AI is transforming the way we access and process information. In 2022 WaveFx had closed an early-stage investment in Lazarus AI, a revolutionary document understanding company out of Cambridge, Massachusetts. This investment includes ongoing support with an end-to-end operational model featuring efficient, scalable workflows tailored to their business objectives, aimed at propelling Lazarus AI’s growth.
Lazarus AI has developed an ambitious Enterprise AI for document understanding and data activation. RikAI-2, their new language model (LLM) processes data in various forms, such as PDFs and images, with use cases in healthcare, insurance, law, financial services and more. It can handle tasks ranging from data extraction, to summarization, to classification to reasoning. Impressively, it provides full explain ability for all its actions, so meaningful human supervision is very easy.
“We’re focused on collaborating with founders who are pioneering innovative technologies to solve difficult problems that matter to society,” says Al Peters, Founder of WaveFx. “We will be supporting the team in their company building process and scale.”
Lazarus AI's mission is to help businesses tackle the world's toughest data problems. Their powerful Optical Character Recognition (OCR) technology, combined with a proprietary LLM trained exclusively for business, ensures superior performance even with challenging inputs like unstructured data, EKGs, or physician handwriting.
Co-Founders Ariel Elizarov and Anish Patel have launched an API-only service offering that streamlines data processes for documents and images, including insurance claims, patient intake forms, medical records summarization, APS (Attending Physician Statements) lab results, adjuster reports, Prior Authorization Forms, loss runs, earnings calls, among other examples. API connection positions clients to benefit from Lazarus technology without restructuring existing assets, with an expectation of rapid time-to-value.
If it can fit into a PDF, TIFF, JPEG or PNG, Lazarus AI’s technology can read it, understand it and add value.
In an interview with Insurance Nerds in May 2023, Ariel explained, “Lazarus AI is an advanced document understanding company using large language models (LLM) to help companies do document understanding. That’s a whole lot of buzzwords, but what it effectively means is that you can take any document, ask any question or set of questions on top of that document and get out answers. You can turn a 200-page medical PDF into a 5-sentence summary with every condition and every medication... or whatever you want the output to be.” (1)
The neural network grasps forms and data, such as key-value pairs, urgency detection, and table extraction, right out of the box. Their RikAI-2 model contextualizes scanned, hand-filled or fully digital documents, seamlessly integrating into existing business processes to boost cost savings and scale efficiencies. It can also handle more complex tasks, such as identifying atypical clauses and detecting fraud in images.
It also saves a LOT of time.
For instance, disability claims typically take an average of three weeks to process because they involve verifying legal and medical documents, linking information to policies, and thoroughly documenting everything. Lazarus AI’s technology has dramatically reduced this timeline from three weeks to just 30 minutes for reviewing and approving a disability claim.
The technology is optimizing efficiencies and reducing timelines in other areas, including mergers and acquisitions (M&A), risk assessment in underwriting and summaries of benefits and coverage (SBC) in insurance.
“Working with Lazarus means getting access to a team that understands the technology and the enterprise workflow. We’ve found that for companies that want to get immediate value through AI, we’re able to have some quick conversations and recommend the best path forward; and since our models are deployed via API, if you know exactly how you want to use our models, then by all means, go ahead,” says Kevin Lo, Chief Design Officer at Lazarus AI.
“Teaming up with Lazarus AI is a really cool endeavor,” says Al. “Their technology is saving time, effort and financial resources across various industries. We’re thrilled to be apart of their founders’ journey with them.” says Al Peters, Founder of WaveFx.
About WaveFx
At WaveFx we understand the founder’s journey because we’ve experienced it; in technology, health care, energy, manufacturing and hospitality. We provide strategic support and flexible funding to purpose-driven founders who are changing the world. We value listening as the pathway to holistic growth, rooted in learning, purpose and values. We offer a comprehensive suite of solutions to build efficient, resilient workflows and business systems that focus on the intentional directional management of actions and objectives.
Ours is a community approach. Let's build something incredible. Together.
Learn more at www.wavefx.com or by contacting al@wavefx.com.
About Lazarus.AI
Lazarus AI builds explainable AI systems to help solve the world’s most challenging problems.
Learn more at www.lazarusforms.com
Sources:
Insurance Nerds, PIR Episode 412, May 9, 2023
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