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Roots Automation Releases Whitepaper on Unstructured Data Challenges and Opportunities for Insurers

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Highlights the significant impact AI can have on insurance underwriting and claims teams

NEW YORK, Nov. 18, 2024 /PRNewswire/ — Roots Automation, creator of the AI-powered Digital Coworker and InsurGPT™, the world’s first generative AI model for insurance, today announced the availability of a new whitepaper, “Solving the Insurance Industry’s Unstructured Data Challenge with AI.” The whitepaper, being released at Guidewire Connections 2024, provides an overview of the challenges and opportunities available to insurance leaders seeking to transform unstructured natural-language data – which constitutes around 80% of all data across insurance according to Accenture – into structured, machine-readable “decision data.”

Revenue leakage due to inefficient underwriting and claims represents significant loss for insurers. According to AM Best, in 2023, Property and Casualty underwriting losses totaled over $21 billion. One of the main drivers of this lost value is insurers’ inability to easily and effectively transform unstructured data into structured data for informing underwriting and claims decisions.

With human power being one of the most common solutions for trying to address the ever-growing amount of unstructured data, the information inside this data is often incompletely analyzed, misread or unused. Also, the insurance industry’s dependency on human experts to perform non-core and administrative activities (e.g., manually entering and reworking information from insurance documents) will contribute to an estimated $85$160 billion in value lost to inefficiency by 2027, per an Accenture study.

The opportunity exists to prevent these losses by maximizing efficiency and effectiveness across underwriting and claims operations. Accenture forecasts that Generative AI will potentially automate up to 62% of underwriting and claims processes – a critical step in increasing the value created by human experts by enabling them to concentrate exclusively on higher-value tasks, rather than focusing on incorporating and attempting to understand unstructured data for decision-making. Additionally, according to Swiss Re, by using AI to extract insights from unstructured data sources, insurers can see a 12-25% improvement in their loss ratio compared with companies that don’t use these technologies.

“The insurance industry’s unstructured data challenge is massive, but for companies that effectively harness this information, the opportunities are equally as significant,” said Chaz Perera, CEO and co-founder of Roots Automation. “AI-driven solutions empower insurers to discover the value

hidden in their documents by delivering critical decision data into underwriting and claims management workflows. This enables underwriting and claims teams to be more efficient and concentrate on creating greater value through customer engagement with top-notch service and enhanced insurance products.”

Roots Automation is a Guidewire Insurtech Vanguard and sponsor of Guidewire Connections, being held November 17-20 in Nashville, TN, and the whitepaper is available at the Roots booth, V8.

For a copy of Roots’ whitepaper, visit: https://marketing.rootsautomation.com/hubfs/2024-Whitepaper-Unstructured-Data/Solving-Unstructured-Data-Whitepaper-Roots-Automation.pdf?utm_source=pr&utm_medium=article.

About Roots Automation
Roots Automation combines machine intelligence and human ingenuity in the form of advanced AI that reads, reasons and infers like humans. Roots’ AI is trained on millions of non-public insurance documents, workflows and systems and continuously learns through interactions with human teams. Roots Automation enables leading brands to liberate their teams from high-volume, complex workflows allowing them to focus on what truly matters – delighting customers with superior service and care. Roots Automation is based in New York and was founded in 2018. For more, visit www.rootsautomation.com.

Media Contacts
Market Street Group
Jessica Mularczyk
jessica@marketstreetgrp.com

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SOURCE Roots Automation Inc

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unitQ Welcomes Brett Skale as Chief Revenue Officer

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BURLINGAME, Calif., Nov. 18, 2024 /PRNewswire/ — unitQ, the leading AI-powered customer feedback platform empowering organizations to take a customer-centric, real-time data-driven approach to craft high quality products, services and experiences, today announced the appointment of Brett Skale as Chief Revenue Officer (CRO).

The appointment marks a significant milestone for unitQ as it continues its rapid growth trajectory

Brett joins unitQ with an impressive track record of driving revenue growth and scaling go-to-market strategies at industry-leading organizations, including Handshake, BrowserStack and PagerDuty.

In his role as CRO, Brett will oversee unitQ’s global revenue and growth strategy. His deep expertise in building high-performing teams and fostering strategic partnerships will be pivotal as unitQ continues to expand its footprint and deliver exceptional value to its growing customer base.

Prior to unitQ, Brett served as CRO at Handshake, a global online recruiting platform for higher education serving over 15 million students and alumni. He was promoted to CRO after running sales at Handshake for over three years. Prior to Handshake, Brett ran enterprise sales at BrowserStack, a cloud-based platform that allows developers to test their mobile applications and websites on devices. Prior to BrowserStack, Brett was the VP of Sales at PagerDuty where he helped build the sales organization and lead expansion into the enterprise.

Brett has extensive experience scaling companies across industries at various stages and is an important addition to the unitQ leadership team.

“We are excited to welcome Brett to the team,” said Christian Wiklund, Co-founder and CEO of unitQ. “Brett’s leadership and experience in accelerating revenue growth will be invaluable as we scale our operations and further solidify our position as the leader in customer feedback analytics.”

