Mphasis — a business technology company controlled by Blackstone Group — has received a patent for technology that could be important to life, health and annuity issuers.
The Mumbai-based company has patented a technique for getting information out of many different, unstructured sources of data, such as life insurance policies, or call center transcripts.
- A copy of the new Mphasis patent is available here.
- An article about life insurers and insurtech is available here.
The patent, U.S. Patent Number 10,726038, covers use of a system that starts by using a defined set of rules, then keeps developing new and improved sets of rules if the output does not correspond with what the user asked for.
The system is supposed to keep improving the rules, and the information extracted, through a feedback loop, then uses artificial intelligence techniques and advanced analytics to generate one or more “metrics,” with the metrics being results that “specific characteristics relevant to one or more enterprises.”
The metrics would be indicators that would influence a company’s “strategy, products, services and brand.”
About a year ago, Mphasis received another, related patent, for a system that can analyze free text from news articles, blog articles, consumer complaints, and other unstructured sources of data.
Mphasis markets the Mphasis DeepInsights business data analysis system.
Data analysis tools matter to insurers, because insurers generate and use huge numbers of volumes, and because they pull in information from many different sources, such as claim applications, health records, emails and call transcripts.
An insurer may also end up with complicated data use and analysis problems when it acquires another insurer, or block of business, and ends up with data structured to suit the needs of another company’s computers.
— Read Tech Vendors Court Life Insurers in Baltimore, on ThinkAdvisor.