QBE invests in machine learning company

QBE Ventures has closed an investment in HyperScience, a machine learning company focused on using artificial intelligence to automate office work, QBE Insurance Group Ltd. said in a statement Wednesday.

In addition to the investment, QBE has entered into a multi-year commercial use agreement to roll out HyperScience solutions across QBE globally, the statement said.

This is the third investment made by QBE Ventures since its launch in 2017, the statement said.

HyperScience uses artificial intelligence and machine learning to help large organizations across verticals such as insurance, financial services, health care and government reduce their dependency on costly, slow and error-prone manual data entry operations, the statement said.

The technology can help facilitate straight-through-processing, even for handwritten and low-resolution documents and unlock data that has historically been trapped in static and unsearchable documents, the statement said.

"This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business,” David McMillan, group chief operations officer of QBE Insurance Group, said in the statement. “From driving operational efficiency to unlocking a wealth of new data and insights, HyperScience has delivered a platform that will support QBE's objectives of delivering "Brilliant Basics" in underwriting, pricing and claims."

"QBE has been a great partner for HyperScience,” Peter Brodsky, CEO of HyperScience, said in the statement. “Like many other large enterprises, they are excited about the promise of AI and ML, but they also appreciate that each step needs to deliver practical value for their customers today.”