InforMedic
Transforming Insurance Document Review with Innovative AI Solutions

Bringing a fresh engineering perspective to the insurance industry, Tan Phan and Pranav Rajan are replacing the cumbersome and expensive insurance underwriting process with an accurate, fast and compliant alternative. Their journey from engineering enthusiasts to insurance technology innovators is a testament to their passion for problemsolving and highlights the power of interdisciplinary collaboration.

Equipped with a keen desire to tackle real-world problems, the duo delved deep into the insurance field, seeking guidance from industry experts and stakeholders. Phan and Rajan’s interactions with key decision-makers and involvement in esteemed programs such as the Global Insurance Accelerator provided them with profound knowledge and understanding of the critical pain points experienced by insurance providers.

Today, they are at the helm of InforMedic, a company addressing the integration of modern tech with outdated insurance systems. It ensures smooth product integration, aiding incumbent insurer adoption with a team of 10 experts, including developers, business analysts, and quality analysts led by a CTO with over 20 years of experience in AI and ML.

InforMedic’s platform harnesses AI/ML to accurately automate manual document review processes across various areas, including claims, annuity suitability, and life insurance underwriting. Whether extracting vital information from complex medical records or analyzing intricate application data, InforMedic delivers accuracy and efficiency.

“Our solution enables insurance providers to focus their resources on value-added activities by automating tedious tasks and providing actionable insights that drive operational excellence and customer satisfaction,” says Phan, reiterating the impact of its software.

Equally important to the company is a strong focus on compliance and data security. A testament to this is its partnership with First Rate, a leading provider of WealthTech solutions.

With First Rate’s robust infrastructure and continuous adherence to industry standards such as SOC 2 and ISO, InforMedic ensures the highest levels of security and regulatory compliance for client data.

Central to InforMedic's success is its client engagement approach, which encompasses innovative technology solutions, strategic partnerships and regulatory compliance. The company’s understanding of the insurance industry ensures solutions and product features are catered to a customer’s specific needs. The company regularly engages with subject matter experts and leaders within key divisions of an insurance carrier to delve into the root of their problems. Once collated, the insights enable the creation of a solution best suited for a client’s needs. InforMedic then demonstrates the impact of the proposed offering through proofs-of-concept (POC) using a small set of carrier data.

Our solutionenables insurance providers to focus their resources on value-added activities by automating tedious tasks and providing actionable insights that drive operational excellence and customer satisfaction.

Recently, InforMedic conducted a POC project where its team requested a few annuity application documents and ran them through the AI/ML algorithm to determine how it extracts, interprets and reports the information. At the same time, the company took note of the accuracy and other performance metrics, which exceeded 95 percent—a rare feat in the typically fragmented annuity documentation process.

Driven by a mindset of empowering carriers with cutting-edge solutions that drive efficiency, mitigate risks, and deliver tangible business results, InforMedic perfectly illustrates Phan and Rajan’s blend of engineering acumen and client-centricity. Moving forward, it is set to shape the future of insurance document review, one innovation at a time.