This appointment to the newly created position marks a significant milestone for unitQ as it continues its rapid growth trajectory and strengthens its leadership team. With Brett leading revenue growth, unitQ is well-positioned to capitalize on new opportunities and strengthen its mission of helping companies transform real-time customer feedback into their greatest competitive advantage.

About unitQ

unitQ revolutionizes how product builders, engineers, support leaders and team members understand feedback in real time to build superior products, fix bugs faster and resolve support issues at scale. With unitQ’s customer feedback platform, you can discover quality issues at the same time as your users. Know what product launches, releases or evergreen features are causing the most bugs or support tickets. Or drill into the root causes of these issues by source, platform, device, customer segment and more.

unitQ AI centralizes feedback from all feedback sources and automatically groups it into thousands of granular categories to help organizations discover what matters most to users — all in real time. Customer-centric companies like Spotify, Bumble, Pinterest, DailyPay and Zendesk rely on unitQ for actionable insights to drive growth, reduce churn and build brand loyalty.

Want to see how your organization compares to others? Get your free unitQ Score or book a unitQ demo today!

To learn more, contact David Kravets from unitQ at media@unitQ.com.

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SOURCE unitQ

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TCL CSOT Announces the Mass Production of Inkjet Printing OLED at DTC2024

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GUANGZHOU, China, Nov. 19, 2024 /PRNewswire/ — On November 16th, the 2024 TCL CSOT Global Display Tech-ecosystem Conference (DTC2024) kicked off with great fanfare. The conference brought together global display industry elites, experts, scholars, media, and tech-ecosystem partners to explore cutting-edge display technology applications and future development trends. At DTC2024, TCL CSOT announced the official mass production of its Inkjet Printing OLED (IJP OLED) technology.

Building upon 11 years of continuous research and innovation, TCL CSOT’s IJP OLED technology has achieved significant leaps and breakthrough in technical specifications, establishing new industry benchmarks. TCL CSOT has amassed a significant number of patents in the IJP OLED field, covering a wide range of applications including notebooks (NB), monitors (MNT), and televisions (TV). The developed IJP OLED prototypes of various sizes and forms have all achieved excellent display effects, successfully moving IJP OLED technology into a new stage of commercialization. TCL CSOT’s first mass-produced 21.6″ 4K product has officially entered the mass production phase.

TCL CSOT’s breakthrough in the mass production of IJP OLED is not only a milestone in its commercialization process but also marks the beginning of a new round of technological revolution in the display industry. IJP OLED technology, with its advantages of better image quality, lower power consumption and longer lifespan, will inevitably lead technology towards goodness and lay a solid foundation for the independent development of display technology.

In terms of image quality, IJP OLED’s more accurate printing enables a pixel per inch (PPI) that exceeds the Retina Standard, with PPI>300. The side-by-side RGB structure ensures font display without color fringing, delivering crisp and clear visuals. Moreover, IJP OLED offers 2x materials efficiency and a 50% reduction in light loss due to internal reflection, resulting in higher light output efficiency compared to traditional OLED displays. This enables IJP OLED to achieve the same power consumption as FMM OLED while offering superior image quality. The IJP OLED technology also boasts a higher aperture ratio and remarkable enhancement in materials lifespan, ensuring a longer-lasting display that maintains its quality over time.

In addition to these benefits, IJP OLED also offers a more cost-competitive solution for manufacturers, thanks to its reduced total cost and shorter product development life cycle. Furthermore, the IJP OLED production process contributes to a greener and more sustainable future by reducing carbon emissions in the EL (electroluminescent) process, aligning with the increasing global demand for sustainable technologies and demonstrating TCL CSOT’s commitment to minimizing its environmental impact while delivering cutting-edge display solutions.

TCL CSOT’s First Mass-Produced 4K IJP OLED Professional Display (21.6″) launched by TCL CSOT integrates high resolution, advanced manufacturing technology, and outstanding display performance. This display adopts a 21.6-inch 4K high-resolution design, delivering superb detail performance. It is equipped with G5.5 generation IJP OLED mass production line p-LTPS technology, which enhances screen performance while reducing blue light radiation, effectively protecting users’ eye health. In terms of color performance, with a DCI-P3 color gamut coverage exceeding 99%, it ensures pure and rich colors. Moreover, the high contrast ratio and ultra-fast response time make every detail of the picture vivid and lifelike. Whether it’s fast-moving gaming images or high-speed switching work interfaces, it ensures smooth and ghosting-free pictures.

Additionally, TCL CSOT launched The World’s First 2.8K IJP QD-EL Display (14″). This display uses high-efficiency QD (quantum dot) luminescent materials for printing, which not only significantly improves color purity and brightness but also ensures excellent viewing angle performance. With a high color gamut coverage, the BT2020 color gamut coverage exceeds 85%, making the picture colors richer and more detailed. Furthermore, this screen supports a 30~120Hz variable refresh rate, allowing users to enjoy a smooth and natural visual experience.

