Looking back over the past 12 months, it is amazing to see how far we have come as an ambitious, growing player in the InsurTech space.
We know that our AI-first Digital Coworkers are crucial for automating insurers’ claims and insurance operations, while empowering Operations leaders to address business-critical initiatives like reducing claims leakage and keeping their workforce engaged and happy.
Critically, we have continued to deliver real-business outcomes back to our Customers, but don't just take our word for it:
“Insurance companies have a desperate need to automate many business processes for efficiency, but current solutions are limited to rule-based tasks and aren’t insurance industry-specific, limiting their potential Digital Coworkers lessen our stress over finding and retaining talent, and unburden our teams so they can focus on more impactful work. Roots Automation’s unique approach to automation has improved our employee retention while offering superior economics and enhanced customer experience.” Cathy Carr, VP of Insurance Support Services, Berkshire Hathaway Guard.
“Roots Automation has helped American Exchange automate and improve a lot of our internal data validation and data entry processes. This has both reduced our workload and has reduced human data entry error to almost zero. The best part is that our process with Roots Automation has allowed our agents to do what they do best, and that is talk to people and help them with their individual and Medicare health insurance decisions.” Andrew Hetzler, CEO of American Exchange.
Some highlights from 2022 include:
- November 2022, we announced a fresh injection of capital in the form of $10 million Series A funding. MissionOG led the round, supported by Liberty Mutual Strategic Ventures, Vestigo Ventures and CRV. The funding will enable us to focus on improving and innovating our Digital Coworkers whilst simultaneously expanding our market footprint, as we continue to support insurers’ critical needs to address increased margin pressure and declining operational efficiency.
- July 2022, the U.S Patent Office awarded Roots Automation a new patent based on a unique, novel human-in-the-loop AI technology. This technology enables our Digital Coworkers to interact with human employees in real-time to raise and manage exceptions such as missing data, poor quality documents or a variety of other exceptions that commonly occur within automated processes. An alternative to robotic process automation (RPA) technology, which has fallen short of its promise to automate tasks in unstructured environments, Digital Coworkers ingest and analyze both structured and unstructured data to work seamlessly with a company's human workforce - addressing a $100+ billion market opportunity to improve insurance operations through automation and AI.
- May 2022, we further bolstered our senior executive team in July by naming Ratish Dalvi as Head of Artificial Intelligence and Machine Learning. In this role, Dalvi leads the data science and machine learning team to further advance the company’s market-leading AI capabilities – specifically around Computer Vision and Natural Language Processing (NLP) – allowing customers to automate a wider range of complex business processes. Additionally, we brought on Chris Gayner in February as the VP of Marketing. Gayner will work closely with the executive team in growing Roots Automation’s presence in the U.S and global market.
- February 2022, we released a new product, the Iris-CMS-1500 Medical Document Reader, which was the first niche SaaS platform to accurately extract data from CMS-1500 medical claim forms for insurers and insurer-affiliated organizations. The solution automates the data extraction of medical claim forms with industry-leading straight-through processing rates, meaning information is pulled from CMS-1500 claim forms without any human intervention. The product utilizes proprietary machine learning and custom Intelligent Document Processing (IDP) to read CMS-1500 forms at 95%+ accuracy while maintaining security and HIPAA compliance.
All of the above demonstrate our ongoing commitment to maximizing the power of our Digital Coworker technology in enabling our customers to continue to improve margins and increase operational effectiveness.
We are excited to finish out a highly successful 2022 and look forward to continuing the momentum into 2023, and beyond.
Catch-up soon!
Best
Chaz & John