How Kenya-based start-up Peslac is using AI to simplify document processing

How Kenya-based start-up Peslac is using AI to simplify document processing

Peslac co-founder and CEO Jibril Kala

Peslac, a Kenya-based start-up, is using artificial intelligence (AI) to simplify document processing for insurance and financial industries.

Launched in 2023, the company, incorporated in the United States, has been using AI to extract and organise data in insurance claims and financial report document management, which have traditionally been done manually.

"A few companies have tried to digitize the process but most are still using manual processes. Employees are overworked and there are claim leakages that cannot detect fraudulent cases," CEO Jibril Kala told Citizen Digital.

Jibril says that a 500-page bank statement, for example, can be analysed in 30 minutes, making it easier for the bank to extract critical client data such as income streams and expenditures.

For medical insurance claims which would ordinarily take more processing time, Peslac's platform tool analyses claims and helps process them faster, leaving only those in need of deeper scrutiny to be processed manually.

"We saw that this will reduce that tedious manual work leveraging on AI tools. We have upwards of a 97% accuracy rate and this saves time and money for companies," Kala, who co-founded the company with Hakina Madey, adds.

Peslac gives first-time users a free trial for processing 1,000 document pages, after which they offer customised pricing options for users, billed per individual processing task.

So far, Peslac says they have onboarded two insurance companies, a bank, two microfinance institutions and two fintechs.

The start-up has received backing from the Africa-focused venture capital firm 54 Collective and says to date, they have raised over $150,000 in equity and $300,000 in debt.

Kala says they seek to expand to Nigeria and South Africa as they aim to cover the African continent.

Tags:

Citizen Digital Peslac

Want to send us a story? SMS to 25170 or WhatsApp 0743570000 or Submit on Citizen Digital or email wananchi@royalmedia.co.ke

Leave a Comment

Comments

No comments yet.

latest stories