Instabase Named to Guidewire Insurtech Vanguards Program

Rhea-AI Summary

Instabase has joined Guidewire’s Insurtech Vanguards program, aimed at helping insurers utilize cutting-edge insurtech solutions. This partnership will enable Instabase to leverage Guidewire’s P&C customer network, enhancing its document-understanding capabilities powered by deep learning. The collaboration focuses on automating the transformation of unstructured data into actionable insights, streamlining processes such as submissions and claims. Instabase is already working with major financial institutions, including NatWest and AXA, to optimize their business operations through automation.

Positive

• Partnership with Guidewire enhances Instabase's market reach and credibility.
• Increased focus on automation can lead to improved efficiency for clients.
• Access to Guidewire's customer network may drive growth opportunities.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Instabase, the automation platform for unstructured data, announced that the company has joined Guidewire’s Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them.

“Strategic partnerships are a key growth lever for our business this year as we expand rapidly into new markets and unlock new ways to improve overall time to value for our customers,” said Joe Ramieri, vice president of growth, Instabase. “As insurance continues to transform and be a major focus globally, at Instabase we are thrilled to partner with a leader like Guidewire to accelerate value end-to-end for carriers.”

Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs, while connecting them with Guidewire’s P&C customers.

“Instabase provides document-understanding capabilities based on deep learning, a type of machine learning that imitates the way humans gain certain types of knowledge, that can help insurers unlock unstructured data,” said Laura Drabik, chief evangelist, Guidewire. “We are thrilled to welcome Instabase to our program so our mutual customers can leverage deep learning when transforming document-related business processes.”

Instabase’s innovative automation platform is a deep learning ecosystem that provides a selection of proprietary and best-in-class models to achieve unprecedented accuracy and keep Instabase solutions continually synchronized with the latest innovation. Instabase can ingest submissions wherever they come from – by email or other systems – then takes the full broker submission, including the original broker presentation, schedule of values, and claims history, and extracts relevant information for further processing. Instabase performs the same function with claims processing, helping to reduce cycle times for customer journeys and reducing processing costs.

Instabase provides an enhanced visual development environment with low-code and pro-code building blocks to rapidly configure and extend solutions across multiple use cases that include submissions and claims processing.

About Instabase

Instabase Inc. has built a leading Automation Platform for Unstructured Data, enabling organizations to drive transformation across business processes by unlocking unstructured data with deep learning. The Instabase platform helps institutions transform unstructured data into structured data so that processes, such as client onboarding and mortgage processing, can be automated end-to-end. Today, Instabase is helping the world’s largest banks and insurance companies like NatWest, Standard Chartered, and AXA automate their most complex business processes by extracting and understanding the unstructured data that underpins those. The business is backed by leading investors, such as Greylock Partners, NEA, Andreessen Horowitz, Index Ventures, Spark Capital, Tribe Capital, Original Capital, SC Ventures, and Glynn Capital.

For more information, visit Instabase.com or follow Instabase on Twitter @InstabaseInc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220615005429/en/

Chris Maertz

Director of Global Alliances

Instabase

+1.414.858.8049

chris.maertz@instabase.com

Source: Instabase Inc.

FAQ

What is the significance of Instabase joining Guidewire’s Insurtech Vanguards program?

Joining this program allows Instabase to connect with insurers and leverage Guidewire's customer network, enhancing growth potential.

How does Instabase's technology benefit the insurance industry?

Instabase's deep learning capabilities help insurers automate document processing, turning unstructured data into structured insights to improve efficiency.

What companies are already working with Instabase?

Instabase collaborates with major institutions like NatWest, Standard Chartered, and AXA to automate complex business processes.

What are the goals of the Insurtech Vanguards program?

The program aims to support insurtech startups by providing strategic guidance and connecting them with property and casualty insurance clients.

What technology does Instabase use for document understanding?

Instabase employs deep learning technology to extract and process unstructured data, enhancing document-related business processes.