QBE Ventures invests in Snorkel AI

QBE Ventures has recently invested in Snorkel AI , reflecting the growing need for insurers to have simplified, scalable, and cost-effective ways to customize Machine Learning models and fine-tune foundational models.

Insurance data is often unstructured, unlabelled, and not AI-ready, with estimates suggesting that as much as 80% falls into this category. Platforms like Snorkel AI make this data accessible and usable, even for non-technical stakeholders.

Founded in 2015 as a research project and officially established as a company in 2019, Snorkel AI allows for a faster AI development by transforming manual AI development processes into programmatic solutions.

QBE’s data science and claims analytics teams in North America use Snorkel Flow across various predictive analytics applications, notably in claims and underwriting. The platform converts corporate data into actionable insights for ML solutions.

“Ensuring carriers have the capability for customising models in safe and scalable ways is of paramount importance.” – James Orchard, QBE Ventures CEO.