Poetic, an artificial intelligence start-up, with $50 million in funding has revealed its intention to help businesses streamline complex tasks, including insurance underwriting.

American International Group, the international insurer with offices in Bermuda, has used the company’s products successfully, Poetic said in a press release.

OpenAI, Kleiner Perkins and veteran tech investor Peter Thiel's Founders Fund have also backed Poetic, the company announced. The company is now valued at $500 million.

Poetic said that at AIG, its technology produced “99-plus per cent accuracy on a complex, multi-hour process that previously required significant manual effort”.

Working with another customer, US bank SoFi, Poetic also said it reached 99-plus per cent quality executing fraud investigations end-to-end in the space of five weeks.

Poetic was founded by Markie Wagner, who previously launched an AI consultancy called Delphi Labs and worked on machine learning at Google and Waymo.

Ms Wagner said: “We built a new kind of software that learns like AI but runs like code, so the hardest work in your business finally gets done reliably, allowing your business to evolve faster and operate at a scale that was previously impossible.”

Poetic's technology is already deployed at some of the world's largest financial services organisations, the company said, “having driven double-digit millions in savings for Fortune 500 companies automating their most difficult, high-stakes processes like transaction monitoring and disputes investigations”.

Leigh Marie Braswell, a partner at Kleiner Perkins, said: “The fact that they were able to automate at the largest companies with the highest requirements is a reflection of how deeply the product works.”