SINGAPORE, Nov. 25, 2024 /PRNewswire/ — In just a few months, Novo AI’s advanced solution has elevated APRIL International’s performance across Thailand, Vietnam, Hong Kong, and Singapore, achieving more than three fold increase in efficiency and setting new benchmarks in private medical insurance. What was once a slow, costly process is now faster, more profitable, and delivers happier customers. Here’s what happened.

Pressing Challenges Undermining the Profitability of the Insurance Sector

As a leading provider in the private medical insurance sector, APRIL International faces the ongoing challenge of managing vast volumes of complex medical claims. The high influx of non-standard documents requires extensive manpower to interpret and validate unstructured data, contributing to inefficiencies and high operational costs.

Additionally, regional fraud and abuse levels range between 15%-35% from country to country, making it crucial for a company like APRIL International to identify a solution that captures fraud and abuse at scale, enhances efficiency and bolsters profitability.

Old Problems Require New Solutions

Facing a growing challenge, APRIL International was looking for a solution aimed at eliminating critical operational inefficiencies. One of their top priorities was to streamline document ingestion and management for healthcare claims, enabling real-time detection of inconsistencies across claims, providers and practitioner data. Crucially, this solution needed unwavering accuracy across 100% of claims and rapid deployment.

The answer came from Novo AI. Their advanced solution generated a 230% boost in productivity and a 400% lift in efficiency for APRIL International. Tasks that once took 10 days now require only 2, with the system surpassing human accuracy in processing not only digital data, but also handwriting and stamps.

Novo AI’s CEO highlights, “Our solution delivers high accuracy claim-handling from day one and can adapt to specific business requirements without retraining. We streamline claim processing and fraud detection independently of policy writing, resulting in faster claim management. A faster claim process means happier customers for APRIL International, and in return, for Novo AI as well.“

APRIL International’s CEO remarks: “Insurance involves processing vast amounts of data daily. Novo AI has allowed us to significantly accelerate our claims processing and detect fraud and abuse, enabling us to reduce unnecessary expenses and improve loss ratios across the region. We’re excited by further developments who will help us optimize further for an improved customer experience and profitability.“

This success marks a pivotal innovation in insurance, setting new industry standards. In its early stages of widespread adoption, Novo AI is already gearing up to deliver even more groundbreaking GenAI solutions.

For more info: partnerships@heynovo.ai 

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SOURCE Novo AI

HONG KONG, Nov. 25, 2024 /PRNewswire/ — Kuaishou Technology (“Kuaishou” or the “Company”; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, is pleased to announce that the Company has been selected and will be included as a constituent stock of the Hang Seng Index (HSI), effective from December 9, 2024, following the results of the Hang Seng Indexes Company’s review of the Hang Seng Family of Indexes, released on November 22, 2024.

The Company believes that this inclusion reflects the capital market’s recognition of the Company’s outstanding business performance and growth prospects. It marks an important milestone in the Company’s business development and is expected to further enhance the Company’s trading liquidity and valuation in the capital market.

In addition, Kuaishou will be included in the HSI ESG Enhanced Index and HSI ESG Enhanced Select Index, effective from December 9, 2024, highlighting the Company’s long-standing commitment to social responsibilities and sustainable development.

The HSI is one of the most widely quoted Hong Kong stock market indicators by global capital markets. The enhanced HSI will strengthen its coverage of the major Industry Groups, maintaining its status as the key benchmark for the overall performance of the Hong Kong stock market. Hang Seng Indexes Company Limited selects HSI’s constituent stocks using rigorous criteria, taking into consideration different aspects of a candidate company including its market value and turnover, its index weighting by Industry Group, and its financial performance, among others.

About Kuaishou

Kuaishou is a leading content community and social platform in China and globally, committed to becoming the most customer-obsessed company in the world. Kuaishou uses its technological backbone, powered by cutting-edge AI technology, to continuously drive innovation and product enhancements that enrich its service offerings and application scenarios, creating exceptional customer value. Through short videos and live streams on Kuaishou’s platform, users can share their lives, discover goods and services they need and showcase their talent. By partnering closely with content creators and businesses, Kuaishou provides technologies, products, and services that cater to diverse user needs across a broad spectrum of entertainment, online marketing services, e-commerce, local services, gaming, and much more.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events.

For investor and media inquiries, please contact:
Kuaishou Technology
Investor Relations
Email: ir@kuaishou.com

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SOURCE Kuaishou Technology

Terraform Labs’ near $4.5 billion settlement with the SEC has contributed to a record year for the agency’s financial penalties.