From MVP to Market Leader - a Client Story
About IPEX
IPEX aimed to revolutionize the insurance claims handling through automation and AI. The rapid development approach delivered an MVP for market proof and attracted seed financing.
- Venture Initiation: In 2021, three entrepreneurs aimed to revolutionize insurance claims handling by integrating automation and AI, targeting property damage claims management for insurers.
- Development of MVP: They partnered with SELISE to develop a Minimum Viable Product (MVP) within four months using SELISE Blocks, a platform known for its pre-built software components which expedite development.
- Successful Launch and Scaling: The on-time launch of the MVP validated their business concept and facilitated the acquisition of seed financing to businesses alongside a scaled-up technology partnership.
Today IPEX is the market leader in Switzerland known to help Insurers improve efficiency and scalability of claims management with their dedicated technological platform.
- Platform Features: The platform includes intelligent document processing, a recommendation engine, and robust reporting capabilities. It efficiently organizes documents and data for quick processing and insightful reporting.
- Technology Integration: It utilizes a microservices architecture with technologies like Microsoft Azure, MongoDB, C#.NET, Angular, Google Document AI, and OpenAI, providing a scalable and responsive environment.
- Operational Metrics: As of the latest update, the platform has processed over 300,000 claim records and handles over 2,000 claims monthly, leveraging a vast dataset to continually refine and improve its offerings.
From Idea to Market Leader
The beginning from Idea to MVP
In 2021, three entrepreneurs embarked on a mission to disrupt the traditional insurance claims handling process by introducing a model that heavily relies on automation and artificial intelligence. Their vision was to outsource the property damage claims management for insurers, enhancing efficiency and scalability. Early into their venture, they secured a partnership with an insurance company willing to pilot their innovative solution. The founders, who knew SELISE from previous experiences, approached SELISE with the challenge of building a Minimum Viable Product (MVP) in just 4 months of time.
Leveraging SELISE Blocks, their modular software development platform known for its pre-built components that accelerate development, SELISE tackled the project head-on. The platform’s adaptability and robustness were crucial in meeting the stringent deadline and budget constraints, leading to a successful on-time launch of the MVP. This early version not only demonstrated the viability of their concept but also equipped the startup with the necessary tools to attract seed financing.
Becoming the market leader in Switzerland
Following this milestone, Stefan Oswald joined as a CTO, who expanded the platforms capabilities by hiring two additional SELISE Fusion teams, which were complemented by an experienced Swiss AI Technology team. Fusion Teams is SELISEs team offering consisting of a blend of analysts and engineers including but not limited to UX designers and software architects. “It’s crucial for us to have a partner like SELISE, who can support us on our agile journey with technical expertise, enabling us to achieve faster time to market and ensuring scalability when needed, driven by their strong identification with our products.” says Stefan.
This strategic expansion was pivotal in scaling their operations and securing a 4. As we delve into the technical aspects of their solution, we’ll explore how this blend of strategic partnerships, agile development practices, and cutting-edge AI has reshaped the landscape of insurance claims management.
The platform and its features
The platform constructed integrates multiple applications tailored to various stakeholders, complete with
- Intelligent document processing,
- A recommendation engine, and
- Robust reporting capabilities in the backend.
At its core, the system addresses the challenge of handling claims, which are essentially bundles of documents that include proposals from construction companies for damage repairs. These documents must be captured via frontend or virtual email inboxes, ingested, and organized efficiently to enable auditors to swiftly generate insightful reports.
Real World AI
The architecture of this platform is built on a microservices model, hosted on the SELISE Blocks shared hosting environment. The setup utilizes Microsoft Azure, MongoDB, C# with .NET, Angular on the front end, and advanced AI tools such as Google Document AI and OpenAI. The integration of these technologies provides a scalable and highly responsive environment for the application.
Continuous Improvement Through Machine Learning
By employing machine learning, the platform continuously enhances the efficiency of audit processes. Auditors can expedite their workflow by up to 80% compared to traditional methods. Moreover, the system is equipped to perform automated audits by leveraging a continuously updated database that reflects construction market pricing trends across different regions and seasons. This capability allows for not only faster but also more accurate claim processing and valuation.
Statistics
As of now, the application has processed over 300,000 claim records and is currently assessing over 2,000 claims monthly. This expansive, anonymized dataset from various Swiss property insurers enriches the platform, enabling it to offer valuable insights into pricing trends within the Swiss property market. This feedback loop ensures that IPEX remains at the forefront of innovation in claims management, continually enhancing its service offerings and providing strategic advantages to insurers and stakeholders alike.
Enabling Business Models
Through a remarkable partnership with IPEX, a visionary digital business model was successfully launched. SELISE’s technology and digitalization experts spearheaded the development of the core technological platform, starting with an initial Minimum Viable Product (MVP) and evolving it into a fully dedicated platform to facilitate IPEX’s growth path. Leveraging exceptional talent, a powerful technology platform (SELISE blocks), and a methodical approach, SELISE’s fusion teams craft digital platforms that empower the business models of today and tomorrow.