Member Spotlight: Inversion
What range of services does Inversion provide?
Inversion offers a comprehensive suite of services to help insurance and reinsurance companies navigate the rapidly changing technology landscape. These services include architecture and design consultation for bespoke software systems, digital transformation, technology advisory, full implementation of tailor-made solutions, hosting, monitoring, and supporting such systems. We also provide expertise in designing distributed systems at scale, Azure Cloud infrastructure and management, and a secure SaaS data-capturing platform called Snapcap. Finally, Inversion harnesses emerging technologies like cloud computing, artificial intelligence, machine learning, big data analytics, and blockchain to provide state-of-the-art solutions to its partners.
What is the team’s experience with working with insurers?
Inversion’s team has dedicated decades to building software solutions in the insurance and reinsurance industries. We have successfully worked with numerous companies to create, refine, and implement bespoke software systems that tackle intricate challenges and streamline operations.
Our projects encompass a wide range of solutions within the reinsurance and insurance sectors, streamlining processes and enhancing efficiency across various aspects of the business.
In the realm of reinsurance, our expertise covers underwriting, portfolio management, third-party integrations (e.g., AIR Touchstone, TouchstoneRe, Remetrica, AnalyzeRe, Whitespace, SalesForce, Microsoft Dynamics, etc.), modelling automation, pricing software, claims and mark-to-market analysis, fund financial analysis, data aggregation and analytics, risk modelling, large data management, document management, and comprehensive permissions with audit trails.
For insurance, we have experience in end-to-end case management, call centres, algorithmic dispatching, an Uber-like app for emergency services, pricing and payment rules, integration with over 50 insurance companies, a policy repository with millions of policies accessible within 100 milliseconds, operational accounting, third-party integrations (e.g., Acumatica, Pastel, commercial banks, etc.), automatic vehicle damage detection and assessment tools, and real-time vehicle auctioning software that blends online and auction floor experiences. You can read some endorsements from our clients here – https://inversion.dev/
Why is it important for insurers to keep their systems up to date with new technologies?
It is important for insurers to keep their systems and strategies up to date with new technologies because the rapidly evolving business landscape demands embracing innovation for growth. Investing in modern technologies streamlines processes, reduces costs, and enables better decision-making. Furthermore, it allows insurers to offer tailored customer experiences, ensure data security, and meet evolving regulatory requirements. In summary, embracing technological advancements is crucial for insurers to stay competitive, safeguard data, and comply with regulations, ultimately ensuring long-term success.
Can you provide an example of how Inversion supports insurers to increase their competitive edge?
Many reinsurers recognise the initial appeal of running operations on Excel. However, as the company grows, the benefits that Excel once offered can become limitations instead. Our client experienced numerous challenges with their Excel-based system, which negatively impacted efficiency and scalability. As a result, the client aimed to modernise their reinsurance business by transitioning from an Excel-based workflow to an enterprise-grade system. Over multiple years, Inversion collaborated with the client on several strategic projects to achieve this by implementing a database-driven portfolio management system with robust data entry, reporting, auditing capabilities, and permission-based operations.
Integrated with third-party services and hosted on the scalable Azure cloud, the result is a streamlined portfolio management process. This new system enables the client to institutionalise processes and data structures for more efficient and effective operations, maintaining traceability, segregation of responsibilities, and enhanced data security. Furthermore, the system offers improved risk management capabilities and real-time analytics, empowering the client to make informed decisions with greater confidence. Customisable dashboards and automated workflows reduce manual intervention, saving time and resources while minimising human error. By embracing a modern, flexible, and reliable infrastructure, the client has gained a competitive edge in the reinsurance market, fostering innovation, growth, and long-term sustainability.
What cloud infrastructure does Inversion use?
Our proficiency in the Azure Cloud platform is a crucial factor in delivering exceptional service to our partners. We integrate these services into our custom solutions, enabling our clients to benefit from Azure’s robust infrastructure, data storage and analytics, computing, cognitive services, and a multitude of other capabilities. This seamless integration empowers our partners to maximise operational efficiency, improve decision-making, and enhance customer experience. We monitor and manage our clients’ Azure resources, making recommendations on resource allocation, capacity planning, and scaling strategies. This proactive approach helps our partners maintain optimal cloud environments while minimising costs and maximising return on investment.
How does Inversion approach building distributed systems?
Inversion builds distributed systems using modern, robust architectures that leverage cloud-native technology, such as the myriad of Azure services on offer, and including actor systems like Akka and Orleans. These actor frameworks contribute to inherent scalability, flexibility, and reliability in designing solutions tailored to large systems. Horizontal scaling is central to our approach, involving the addition of more instances to handle increased workloads. This strategy is effective in cloud environments, ensuring performance and stability even with fluctuating demand.
