Industrial generative artificial intelligence company Zapata Computing Holdings Inc. and KPMG UK, an audit, tax and advisory services firm, have successfully completed a client project to optimize the compliance models of a global insurance company.
By leveraging Zapata’s analytics, optimization, and generative AI capabilities, the project aims to transform the client’s risk, operations, and compliance modeling.
KPMG actuaries, working with Zapata data engineers, will convert one of the client’s compliance models, comprised of tens of millions of inputs, and build an optimized solution with innovative algorithms.
The new approach would reduce calculation time by more than a thousand times, while maintaining accuracy and allowing the customer to meet compliance requirements. Customers would have submitted approximations in advance rather than actual finished calculations.
Christopher Savoie, CEO and co-founder of Zapata AI, commented: “KPMG UK is one of the most trusted professional services firms when it comes to helping clients manage risk, comply with regulations and improve overall business performance.
“The transformative results we have demonstrated for this insurance client are applicable to any company struggling to manage and maintain highly complex, resource-intensive computational models on legacy systems and architectures.
“Zapata’s ability to deliver value quickly is especially meaningful to our clients given the current environment of scarce computing and data science resources. Zapata AI is proud to partner with KPMG UK to combine our technical and domain expertise and thought leadership to deliver client value.”
Feargal De Burca, Partner at KPMG UK, concluded: “The Zapata AI team has demonstrated remarkable results in optimising large and complex model workflows for our insurance client.
“Zapata’s expertise and technology solutions have the potential to transform the way financial services and insurance companies operate by delivering efficiencies and innovative digital transformation programs.”
