Natural language processing and machine learning transform unstructured insurance and legal claims data into claims management and underwriting insight.
New York, NY & Austin, TX (PRWEB) July 14, 2015
Tyche Analytics Company and XOR Data Exchange today announced the launch of a broad partnership to develop and operate a state-of-the-art, highly secure and fully compliant private technology and analytics environment. The environment will exclusively host insurance claims and legal data supporting Tyche’s proprietary risk management technology, which uses natural language processing and machine learning to transform unstructured insurance and legal claims data into claims management and underwriting insight.
“Tyche’s predictive analytics help stakeholders in disputed claims identify and focus on the factors most important to their successful resolution in order to reduce costs and achieve optimal claims outcomes for both carriers and their customers,” said Adam Cassady, Tyche co-founder and CEO.
“Our technology also identifies otherwise hidden predictors of claims disputes and anomalous loss experiences, allowing carriers to leverage their own claims experience to better underwrite and segment their markets to ensure profitable, predictable growth and minimize adverse developments. XOR’s unmatched ability to quickly provide a private, permission-based data exchange provides us a unique opportunity to draw in disparate sources of data and permits us to scale our solution to meet market demand.”
As Tyche compiles its insurance and legal data sources, XOR will capture, cleanse and normalize the data through its system. XOR will also fulfill all compliance requirements and secure the data, both physically and electronically. XOR’s team has built numerous systems that have served hundreds of millions of requests with guaranteed uptime and responsiveness.
“Tyche’s wealth of experience in legal analytics and deep relationships in the property and casualty insurance industry provides us the ability to build truly modern claims and legal modeling solutions,” said Mike Cook, founder and CEO of XOR Data Exchange. “XOR’s patent-pending technology and ironclad approach to data security allow us to rapidly develop, roll out and update new exchanges to help companies like Tyche host and share data to solve new or difficult business problems.”
XOR’s permission-based data exchanges let companies participate in intra- and inter-industry decisioning, compliance and marketing efforts with full confidence in the transparency and fairness of the use of their data. Exchange members maintain ownership over their data, including who is allowed access and how much can be shared.
XOR and Tyche are currently working to collect relevant data to develop the exchange. The companies anticipate launching the new exchange in 2016.
About Tyche Analytics Company
Tyche is using big data to build next-generation risk engines to empower stakeholders in liability claims to manage and minimize disputes to drive both claims and underwriting profitability. Learn more at http://www.tycherisk.co or reach out at info(at)tycherisk(dot)co.
About XOR Data Exchange
XOR builds permission-based data exchanges that help companies solve enduring business challenges while maintaining complete ownership and control over the data they contribute. XOR offers exchange members an unprecedented level of control over how their data may be used, who is allowed access, and how much can be shared. In return for sharing their own data, exchange members get access to otherwise unobtainable datasets to help better identify risk, reduce fraud and engage potential customers with thin or nonexistent credit histories. To learn more, visit http://www.XOR.exchange.