Digital Insurance Agenda

Contract.fit: 24/7 Intelligent Process Automation

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Oct 16, 2019

Contract.fit is a Software as a Service company focused on Intelligent Automation, helping banks and insurers to improve the customer experience and efficiency of key business processes with the use of artificial intelligence.

The key differentiation of Contract.fit’s Intelligent Automation solution is in the self-learning technology, whereby AI models learn from every interaction, and the focus on financial service and insurance use cases leading to a deep understanding of their specific business processes and logic. Some examples of these use cases include routing of incoming communication, data entry for claims handling, and real-time quotation based on competitive offers.

The company was founded in Belgium, is working with some of the biggest financial institutions, and various FinTechs and is rapidly expanding throughout Europe. Contract
Last 12 months, 14 million emails and documents passed through the Contract.fit APIs.

Key benefits

  • Contract.fit automates everyday cognitive tasks. Its Intelligent Automation solution allows insurers and brokers to improve the customer experience and reduce costs by automating the classification, extraction and validation of data contained in emails and documents (insurance policies, claims, invoices, receipts, ID cards, etc.).
  • Instead of waiting for 5 days, customers can now have answers to basic requests in 5 minutes.
  • The solution marries artificial intelligence – including natural language processing, machine learning and computer vision – with automation. It combines the AI/ML models required for the automation of these complex -otherwise manual- tasks and the necessary tools to operationalize the models and make them work at scale.
  • Their customers can cut millions of investment costs and 2-3 years of development by using the Contract.fit APIs.

​​​How it works
Contract.fit’s solution has two main components:

• An API: simple and transparent integration with the core building blocks – classification, extraction and validation of the information contained in emails and documents.

• A Portal and a Data Entry Companion: the portal is a webapp that includes all the relevant features for the management, analysis and control of the solution and automation processes. The studio allows the user to setup the different document formats and the data entry companion is used by the operators to manually review the files, if necessary.

Why we selected Contract.fit for DIA Munich
Contract.fit’s solution enables insurers and brokers to provide daily life improvements for the end customers, consumers, and reach operational excellence in these, otherwise complex, manual customer-facing processes with the use of the latest developments in the artificial intelligence and machine learning space.

This proposition is completely in line with three out of the four essential elements that winning insurance firms need to have, as described by DIA:

  • Operational excellence: by automating these everyday cognitive tasks, insurers can save a lot of time and significatively reduce the number of clerks involved.
  • Always part of the customer’s life: now, it’s possible to provide real time fully digital customer experiences and go one step beyond the traditional insurance experience.
  • Continuously build contextual ecosystems: thanks to the API, insurers and partners can integrate Contract.fit’s building blocks in their business processes in a transparent way.

At DIA Munich Salvador Severich will present Contract.fit’s Intelligent Automation solution with real-life use cases in the insurance industry.

Check out their live demo here:
https://www.digitalinsuranceagenda.com/dia-tv/video/introducing-contract-fit-studio-allowing-insurers-to-setup-intelligent-automation-by-themselves/​

Who is Contract.fit?
Contract.fit was founded in 2016 by Bertrand Anckaert and Pol Brouckaert, after realizing about the opportunity to improve and automate traditional manual processes with the use of artificial intelligence in the financial services and insurance industries while working as consultants at Boston Consulting Group (BCG).

The company, currently based in Brussels (Belgium), is already working with some of the leading insurers in the European market and is focusing in the international expansion in the neighboring countries with a high-performing, multidisciplinary team.

The company has raised a seed round in 2018 and will raise series A in 2020.

Contract.fit was founded with the goal of automating everyday cognitive tasks, making life easier both for consumers and insurers.” Pol Brouckaert, Founder of Contract.fit

                                                          Bertrand Anckaert – Founder            Pol Brouckaert – Founder

 https://contract.fit

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