What is the first thing that the 21st century consumer does before buying something, a cell phone for example? They open their browser, look for Google, and write: opinions about that cell phone. Real-life clientes are guided by the opinions of other consumers about that product. This is done for absolutely everything: movies, services, companies … and insurance companies.
The founders of the startup, Vaartani, realized that “defective products and services cause unsatisfactory consumer experiences including sometimes personal injuries & property damages, and thus liability losses for businesses globally,” as Sourabh Khan, CEO and cofounder told us. This translates into critiques, unsatisfactory experiences, and questions about the product and service. However, there was no existing or efficient solution so that companies could identify and resolve these problems.
That’s why, Khan along with co founder and CTO Bhanukishore Kallepalli, have designed an application based on Artificial Intelligence (AI) that “identifies, monitors and predicts emerging risks arising from unsatisfactory customer experiences with products and services, in near real-time.”
Artificial Intelligence has infinite potential, especially in a world where digital data is continuously growing. In reality, “the analysis of product reviews becomes a major challenge: manually reading, analyzing, and tagging tons of content just isn’t feasible anymore,” explains Khan. That’s why at Vaartani, they use AI to collect and analyze unsatisfactory customer experiences through conversational data as these conversations are produced.
In particular, they use a type called semantic artificial intelligence. It’s based on a semantic technology that comes from the family of conversational assistants, and it can associate works with meanings.
“With the help of Semantic AI, it is possible to perform a myriad of tasks that involve analyzing text, like topic classification (automatically tagging texts based on their content), feature extraction (identifying specific characteristics in a text) and sentiment analysis (recognizing the emotions that underlie a given text),” details the CEO.
Based on semantic AI, Vaartani develops artificial intelligence models for each of the specific business – like food items or doctors and hospitals- to understand the risk associated, a specialization that makes them unique. “It’s an AI strategy based on technical and business measures, which gets implemented along the data lifecycle,” summarizes Khan.
According to the CEO, this makes the tool especially useful for companies because it allows them to “proactively mitigate risks and improve quality of products and services.” They have worked with multinational corporations in the food sector.
In the case specific to the insurance sector it’s important for them to feel secure in the quality and reliability of the external services that they offer their clients, seeing as one of the main pillars of their value is “managing risk and price accordingly, making our solution a wonderful opportunity for them,” comments Khan.
That’s why Vaartani “helps them to manage and search for service providers within the healthcare system, car repairs, electricians, and many more which allows the insurance company to ensure the quality of the services provided by their clients.” Also Khan assures that “insurance companies are able to increase the efficiency of the sales and the profitability.”
The startup participates in the Acceleration Program of insur_space de MAPFRE, where they evaluate a number of use cases that analyze the risk of the services provided by third parties that currently work with MAPFRE, as well as potential service providers. So that’s there’s no more unsatisfied clients.
Click here to see the full interview.