Scout InsurTech Interview with Kyber

Kyber is a document geeration and delivery platform. They help claims teams instantly draft, review and send complex regulatory notices. Andrew Daniels sat with CEO and Co-Founder, Arvind Sontha, to learn more about how Kyber is impacting the industry.

What is Kyber’s client focus?

“We've been focused on carriers as well as claims TPAs. For carriers, the product makes the most sense when they have an in-house claims function, and in those cases, we’re specifically talking to their Head of Claims. Claims TPAs generally make sense given the fact that they tend to work with multiple carriers and process a bulk of their claims.”

What does your product do?

“We help claims teams instantly draft, review and send complex regulatory notices.”

How much capital have you raised?

“We've raised over $1 million.”

Was the company born from within or outside the industry?

“We’re a hybrid of experience in insurance mixed with technical background from outside the industry.”

What growth metrics have you accomplished over the last 12 months?

“At the beginning, we were exploring a ton of different use cases on how to apply generative AI to insurance. Last year was mostly that exploration of finding a niche problem where there was a large enough pain point that we felt confident that we could actually build and launch a compelling product solution. Even though we had already reached 6 figures of revenue by the end of last year, we've doubled down on this specific problem and actively brought that solution to this point. We’ve already successfully migrated a few carriers off of incumbent solutions and onto our product, and we have a few active pilots.”

Within your domain, what is the current challenge that the industry is facing?

“P&C has been struggling with claims, not just from the growth in claims but also from inflation. When the combined ratio goes over one, we end up in a hard market inside of the P&C industry. This is what's driving a lot of carriers and TPAs to look at how we operate and how they can drive operational efficiencies. It's an unfortunate side of the market right now, but that's also something that we're excited to solve. Can we apply this technology to help solve critical industry problems?”

How does Kyber take a unique approach to providing value?

“Where it comes down is looking at this from an AI-native perspective. How do you automatically reason over the context of a claim, the policy-field adjuster estimates or any other type of interesting information to go about creating 95 percent complete work artifacts? Then over time, leverage the existing data that continues to drive better, specialized qualities. Was it specialized for that company's deployment of the product? That's where we've been seeing potential to leverage preexisting best-in-class artifacts from an organization having some baseline level of out-of-the-box performance while also taking a different approach. We're coming from the perspective of what's possible with AI to go about creating totally new workflows.”

What inspired the team to start this company?

“If you look at our founding backgrounds, my experience was deeply inside of applied ML and applied AI at Google. After that, I became a tech lead for Google Search doing user personalization on their user-modeling platform. My co-founder was a longtime PayPal guy and Director of Product at Ladder Life and Next Insurance. He brings a lot of the fintech regulatory and insurtech expertise, while I bring the applied ML and AI expertise. When we realized that we were ready to start building a company, we were looking at a lot of different opportunities at the intersection of that.”

Can you share any goals for the next 12 months?

“Our goal is to refine and enhance the general value that our product is driving. As Peter Thiel puts it, businesses create X amount of value, and they capture Y percentage of it. We don’t care much about Y percentage right now. The bigger value that we can create, the better it is for our business long term. We continue to innovate in this space, introducing new types of products, modules and paradigms to re-imagine an archaic workflow.”