Spraoi: Outcome Driven Insurtech Experts

CIO VendorMatthew O’Mara, Co-Founder & CEO, Karan Mishra, Co-Founder & COO/CIO and Santoash Rajaram, Co-Founders & CTO
The founding team of Spraoi has brought together 40+ years of experience in the Insurance industry with Silicon Valley technology capability to create new solutions for the Insurance carrier marketplace. Taking a critical look at the Insurance industry, and the solution providers currently servicing it, they noticed how the insurance providers implemented solutions with a significant bias towards process automation. The solutions, and teams implementing them, fell short of the transformative goals the programs promised. Something had to change.

The founding team of Matthew O'Mara (CEO), Karan Mishra (COO and CIO), and Santoash Rajaram (CTO) are leveraging machine learning (ML) to help carriers achieve cost-effective optimization of results. “We see ML as a way to gain critical insights from vast volumes of insurance data to drive operational efficiency and enrich customer engagement—the factors that are critical to achieving outcome optimization," remarks O'Mara. Spraoi explores niche opportunities faster, creating innovative revenue models and enhancing the top-line and bottom-line results.

With their eclectic mix of technologists, consultants, and insurance domain experts, Spraoi provides three primary solutions: the Insurance Machine Learning (IML) Suite, KwikcoverTM and Insurance Software as a Service (ISaaS).

The IML Suite utilizes ML algorithms tooptimize functions across the value chain, eliminate delivery delays and overruns, and provide flexibility, configuring pre-existing APIs according to the customers' needs. The IML Suite Architecture delivers quality output and saves client-practitioner time through its self-learning models.

Kwikcover is a plug and play insurance sales and service platform built with a microservices architecture. The platform's scalable direct-to-consumer model can accommodate multiple products and services with a simple Click/Quote/Buy/Service/Claim experience.

The ISaaS provides an ability to rapidly incubate concepts(e.g. product, service, customer engagement) helping realize new revenue opportunities with its interoperability, skilled leadership, best in class technology, and the operating ethos of “failing fast.”

However, at the core of Spraoi’s solutions is machine learning. Historic predictive analytic and the analytics-driven environment was a hypothesis-driven approach wherein leaders postulated the results and attempted to validate their assumptions to make operational changes. Conversely, “Spraoi, leveraging ML, looks at data from all sources letting the data patterns dictate the operational changes required,” says Mishra. Spraoi understands the issues confronting the industry segments whether it is retail property casualty, commercial property casualty, life and annities or voluntary benefits. Unlike its competitors, approaching the industry strictly from the data science aspect of it, Spraoi provides enhanced consultative services that help customers visualize their results, their practitioners’ use of the data, the process change, and the implementation of a meaningful optimization of outcome.

Spraoi’s services proved very beneficial to a large insurance provider for fraud detection. The company analyzed a small segment of the fraud history provided by the client and built fraud scoring to prevent further frauds and rapidly realize ROI. "Entering an active and passive learning process with the customer, we built a UX that allowed our client to tune the model over the first 90 days of implementation and today, the carrier recognizes fraud more quickly and accurately,” describes Rajaram.

Going forward, Spraoi will launch its extensible consolidated claims ML suite and an annuities pricing and underwriting suite in Q3 of 2018. The company also plans to deploy automated model training in Q3, commercial line sales, pricing, and processing models in Q4 and intends to finish its overall suite in 2019. The portal asset KwikcoverTM will be integrated with sales and pricing ML capabilities in Q2 of 2019. "We are continuing to advance our solutions and services, and in terms of growth, we're planning to be an eight-figure revenue company in 2019," concludes O'Mara.