According to reports, the groundbreaking platform empowers insurers with the capability of natural language processing (NLP) to enhance language-intensive workflows, ultimately improving operational efficiency and reducing costs.
The expert.ai Platform for Insurance enables insurance providers to revolutionise their underwriting and claims processes. By harnessing the power of enterprise insurance language models, insurers can leverage NLP to streamline document reviews, extract crucial data, and prioritise submissions or claims based on complexity, assigning them to senior adjusters or expediting their review process.
The expert.ai Platform also enables insurance teams to automate repetitive tasks such as document reviews, data extraction, and assessments. This automation allows insurers to free up valuable time, enabling them to focus on crucial tasks like mitigating underwriting risks, determining coverage, and conducting preliminary claims investigations. Key capabilities of the platform include:
- Out-of-the-box data extraction for commonly required data fields.
- Routing of claims and submissions based on urgency, severity, and intent.
- Extraction of key exposure factors, such as coverage exclusions, limitations, and pre-existing conditions.
- Accurate summarisation of documents for human review, including pre-assignment of risk grades for validation by property risk engineers.
- Data redaction to comply with GDPR (General Data Protection Regulation) and protect personally identifiable information (PII).
- Categorisation and elimination of unnecessary records from review cycles.
- A customisable insurance-trained language model.
The expert.ai Platform for Insurance seamlessly supports various aspects of the insurance industry, ranging from submissions and claims management to policy comparison and risk engineering, even for the most intricate and language-intensive use cases.
The platform delivers notable benefits to different stakeholders within the insurance sector. Risk engineers can automate scoring, identify unintended exposure, and detect policy inconsistencies for commercial building insurance, leading to increased review capacity and automated risk scoring across ten key categories. Underwriters can expedite policy reviews, comparisons, and routing based on underwriting triage guidelines, reducing leakage and risk exposure while ensuring coverage certainty and standardisation.
This results in faster quote generation, saving two hours on every policy review, and providing 24/7 coverage of submissions across channels. Claims handlers can automatically extract critical content, accelerating claims processes and enabling subject matter experts to focus on high-value tasks. This leads to reduced claim review times by over 50%, improved objectivity and accuracy, and a significant reduction in document review times by 90%.
Walt Mayo, CEO of expert.ai, said the potential of artificial intelligence in transforming insurance operations, improving combined ratios, and establishing a lasting competitive advantage for insurers. He stated, “The expert.ai Platform for Insurance provides AI-based NLP solutions that deliver real value to insurers, with high levels of accuracy, significant time savings, tangible capacity gains, and better customer engagement.”
Source: PR Newswire
