Vantel

TL;DR

Commercial insurance brokers spend 80% of their time on manual, repetitive tasks like policy analysis, manual data entry, documentation, billing and administration. Vantel builds AI software that automates these workflows, currently helping brokers save 10+ hours per week. Our first product lets brokers compare five 100-page insurance policies across 50 factors in 5 minutes instead of 5 hours.

https://www.youtube.com/watch?v=9ybGwHNyi90

The Problem: Commercial Insurance is Extremely Manual

Almost every company needs insurance. Most companies do not have the competency in-house to know exactly what coverage they need. Because of this, they often hire a commercial insurance broker to advise them on insurance-related matters.

After interviewing 100 commercial insurance professionals, we discovered some of the largest challenges in the industry: documents and workflows are unstandardized, there are multiple parties involved, and high-quality data is hard to collect. This results in commercial insurance brokers spending the majority of their time on highly manual processes:

• Comparing policy documents
• Validating insurance requirements in contracts versus policies
• Regulatory documentation of advisory work
• Compiling claims data from multiple sources into a common format
• Translating complex material from carriers to a digestible format for the client

Our Solution: AI-Powered Workflow Automation for Brokers

Vantel is building an AI platform that automates the most time-consuming tasks for commercial insurance brokers. We have started with:

1. Policy Comparison

• Compare 5 policies in 5 minutes (versus 5 hours if done manually)
• Works with any carrier and policy type, instantly recognizing differences and key terms
• Ranks policies based on coverage quality

2. Contract Validation

• Cross-check insurance requirements in contracts versus policies
• Identifies gaps in current coverage, to avoid hidden risks
• Enables more extensive client service – this is currently a high-touch activity

Why Now?

With recent advances in LLMs, we are creating a product that was impossible to build 12 months ago. During our conversations with brokers, we have learned that it is absolutely possible to build a revolutionary product in commercial insurance in just a few months. The feedback we’re getting from brokers is giving us an incredible conviction that we’re on the right track. It is amazing to see their jaws drop when they realize countless hours of work can be automated with our software, freeing up time to serve more clients.

Team

• Love Redin (CEO) - Previously data scientist at venture-backed startups and McKinsey/QuantumBlack, venture capital investor, software engineer at Sweden’s largest independent asset manager, and claims adjuster at Scandinavia's largest insurer prior to university. Arctic Army Ranger with background in engineering physics and pure mathematics from KTH Royal Institute of Technology in Stockholm, Sweden.
• Ulme Wennberg (CTO) - Founded several startups, ex-Microsoft software engineer, and 800+ research citations within NLP. Machine learning PhD dropout and first-principles thinker. Pursued parallel studies in Engineering Physics at KTH Royal Institute of Technology and Business and Economics at Stockholm School of Economics. Graduate studies at the University of Washington, including co-authoring one of the most impactful information extraction papers of 2019, and building conversational agents with Amazon Alexa.

Our Ask

If you are (or know!) a commercial insurance broker looking to save 10+ hours per week on manual processes to spend more time with your clients, we would love to show you what we're building – please reach out to us at founders@vantel.ai.