Sri Ramaswamy: Out With The Old, In With The Artificial Intelligence
Updated: May 6
Whether it’s car, life, homeowners or health insurance, as a consumer, you find that having insurance is one of the necessities of life. There is no getting around being insured, so you go from company to company looking for the lowest premium and best monthly price point. What you may not be aware of from a buyer's standpoint is that many insurance companies have outdated infrastructures and primitive technology, which causes slower processing times and higher premiums. Kelly Anderson has worked in the insurance industry for 15 years and has seen many customer complaints firsthand. Kelly stated, “It is hard for our examiners to process claims quickly due to regulations and outdated software. An end result is our customers pay higher rates to be insured and we receive many complaints about the slow collection when claims are filed.” Insurance companies that look for innovative or technologically advanced software and processes are key in moving the insurance industry forward.
Many companies arise with innovative ideas to update the processes as well as software used by insurance companies. Infinilytics is one of these, renewing how the insurance business operates. EnrichHER was graced with an opportunity to speak with Sri Ramaswamy, the CEO and Founder of Infinilytics, a technology-based startup in Silicon Valley that provides Artificial Intelligence and machine learning-based SaaS Solutions for the insurance industry.
EnrichHER: Tell us about your background and what prompted you to start Infinilytics.
Infinilytics: After starting two companies in India and Australia, I created sales strategies to solve common problems, such as branding for small businesses. My first business endeavor on my path was selling microwaves, and at the time it was new and exciting to help everyday people enjoy warm food after a long day of work. From there, I helped small mom-and-pop restaurants with brand awareness and marketing. As my profits started to increase greatly, I was able to enroll in Business School in Australia and get my MS in Information Technology.
Big data began calling my name, which ignited my passion to solve everyday problems in order to enhance our human experience. I took advantage of a huge opportunity in banking using technology to redesign disconnected CRM systems while making backend data more efficient. After getting six years of banking under my belt, my next destination where I could transfer my skill sets and better serve humans through data was in the insurance industry. This caused me to start using artificial intelligence as a way to innovate the claims process while reducing costs for carriers so that overall premiums could be reduced.
EnrichHER: What fuels your passion, and how have you applied it to your business?
Infinilytics: After 17 years, it was time to put everything I learned to use and start my own company using artificial intelligence to improve the insurance industry. I found that insurance companies used outdated technology that slowed the claims process down exponentially. The saddest part is everyday people get ripped off due to overcharging caused by inefficient claim processes. Being in IT and working in insurance allowed me to see what needed to be done and how to do it! There is no getting around it; insurance is necessary, but we need it done right. Technology allows us to process claims faster and smarter.
EnrichHER: What is your unique perspective on being a business owner? What three lessons did you have to learn to be able to thrive in your industry?
Infinilytics: The insurance industry is full of barriers due to regulations, outdated technology, and most importantly, slow-to-change policies. Being a woman in tech, I’ve been told horrendous advice from investors including “ You should hire a white male to run your company.” As a result, I’ve become more confident in my approach to business. Developing a thicker skin to deal with these adversities has helped me to overcome obstacles. There are always roadblocks on the path that leads to success, but I’m breaking through them all daily and solidifying my company with each triumph.
EnrichHER: Why does Infinilytics need working capital, and how do you plan to grow and scale?
Infinilytics: Updating our technology due to regulations in the insurance industry along with building a solid team to keep improving our product is extremely important. Working capital will put me in a position to close the gaps as well as close bigger deals. With proper funding, we will be allowed to expand our company brand and achieve and/or surpass our margins.
About EnrichHER We bring together a network of successful women-led businesses to accelerate business growth so that we cultivate a thriving ecosystem supported by business financing and a supportive community.
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