4Paradigm is a Beijing based AI startup that is pioneering machine learning software in China. Founded by ex-Baidu R&D engineers, the 4Paradigm team were early pioneers of Baidu’s AI driven keyword anticipation feature and soon after joined China’s leading incubator to launch 4Paradigm.
At the core of 4Paradigm is a big data engine, however it’s the machine learning component that has established 4Paradigm as the ones to watch in China’s AI space.
Although 4Paradigm are targeting numerous industries, one of the most promising applications of their software is within insurance.
Specifically, China’s property insurers have long been plagued by fraudulent claims. In fact, fraud is the leading factor of property insurer unprofitability in China. 4Paradigm is addressing this by rooting out fraudulent claims at PICC, China’s largest property insurer.
4Paradigm founder and CEO Dai Wenyuan has remarked that “4paradigm is at the forefront of the development of deep learning and relational learning theory. It provides industry-specific patented technologies for practical problems of machine learning, including model self-learning, data-free cleaning, complex model interpretation and man-machine coordination.”
Unlike other claims solutions that store and analyse unstructured claims data, 4Paradigm’s approach not only identifies suspect claims but continuously improves the accuracy of this identification by parsing petabytes of claim data in order to broaden its ability to highlight subtle fraud indicators.
Ultimately, 4Paradigm is helping to turn the tide against fraudulent claims in China, and having just closed a B round led by Sequoia China, it’s well positioned to expand its offerings into AI driven underwriting and even customer service.