Out With The Old, In With The Artificial Intelligence: Sri Ramaswamy Brings A New Approach To Insurance

Whether it’s a car, life, homeowners or health insurance; as a consumer, you find that having insurance is one of the necessities of life. There is no getting around being insured so you go from company to company looking for the lowest premium, and best monthly price point. What you may not be aware of from a buyers standpoint is that many insurance companies have outdated infrastructures as well as primitive technology which causes slower processing times and higher premiums. Kelly Anderson has worked in the insurance industry for 15 years and has seen firsthand the many complaints from customers. Kelly stated, “It is hard for our examiners to process claims quickly due to regulations and outdated software. An end result is our customers pay higher rates to be insured and we receive many complaints about the slow collection when claims are filed.” Insurance companies that look for innovative or technologically advanced software and processes are key in moving the insurance industry forward.

Many companies arise with innovative ideas that are on track to update the processes as well as software used by insurance companies. Infinilytics is the company that is renewing how the insurance business operates. Enrichher was graced with an opportunity to speak with Sri Ramaswamy the CEO and Founder of Infinilytics; a technology-based startup in Silicon Valley that provides Artificial Intelligence and machine learning-based SaaS Solutions for the insurance industry.

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EnrichHer: Tell us about your background and what prompted you to start Infinilytics?

After starting 2 companies in India and Australia; along with my deep desire to bring new products to the market, I created sales strategies to solve common problems such as branding for small businesses. My first business endeavor on my path was selling microwaves, and at the time it was new and exciting to help everyday people enjoy warm food after a long day of work. From then, I helped small mom and pop restaurants with brand awareness and marketing. As my profits started to increase greatly, I was able to enroll in Business School in Australia and get my MS in IT information technology.

Big data begin calling my name which ignited my passion to change the future of everyday problems to enhance our human experience. I took advantage of a huge opportunity in banking using technology to redesign disconnected CRM systems while making the backend data more efficient. After 6 years of banking under my belt, my next destination where I could transfer my skill sets and better serve humans through data was in the insurance industry.
Data warehouse, business intelligence reports. This caused me to start using artificial intelligence as a way to innovate on how to improve claims process while reduce costs for carriers so premiums can be reduced.

EnrichHer: What fuels your passion and how have you applied it to your business?

Infinilytics: After 17 years it was time to put everything I learned and start my own company using artificial intelligence to improve the insurance industry. I found that insurance companies used old outdated technology that slows the claims process down exponentially. The saddest part is everyday people get ripped off due to overcharging caused by inefficient claim processes and their lack of innovation. Being in IT and working in insurance allowed me to see what needed to be done and how to do it! There is no getting around it; there is need of insurance but we just need it done right. Technology allows us to process claims faster and have more intelligence about what they are paying.

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EnrichHer: What is your unique perspective on being a business owner what 3 lessons where you faced with and had to overcome to be able to thrive in your industry?

Infinilytics: The insurance industry is full of barriers due to regulations, outdated technology, and most important slow to change policies. Being a woman in tech, I’ve been told horrendous advice from investors
including “ I should hire a white male to run my company.” As a result, I’ve become more confident in my approach to business. Developing thicker skin to deal with these adversities has helped me to overcome obstacles. There are always roadblocks on the path that leads to success but I’m breaking through them all daily and solidifying my company with each triumph.

EnrichHer: Why does Infinilytics need working capital and how do you plan to grow and scale?

Infinilytics: Updating our technology due to regulations in the insurance industry along with building a solid team to keep improvising our product is extremely important. Working capital will put me in a position to close the gaps as well as close bigger deals. With proper funding, we will be allowed to expand our company brand and achieve and/or surpass our margins.

More Information:
1. https://www.reviews.com/blog/insurance-companies-might-not-renew-coverage/
2. https://www.thebalance.com/insurance-basics-why-do-i-need-insurance-1289684

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