Deep Vector Secures $1.5M Seed Funding to Revolutionize Insurance Data Extraction Using AI Technology
Deep Vector, an innovative AI platform focused on the analysis of underwriting documents, has successfully completed its seed funding round, raising an impressive $1.5 million. This funding will significantly enhance its capabilities in transforming complex insurance documents into actionable digital data.
Funding Success and Future Plans
The seed funding round was co-led by Aperture Venture Capital and InsurTech NY. With the newly acquired funds, Deep Vector aims to expand its platform and establish itself as the primary translation layer for insurance data extraction.
Transforming Insurance Documentation
Deep Vector specializes in converting complex analog documents such as:
- Claims loss runs
- Acord forms
- Motor vehicle records
Using proprietary algorithms and advanced machine learning technology, the platform can identify and process over 5,600 document format types specific to various insurance carriers. Currently, Deep Vector serves more than 30 of the top 100 insurance brokerages and is gaining rapid traction among carriers, underwriters, and Managing General Agents (MGAs).
Industry Insights
David Gritz, managing director at InsurTech NY, highlighted the challenges insurers face, stating, “Insurers have little incentive to make their loss run and claims analysis process easier because it is simply a cost center. Deep Vector bridges the gap between the insurance broker and underwriter for complex commercial accounts and saves thousands of hours analyzing accounts.”
Innovative Solutions for Insurance Professionals
According to co-founder Scott Knowles, Deep Vector’s product, Loss Scan, dismantles barriers that have hindered access to valuable claims data for decades. By automating the extraction of information from complex loss runs, the platform provides insurance professionals with insights previously hidden in PDFs and spreadsheets.
“It’s not just about saving time – it’s about unlocking data that transforms how underwriters assess risk and brokers serve their clients,” Knowles noted. He emphasized that with Deep Vector’s solutions, brokers can focus on:
- True risk management
- Advisory services
By automating tedious manual data extraction, Deep Vector empowers insurance professionals to concentrate on critical tasks that matter most.
For more information on how Deep Vector is revolutionizing the insurance industry, visit their official website at Deep Vector.
