QBE has invested in HyperScience, a machine learning company developing artificial intelligence to automate office work.

The insurer has entered a multi-year commercial agreement to use the technology.

It is the third investment from the $US50 million ($67 million) QBE Ventures insurtech fund, established last year.

HyperScience helps large organisations reduce their dependency on costly, slow and error-prone manual data entry. Users include global financial services groups, while target areas include healthcare and government departments.

“This is a practical use of artificial intelligence that will, in a short time, add tangible value to our business,” QBE Group COO David McMillan said.

HyperScience is automating the conversion of human-readable content into machine-readable data, in a process that is faster and more accurate than alternatives.

It allows “straight-through” processing even for handwritten and low-resolution documents, and makes data available that was trapped in static and unsearchable documents.

“We’ve started with manual data entry because it’s where we can immediately have a meaningful impact on a pervasive problem, but our roadmap takes us beyond that,” HyperScience CEO Peter Brodsky said.

“For example, we’re working with QBE to rethink key aspects of its operational platform in a way that enables it to service customers in a more scalable, effective and personalised manner.”