The human arsenal has always enjoyed having a ton of valuable components, but to be honest, it has still never possessed anything more significant than that tendency to improve under all circumstances. We say this, by and large, because the stated tendency has enabled us to hit upon some huge milestones, with technology emerging as a rather unique member of the group. Talk about why technology’s credentials are so anomalous, the answer literally revolves around its skill-set, which was unprecedented enough to conceive a reality that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide and made it the ultimate centrepiece of every horizon. Now, having such an ingenious idea run the show did scale up our experience from all conceivable directions, but even after reaching so far ahead, this prodigious concept called technology will somehow continue to bring out the right goods. The same has turned increasingly evident over the recent past, and assuming a new collaboration pans out like we envision, it will only make that trend bigger for the future and beyond.

Piie Inc, an insurtech providing an intelligent payment engine, has officially announced a partnership with ThetaRay to create an advanced AML solution for insurance claim payments. Under the agreed terms, Piie will integrate ThetaRay’s AI-driven SONAR transaction monitoring AML solution into its payment-as-a-service platform with a view to monitor and detect any potential anomalies that could be a sign of some suspected financial crime. But why did the company particularly pick ThetaRay? Well, you see, ThetaRay SONAR solution is based on a proprietary form of AI, artificial intelligence intuition that is well-equipped to replace human bias, and therefore, gain an unmatched edge in terms of recognizing inconsistencies across the board. By doing so, the technology empowers banks, fintechs, and other relevant financial institutions to put-together an expansive risk management strategy. This, notably enough, covers providing the option to create a full picture of customer identities, including across complex transaction paths. Such an in-depth insight then paves the way for rapid discovery of both known and unknown money laundering threats, while also delivering a 99 percent reduction in false positives, if we compare the figures with your usual rules-based solutions. All in all, the stated SONAR system can be of great utility when the goal is to improve customer satisfaction, cut back on compliance costs, and increase risk coverage.

When quizzed regarding ThetaRay’s capabilities, Ritesh Kirad, CEO of Piie, Inc, responded by saying:

“ThetaRay’s advanced AML monitoring capabilities complement Piie’s focus on a modern, secure payments architecture that reduces cost, improves efficiency, and delights policyholders.”

Piie, on its part, has been an innovation leader around the insurance technology block. The company’s excellence in delivering AI-driven and real-time insurance payment solutions has placed it among the biggest providers of the said service, and taking the partnership with ThetaRay into account, it should now viably hope to strengthen that position sooner rather than later.

“Piie is revolutionizing how payments are processed within the insurance sector as the financial industry undergoes a digital transformation that is improving the customer journey for insurance companies,” said Mark Gazit, CEO of ThetaRay. “We are proud to partner with an insurtech that is focused on digital payments that enable companies to process insurance payments with lower costs and greater speed and accuracy.”