YUKKA Lab: News AI for next-level Business Performance
If data is the new oil, then it is important to keep track of all the data that is available these days. In the insurance industry, underwriters were mainly looking at the past with structured data, yet today they can benefit from pairing this structured data with real-time unstructured data to get a more complete picture. YUKKA Lab provides business experts like underwriters with a data-driven approach to the news by indexing the media landscape in real time. Making news measurable.
The solution provides a data-driven approach to news. It condenses the entire media overload into one actionable news score that can be transparently broken down into the underlying events and traced back to the original articles. Giving underwriters a real-time alert instead of having to read all articles.
Using YUKKA alerts in insurance means that underwriters get an AI Assistant who is trained to evaluate the news exactly how they would do it and therefore alert them when it is relevant for them. In addition, the AI Assistant provides an overview of why the alert was triggered, which events are pushing the score up and what news story builds the background for them. Allowing the business expert to understand what is going on without having to read a single news article.
Based on the event cluster YUKKA Lab replicates how business experts read and evaluate the news. Together with its clients it has developed and refined the news-based scores for Risk, ESG, Investment and even Sales. The score condenses the world information overload into a single digit number that indicates the exposure of a company to risk factors or towards opportunities and thus making it easy to interpret and actionable for our customers. Based on the calibrated scores YUKKA Lab can trigger relevant alerts. Making sure you are always on top of the news for your market as well as allowing you to see things that only an AI that reads all news worldwide can see.
With a 24/7 screening of all news data out there, insurers are not only better and sooner informed, they are also more efficient. They are looking at more data in less time which increases the quality of decisions and allows them to process more deals in less time, driving revenues up and claims and cost ratios down. The real-time alerting and summary allow underwriters to assess masses of data with AI and get an edge over their competition in terms of speed, scope and accuracy. Predictive scores and signals on real-time news data are a differentiator in markets where most decisions are based on structured data sets.
How does it work?
YUKKA Lab tracks over 75k companies and over 160 events in over 750k news articles per day from over 100k global sources in English, Chinese, Russian, German, French, Italian and Spanish. By indexing the news in real-time and transforming them into a credit risk score much more data can be taken into the decision-making process of the underwriter including the audit track to retrace what information was available and how it was assessed. It is a fully developed SaaS and API solution that is implemented with global banking and reinsurance companies through the cloud as well as on-premise.
Why did we select YUKKA to present at DIA Munich 2022?
YUKKA Lab is news analytics and signal engine for the insurance industry that positively impacts efficiency and adds AI-assisted news data to the underwriting and credit analytics process. Resulting in more business, lower risks, and a retraceable audit track.
YUKKA Lab allows for the adoption of unstructured real-time data to make better decisions. The company makes use of NLP, Machine Learning and AI and pairs them with human expertise.
At DIA Munich 2022, Oliver Berchtold, Co-Founder & CPO of YUKKA Lab, will do a live demo on how the tool boosts efficiency and improves the ability of an underwriter to assess risk exposure. The case is built on collected experience with underwriters and credit analysts of reinsurers and banks.
About YUKKA Lab
The company was founded in 2017 and currently employs 25 FTEs. It is headquartered in Berlin and is globally active. The founding team consists of Andreas Pusch, Oliver Berchtold and Christian Richter, who together represent 40+ years of expertise in finance, media intelligence and SaaS. The company has pre-series A funding.
YUKKA Lab was picked by SwissRe and Plug and Play to predict credit rating migration solely based on use. After a successful six months POC, YUKKA refined its solution in an eight months MVP to then being implemented in the Underwriting and Credit Analytics process. The company works for o.a. SwissRe and Versicherungskammer Bayern.
”With YUKKA Lab we introduce a data-driven approach to news to unlock unique insights and transform the way we work through AI”Andreas Pusch CEO & Founder