YUKKA Lab: Realtime News-Analytics for Underwriting
Underwriters are used to mainly look at data from the past to assess risks. Yet today, underwriters can greatly benefit from pairing this historic data with real-time data to get a more complete picture. But how to make sure that underwriters are not completely drowned in information and data? Unstructured data from a multitude of sources has to be analysed, read and understood in order to evaluate and be used as a reliable basis for decision-making
YUKKA Lab provides business experts like underwriters with a data-driven approach to the latest news by indexing the media landscape in real-time. Operating at the forefront of AI Technology, YUKKA Lab analyses, over 700,000 news articles from more than 150,000 licensed and public news sources per day, and translates them into scores and signals for next-level risk, ESG, sales and investment management. Their proprietary scoring engine replicates how people read and assess news, allowing insurers to save time and make better business decisions. . YUKKA Lab makes news measurable: turning unstructured news data into easy-to-understand and actionable insights.
How it works
YUKKA Lab’s solution is comparable to a personal assistant that would constantly read the world’s news in English, Russian, Chinese, Arabic, Spanish, Italian and French, covering 700,000 articles per day. It creates a data-driven summary to help identify and prioritize the most risk exposure, essentially transforming unstructured data that underwriters used to read into measurable data points. This approach avoids biases and having to randomly pick from filters. It helps underwriters to look at the right topics and capture all information in a document.
To identify certain problems, for example related to sustainability or creditworthiness, insurers need to look at all their suppliers, counterparties, clients, and investments. YUKKA Lab gives insurers this data-driven approach to news. This can be an ESG risk score, but also a news-based credit risk score, an immediate risk score, or a pull and bear score for investment. Insurers can also create custom scores simply by picking the events that are relevant to their business.
Why did we select YUKKA Lab for ITC DIA Europe?
The amount and types of available data have drastically increased through digitization. This growth in digital data has given rise to opportunities for automated content assessment, to quickly build an understanding of opinions and trends contained in text data. Using several AI techniques, YUKKA Labs allows for the automated discovery of sentiments and strategic knowledge contained within financial news – turning unstructured news data into easy-to-understand and actionable insights for insurers.
At ITC DIA Europe in Barcelona, YUKKA Lab introduced its prototype for LLM, which is a conversational interface that has all the news data in real-time about each portfolio, which is as easy as talking to your colleague.
Who is YUKKA Lab?
YUKKA Lab is a German company mainly located in Berlin, founded in 2017 and employing 25 AI experts. CEO and Founder Andreas Pusch is an experienced serial entrepreneur and Fintech investor with a long-standing background in the finance industry. He is passionate about providing customers with clear-cut solutions that truly simplify their investment decisions.