Spraoi: Revolutionizing Insurance Operations with Machine Learning

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Karan Mishra, Co-Founder and Santoash Rajaram, Co-Founder, Matthew O’Mara, Co-Founder, SpraoiKaran Mishra, Co-Founder and Santoash Rajaram, Co-Founder, Matthew O’Mara, Co-Founder
As the wave of digital transformation drives insurance carriers to implement machine learning (ML) solutions to uncover new insights, the insurance industry is getting more aggressive and optimistic with ML-based solutions. Within insurance, early applications of machine learning were initially focused in the property and casualty space. However, we are now seeing an increased interest from life and annuities, and voluntary benefits providers as well. Over the last year, the increasing sophistication and understanding of ML drove demand for ML-based solutions that can help carriers understand customer buying behavior and other applications to improve lead quality.

Recognizing this shift in the insurance landscape, Pennsylvania-based InsurTech company, Spraoi is stepping up to meet the new demands of the market. We first covered Spraoi last year. Since then, the company has been busy increasing its footprint among carriers and adding to its suite of solutions. Aligning with the increasing significance of ML, the company has continued to expand its offerings, including ML-based tools, customer experience infrastructure, and innovation as a service. “We aim to broaden the scope of our product suite and help clients integrate and scale their operations using ML-based tools with our patent-pending infrastructure for machine learning,” says Karan Mishra, co-founder at Spraoi. At the same time, Spraoi has increased the ML models it offers and continues to explore ways to expand its portfolio to meet changing client demands.

The company’s core offerings focus on customer experience and machine learning. Further, Spraoi offers the ability to integrate its customer experience suite “Kwikcover”, which includes solutions for group and voluntary benefits, small commercial, and life insurance policies, with ML. Kwikcover helps insurance firms develop unified solutions across their organizations.

We aim to broaden the scope of our product suite and help clients integrate and scale their operations using ML-based tools with our patent-pending infrastructure for machine learning

“Traditionally, companies had to deploy multiple solutions due to the constraints caused by legacy systems. Kwikcover, on the other hand, acts as a bridge across multiple legacy policy administration platforms to eliminate the complexity and deliver a unified customer experience,” explains co-founder Santaosh Rajaram. This unique capability enables end-users to interact with their insurer seamlessly and consistently, regardless of the number of admin systems deployed by the carrier. Additionally, Spraoi enhances innovative ML applications by developing APIs for every new model it creates, establishing an open architecture approach towards solution development.

The efficacy of Spraoi’s tools is clearly illustrated by a large insurance carrier client who needed to implement ML in their operations. Initially, the company was unable to track fraud using historical data and considered ML as an aspirational goal. Over the last two years, the client collaborated with Spraoi to implement ML-based solutions that effectively create projections to identify covers or products worth millions of dollars. “This case study encapsulates how carriers and InsurTech firms can work hand-in-hand to transform ML from an aspirational goal to a realized measurable solution,” states Matthew O’Mara, Spraoi co-founder. The client implemented a rules-based model in three months. The identified fraudulent claims reserves and payments for recovery resulted in a 16 percent return on investment within 15 months of initial implementation.

Looking ahead, the company plans to double the size of its workforce and client base, and increase its global reach in the next 12 months. Furthermore, the founding team aims to bring Spraoi’s ML-based solutions to the Asian markets and capitalize on the rise in demand. From a product standpoint, the company is expanding its portfolio in partnership with another InsurTech vendor to develop a universal data translation layer and bring it to market by Q2 2020. “With the launch of this product, we plan to expand our areas of focus and help the overall insurance space deliver simple and effective services to the end-customer,” concludes Mishra.

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Ardmore, PA

Karan Mishra, Co-Founder and Santoash Rajaram, Co-Founder, Matthew O’Mara, Co-Founder

Headquartered in Ardmore, Pennsylvania, Spraoi Ardmore is an insurance technology solutions provider with a focus on machine learning. Spraoi is specialized Insurance, Artifical intelligence, Machine Learning, and SaaS. The company provides technology strategy, management, design, development, and deployment capabilities. The platform of Spraoi has a plug and play digital experience consumers have come to expect, and a cloud infrastructure that seamlessly scales as transaction volumes increase. The platform can accommodate multiple products and services. The company also provides advanced integration services leveraging best in class technologies, and these integration services include API implementations using AWS (via our API gateway infrastructure) to write custom integration to back the API quickly