Finity acquires AI firm

Finity acquires AI firm

By July 17, 2019News

Finity is excited to announce that we have acquired Sydney-based machine learning and artificial intelligence analytics firm, Deep Logic.

We will leverage Deep Logic’s strength in the AI and machine learning space to add depth and diversity to the product suite and services it delivers to clients in its existing core markets of insurance, finance and healthcare, while adding a distinctly global edge. Products previously built by the Deep Logic team (under the Neuronworks banner) are used by most top 20 insurers in the US, the UK and Europe.

“This is an exciting acquisition for Finity that brings an impressive array of the highest level skills available in data science, analytics and software product development to our business. Deep Logic’s team strengthens our ability to further add value to our clients’ businesses and we are all excited at the prospect of working alongside such uniquely talented people” said Finity Managing Director, Scott Collings.

Since 1997, Neuronworks (and in turn, Deep Logic) has been using its advanced data science and mathematical modelling skills to solve real-world complex problems in a number of fields including insurance, banking and finance. Some of the highly operational software products developed by the team for leading companies around the globe include Talon (a machine learning platform, since purchased by Guidewire) and Claims Outcome Advisor (a predictive tool for bodily injury claims estimation, now owned by Verisk).

“Deep logic has a long standing relationship with Finity and the deepest respect for their work, culture and people. This acquisition will unlock synergies between our two businesses and provide enormous opportunity for us to help build the artificial intelligence capabilities of Finity’s clients,” added Paul Beinat, Principal, Deep Logic.

Deep Logic’s most recent product, MySelf, is built around an ‘artificial immune system’ approach to detecting anomalies in complex data such as financial transactions. The system includes a self-learning capability and has already been successfully trialled across a range of applications such as digital ad fraud and cyber security.

“The personal lines pricing team at Finity have a long history of collaborating with Deep Logic and are looking forward to working more closely with the team to bring innovative solutions and the best thinking in AI and machine learning to our clients’ pricing and portfolio management needs” said Finity’s Personal Lines pricing practice leader, Nelson Henwood.

The Deep Logic team join Finity’s Sydney office in mid-July.