some of the most demanding vertical markets including Healthcare, Education, Insurance, Retail, Energy, Manufacturing and Public Sector to achieve mission critical outcomes.
For more information about iLearningEngines, please visit: www.ilearningengines.com.
For iLearningEngines Investors:
iLearningEngines, investors@ilearningengines.com
Kevin Hunt, iLearningEnginesIR@icrinc.com
For iLearningEngines PR:
Dan Brennan, ICR Inc., iLearningPR@icrinc.com
FAQ
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