AIDA Technologies was a founded by a team of award-winning data scientists from Singapore’s top research institute to develop advanced Machine Learning solutions for the banking and insurance industry. Since its formation in September 2016, AIDA brought-in over $1.5M venture funding and secured over 10 Tier-1 banking and insurance customers in Singapore, Malaysia, Indonesia, Thailand and India for its Machine Learning solutions to increase revenue, improve operational efficiency and manage risk and compliance. AIDA was honored with awards at the Singapore Fintech Festival in 2016 and 2017.
AIDA’s SMART-CLAIMS Straight Through Processing is an end-to-end high precision machine learning engine for health insurance claims decision support. The SMART-CLAIMS system is able to ingest new incoming health claims, perform intelligent information extraction of line items from invoices, and using a combination of deep learning (for analysis of ICD-10 codes) and traditional machine learning, provide in real-time a highly accurate predictive score for the following:
- Should the Claim be Accepted / Declined or Partially Paid?
- If Declined or Partially Paid - What are the Likely Reasons?
- If Accepted or Partially Paid - What is the Likely Payable Amount?
- What are the Likely Line Items that are to be Paid?
The machine learning engine is able to significantly improve on claims processing productivity as well as customer experience. Prudential Singapore announced their ability to process health insurance claims in seconds instead of days in Nov 17 by using the machine learning decision engines were developed by AIDA. AIDA has now taken the SMART-CLAIMS solutions to Indonesia, Thailand, Malaysia and Hong Kong.