In the future, TCL CSOT will drive the technological innovation and industrial upgrading of upstream and downstream enterprises, promoting the development of IJP OLED technology in emerging fields such as medical, automotive, and the metaverse, further expanding its market share and influence in the global display market.

About TCL CSOT:

TCL CSOT (TCL China Star Optoelectronics Technology), established in 2009, is committed to developing innovative technologies in the display industry. TCL CSOT’s business encompasses producing display panels from 1 to 115 inches. From LCD to OLED to MLED, TCL CSOT offers solutions across a wide array of applications, including TVs, mobile phones, tablets, laptops, monitors, automotive displays, XR (Extended Reality) devices, wearables, commercial displays, and other fields. The company leads the market in several of these areas and is dedicated to ongoing technological innovation, providing high-end products for customers and building a vibrant display industry ecosystem.

SOURCE TCL China Star Optoelectronics Technology

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INITIATE Ventures Closes $45 Million to Fund and Co-create Companies at the Intersection of Healthcare, Life Sciences, and Tech

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Led by serial founders, INITIATE partners with exceptional leaders to build bold companies that solve vital healthcare challenges

SAN FRANCISCO, Nov. 18, 2024 /PRNewswire-PRWeb/ — Today, INITIATE Ventures announced the close of $45 million in its debut venture capital fund and affiliated company creation platform. INITIATE invests in and co-founds transformative companies at the intersection of healthcare, life sciences, and technology. It is designed to empower bold ideas and exceptional entrepreneurs, leveraging the expertise of its experienced investor-operator team.

“Exceptional founders are looking for investors who bring more than just capital and domain expertise; they are seeking true partners who have walked in their shoes,” said Jessica Owens, INITIATE General Partner.

INITIATE is led by General Partners Jessica Owens and Iana Dimkova, who have decades of experience building and backing market-defining companies. Owens co-founded GRAIL, which was acquired in 2021 by Illumina, Inc (ILMN) for $8 billion. She was formerly a partner at the venture capital firm Kleiner Perkins. Prior to co-founding INITIATE, Dimkova was a director in the healthcare technology investing group of GE Ventures. Prior to GE Ventures, she was with Alvarez & Marsal and a startup that raised over $700 million to build one of the largest networks of radiation therapy centers in the U.S.

INITIATE’s team deeply understands the challenges and opportunities that health tech and life sciences companies face. The team contributes significant time, focus, real-world experience, and unparalleled networks to support founders.

“Exceptional founders are looking for investors who bring more than just capital and domain expertise; they are seeking true partners who have walked in their shoes,” said Jessica Owens, INITIATE General Partner. “After years spent founding, operating, and investing in these sectors, we’re now building a home for the next generation of world-class entrepreneurs, clinicians, and scientists.”

INITIATE Ventures focuses on early-stage health tech and life sciences companies raising Seed to Series A rounds. The firm invests in startups poised to make a lasting impact. INITIATE’s startup studio is designed to partner with entrepreneurs to co-create and launch new companies. The studio acts as an experienced co-founder, bringing both operational and strategic support in areas ranging from business development, talent acquisition, and fundraising.

“Technology innovation in healthcare and life sciences is creating an unparalleled opportunity to revolutionize human health,” said Iana Dimkova, INITIATE General Partner. “We’ve developed a best-in-class model for company creation that empowers exceptional entrepreneurs to build companies with the potential to deliver lasting impact and drive outsized returns.”

Initial investments include Cornerstone AI, a first-of-its-kind AI software solution that accurately and efficiently prepares vast types of healthcare data for analysis in a fraction of the time of traditional methods; Delfi Diagnostics, the developer of accessible blood tests driving early cancer detection; Macro Trials, a precision research clinical platform; and Persana, the first luxury aesthetic health concierge. Cornerstone AI, Macro Trials, and Persana were co-founded by INITIATE.

“INITIATE is the founding partner startups need. I have worked with the team to launch two companies, and the experience has been superb,” said Babak Azizzadeh, MD, FACS. “My entire career has been devoted to medicine, and I’ve connected with incredible innovators to create solutions to pressing needs, but company-building is something else entirely. The INITIATE team understands exactly how to take a novel solution and turn it into something that can benefit others at massive scale.”

About INITIATE Ventures

INITIATE is an early-stage venture capital firm that funds and co-founds transformative companies focused at the intersections of healthcare, life sciences, and technology. INITIATE partners with exceptional entrepreneurs who are reshaping the future of healthcare and driving tomorrow’s breakthroughs. The firm is led by Iana Dimkova and Jessica Owens, who bring decades of experience as serial founders and venture capital investors. INITIATE’s sectors of focus include biopharma tech and services, precision medicine, R&D tools, and health tech. Learn more about early-stage venture investing and co-founding with INITIATE at http://www.initiate.vc.

Media Contact

Amber Moore, Moore Communications, 1 5039439381, amber@moorecom2.com

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SOURCE INITIATE Ventures

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