Soteris
Soteris, based in San Francisco, is a fintech company specializing in AI-based pricing software for the insurance industry, aiming to enhance the insurance value chain with advanced AI technology.
Company Overview
Soteris, formerly known as Soteris, Inc., is based in San Francisco, CA, USA, and operates within the fintech industry, specifically targeting the insurance sub-sector. Established as part of the Y-Combinator batch of S19, the company aims to revolutionize the insurance value chain through AI technology. With a small but dedicated team of four, Soteris focuses on creating cutting-edge AI-based solutions to improve insurance pricing processes.
AI-Based Pricing Software
Soteris offers AI-based pricing software designed specifically for the insurance industry. This software integrates machine learning into existing pricing models, enabling insurers to score policy submissions in real-time. The AI system evaluates over 10,000 policies and helps predict policy profitability and the likelihood of claims, thereby aiding insurers in making informed decisions. The company claims that its software can increase policy profitability significantly, as evidenced by reports of a 250% rise in profitability for some customers.
Technological Initiatives
Soteris is committed to advancing the insurance industry through AI technology. The company has run an AI scoring system live for over two years, which has been instrumental in real-time policy scoring and profitability prediction. Additionally, Soteris plans to develop further AI tools aimed at fraud detection and streamlining claims processing. The company's continuous innovation underscores its commitment to enhancing the efficiency and accuracy of insurance operations.
Market Presence and Future Plans
Operating primarily in the United States and broader American and Canadian markets, Soteris seeks to expand its footprint through strategic partnerships. The company invites potential collaborators for demos and proof-of-concept presentations to showcase its technological capabilities. Future projects include integrating advanced fraud detection systems and optimizing claims processing through AI, reflecting Soteris's ongoing commitment to tech-driven solutions in the insurance sector.