Furthermore, we integrate relevant third-party services and APIs to enhance system capabilities where they make sense. These integrations provide clients access to a broader ecosystem of solutions. We also emphasise security best practices and data protection throughout the development process, safeguarding clients’ data in their distributed systems. By incorporating cutting-edge technologies and frameworks, Inversion delivers high-performing, resilient distributed systems for modern enterprises.
Does Inversion have a specific business philosophy?
Inversion’s business philosophy revolves around a commitment to putting clients first, emphasising and fostering collaboration and building trust. We believe that a relationship on this basis, rather than purely transactional, is the best way to build long-term value. By working closely with partners and employing iterative processes, Inversion gains a deeper understanding of clients’ pain points, objectives, and aspirations, leading to the delivery of customised solutions that address immediate concerns while laying the foundation for long-term success. Inversion also fosterers a culture of continuous learning and research, ensuring that our solutions stay up-to-date with the latest innovations. We prioritise staying abreast of emerging technologies such as advances in cloud computing, artificial intelligence, machine learning, big data analytics, and blockchain by staying perpetually curious and interested in discovering new approaches and technologies.
Tell us about your data-capturing platform and how can customers use it?
Our data-capturing platform is called Snapcap, a secure SaaS solution designed to simplify intelligent data collection for businesses. It provides intuitive, rich-media forms that can be used both online and offline, making data capture easy for field agents conducting inspections or assessments, as well as for customers completing surveys, updating information, or registering claims. It is built using progressive web app technology, so is accessible like a website whilst offering the capabilities of a native mobile app without the need for installations. Features include the integration of QR codes, photos, audio and video recordings, sketches, signatures, fine-grained validation, guided capture workflow, GPS coordinates, and on-demand or dispatch-based captures (pull or push scenarios). These capabilities can be easily integrated into our partners’ existing processes, providing real-time data analytics and insights, making it a valuable tool for businesses in many industries and sectors.
Snapcap can help to streamline insurance-related processes by offering advanced features for efficient data capture, collaboration, and information sharing in various scenarios. Customers can use Snapcap to conduct pre- and post-car hire inspections, document incidents, and provide necessary information and signatures for claims. Assessors can record inspections with Snapcap’s multimedia capabilities, while officials can securely share information when needed. Ultimately, Snapcap can enhance the customer experience and improve operational efficiency for insurance providers.
All of this is done in a way that prioritises data security and compliance by leveraging the robust infrastructure of our enterprise cloud providers, ensuring that sensitive information remains well-protected. As a powerful tool, Snapcap complements our strategic and comprehensive approach to tackling complex industry challenges and driving digital transformation.
How is Inversion working with solutions that include LLM technology?
At Inversion, we think beyond traditional approaches, utilising new technologies such as blockchain and OpenAI’s Chat GPT API to deliver value to our partners. We have successfully carried out several proofs-of-concept using the Chat GPT API and vector databases.
The first relates to extracting quantitative value from natural language business communications. Insurance and reinsurance companies often face the challenge of processing substantial amounts of unstructured data found in business communications, including emails, reports, meeting notes, as well as formal contracts and treaties.
By harnessing the Chat GPT API, we have crafted a solution capable of automatically extracting relevant quantitative data from these communications and directly populating the extracted data into data entry user interfaces or internal APIs.
The second proof of concept (PoC) is about analysing differences in financial and legal documents. Many kinds of documents play a vital role in the insurance and reinsurance industry, often undergoing multiple revisions and alterations. Identifying and comprehending changes between document versions can be a time-consuming and complex task. We have employed Chat GPT’s API to perform differential analysis on these documents, pinpointing and interpreting the changes made between versions. By automating this procedure, we envision enabling our partners to promptly understand the impact of changes and maintain compliance with regulatory requirements, while also reducing the risk of errors and inconsistencies.
The third PoC provides a chat experience over long-form proprietary documents. At Inversion, we understand the challenges posed by large language models, such as ChatGPT, which can occasionally produce partially or entirely incorrect answers. To address this issue, we employ an approach called semantic search, enabling us to create embeddings over source data, store them in a vector database, and then supply relevant context to the ChatGPT API, regardless of the dataset’s size. This method allows you to engage in a chat with your proprietary data, ensuring that the responses are always relevant and grounded in the source material. For more information on this approach, please refer to our company blog at https://inversion.dev
How can insurers learn more about Inversion’s services and product offerings?
We would be delighted to meet on a call with anybody who has questions about our services or a problem that we might be able to help with. People can use the below calendar link to book a meeting with Jacques Bosch, who is one of our founders. https://calendly.com/jacques-bosch/30min. We are also reachable on email at: [email protected] or [email protected]. You can also visit our website: https://inversion.dev.