AI consultancy Koïos Intelligence developing new insurtech product
Montreal-based technology and consulting firm Koïos will reveal a new solution that it hopes will become the AirBnB of the insurance market. The firm will unveil its Olivo insurance tech product – currently in development – at Montreal’s Fintech Forum, which kicks off today.
Founded in 2017, Montreal-based Koïos Intelligence is a tech consulting firm looking to meet the desire for competitive-edge enhancing emerging technology solutions in the financial services industry. The company is focused on developing custom systems built on artificial intelligence – from automated client servicing and data anomaly identification to pricing and risk calculation improvements.
The tech company is led by founder and CEO Mohamed Hanini, a mathematics and operational research expert, while the firm’s consulting division is led by David Stréliski, previously CRO and global head of technology at Fiera Capital.
"When I began, I was inspired and fascinated with machine learning and research into deep neural networks, even when there were no tangible results," Hanini explained. "The new challenge is now to accelerate the training of intelligent systems in the financial ecosystem, especially when those systems are exposed to massive amounts of data."
Koïos employs a team of professionals in risk management, operations, and cybersecurity, and partners with experts from the Data Valorisation Institute (IVADO) and the Montreal Institute of Learning Algorithms (MILA), among others. The fast-growing firm has developed numerous projects with financial institutions around the world, and is currently working on the AI aspect of Bizerte, Tunisia’s smart city project.
Now, Koïos has announced that it is developing a new insurance application entitled ‘Olivo.’ The solution will centralize and digitize the entire insurance lifecycle, giving consumers, brokers, and insurers a single tool for the insurance process – from quotes to claims. Koïos hopes to bring the revolutionary product to market in 2019.
The Olivo project will be formally revealed at the upcoming Fintech Forum taking place in Montreal from October 29-31 at the Palais des congrès.
"Over the last 22 years, I've instinctually known that the road to success in this business was not limited to measuring risks, but I was often missing the necessary calculating power and the technological tools to back it up," commented Stréliski. "Today, thanks to the immense scientific expertise we've gathered and the tools that we're developing, we can finally make our vision come true."
