Pendo Systems, led by industry veteran Pamela Pecs Cytron, announced their intention to target the Insurance sector with their Pendo Machine Learning Platform (PMLP). With advanced machine learning capabilities at its core, the Pendo Machine Learning Platform is a unique data management and intelligence platform, providing exploration, discovery and analysis capabilities across multiple disparate sources of unstructured data.
PMLP is already proven within Banking and Capital Markets and 2018 sees Pendo Systems embarking on a focused campaign to penetrate the Insurance sector. The firm will continue business development within Financial Services.
The new insurance division at Pendo Systems is advised by industry icon, William Hartnett. The business has already identified a number of very specific use cases which are ideally suited to the advanced data analytics capabilities PMLP can provide.
By combining a set of proprietary algorithms with repeatable, controlled analysis of documents the Pendo platform enables users to immediately classify unstructured data and unlock the insights trapped inside millions of mission-critical documents. The platform delivers an unparalleled degree of accuracy and provides a 360° view of the business to support key strategic initiatives or any regulatory requirement.
“The scale of the opportunity locked inside unstructured data is not just a banking issue, insurance is flooded with unstructured documents. From commercial submissions to P&C and beyond. This industry urgently needs to solve this problem if they are to take full advantage of their Artificial Intelligence endeavours. Pendo has both the platform and the in-house expertise to make this happen.” Bill Hartnett – president, Hartnett Advisors.
In line with Banking and Capital Markets, all Insurance firms are also now under huge pressure to; reduce operating costs, significantly improve customer service capabilities and at the same time demonstrate compliance with a body of ever growing regulatory directives. According to a recent report by a leading research house on the impact of regulation on the insurance sector:
“Most insurers are moving ahead with their risk and compliance initiatives, even as certain areas pose regulatory uncertainty that will likely remain a significant and ongoing challenge. Even if law makers and regulators make certain definitive changes, insurance companies must continue to drive the effectiveness and efficiency of their risk and compliance programs so they meet applicable laws, regulations, and supervisory expectations.”
Pam Pecs Cytron said. “This is the perfect storm for Pendo. The global Insurance industry has to address their operational processes to remain viable in a highly competitive and increasingly regulated market. The urgent need to accelerate the adoption of new technologies which enable them to transform their existing capabilities and expand the range and depth of services they can provide to a discerning and highly demanding customer base, has never been greater.
Add to this, the impact of increasingly onerous regulatory pressures the Insurance industry now faces, we believe the timing of our insurance initiative is spot on. Over the last few months we have experienced a surge of inbound enquiries and we are actively engaged in some advanced conversations with a number of large Insurance firms. We are excited about the opportunities these represent for the business.”
Pam concludes, “The deluge of unstructured data engulfing both the Financial Services and Insurance sectors is an unstoppable force and it is imperative all firms get a handle on it. Our platform enables organisations to effectively manage, explore and analyse their data which is taken from multiple sources.
Whilst our goal, first and foremost, is to service the needs of our existing client base, this new market definitely looks to be extremely fertile. We are constantly re-investing in our team and product development roadmap so that the business can handle the increasing demand. Team Pendo is up for the challenge!”
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