Getting Generative AI in Production with Amazon Q and Concirrus! Let’s Build a Startup S2E14

Our 14th episode of Let’s Build a Startup dives deep into the world of Generative AI (GenAI), featuring Vinod, the co-founder and CTO of Concirrus, and AWS Solutions Architect Karan. Together, they discuss the power of Generative AI, Amazon Q and how it’s revolutionising the fintech and insurance industry.

In this episode, AWS Startup Solutions Architect Jamila Jamilova invites Vinod Singh, co-founder and CTO of Concirrus, and AWS Solutions Architect Karan Tanvi to discuss building GenAI-powered applications using Amazon Q for Developers. They also explore how Concirrus is using AWS to disrupt the insurance market by leveraging AI and machine learning for risk assessment and operational efficiency.

In the episode, Karan showcases how Amazon Q for Developers enables teams to write, optimize, and troubleshoot code faster, all within the AWS console and from your favourite IDE. He highlights the simplicity and flexibility of the platform, making it accessible for various personas, from developers to network engineers. Karan also gives a live demo of how Amazon Q can optimize DynamoDB performance by rewriting inefficient code, reducing costs, and improving overall system efficiency.

Concirrus was built on the belief that behavior is a more accurate indicator of risk than historical data alone. The company specializes in leveraging IoT, big data, AI, and machine learning to reshape the insurance industry by providing more accurate risk assessments and optimizing operations. They targeted two critical areas of the insurance process: risk selection and operational efficiency. This allows underwriters to access better insights and make smarter decisions when it comes to premiums and risk.

Leveraging AWS GenAI services for Faster, Scalable Solutions
Concirrus’s AI-driven SaaS platform uses AWS to create a cloud-native, scalable solution. The company’s product automates document processing, integrates advanced machine learning models for risk assessments. The AWS services allow Concirrus to manage millions of documents and extract valuable insights in real-time, reducing the time needed for manual data entry from 48 hours to just a few seconds. They also use Generative AI to summarize documents and generate meaningful narratives from vast data sets, making it easier for underwriters to comprehend complex information.

Expanding Concirrus’s Impact with AI-Powered Automation
By leveraging AWS services, Concirrus has seen a 400% increase in operational efficiency for its clients. Their platform processes 700TB of data, increasing daily, helping insurers automate underwriting and improve risk assessments. This AI-powered approach not only improves profitability for their clients but also positions Concirrus as a leader in innovation within the insurance space.

Looking forward, Vinod hints at exciting developments, including the integration of a Generative AI chatbot tailored to specific customer needs, aimed at enhancing user experience and offering real-time insights.

· Generative AI can drastically reduce manual processing time from days to seconds.

· Amazon Q simplifies development and helps business users interact with large data sets through natural language queries.

· AI-driven solutions like Concirrus.ai are disrupting traditional industries by enhancing operational efficiency and delivering more accurate insights.

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· Amazon Q

https://aws.amazon.com/q/developer/

· Links to Concirrus:

Linkedin page https://www.linkedin.com/company/concirrus/?viewAsMember=true

Website https://concirrus.ai/