There are certain processes that underwriters cannot do their job without. One that we have discussed at length is risk engineering, but today the focus is on policy review and comparison. This process helps to ensure contract certainty and limit risk exposure prior to the underwriting process.
Unfortunately, there is nothing easy or expeditious about reviewing an insurance policy. With policies often topping 100 pages of dense, textual information, it can take several hours for a single person to complete one thorough policy review. Insurers are all too familiar with this painful inefficiency, as policy reviews are performed quite frequently, including:
- when you receive a new submission.
- when brokers send a request for renewal.
- when aligning in international programs your local policies to your master policy.
- when unexpected new risks or rare events (e.g., COVID-19) open up potential areas of exposure.
- when aligning a carrier’s binder to its own policy.
So if policy documents cannot be simplified, how can the process be improved? This is one question insurers have been asking since the dawn of time that remains without a clear answer…until now.
Our AI-Based Solution to Policy Review Pain Points
For insurers, automating the policy review process is the logical solution to their troubles. However, this requires AI to be able to read and process documents with a human-like level of understanding. Only a model that leverages a symbolic approach to AI can provide the knowledge required to understand the meaning within policy documents. Fortunately, our natural language understanding technology does exactly that.
Language-intensive processes such as policy review continue to become more onerous as the volume of policies and documentation required of them grow. If you cannot properly support your team in making the review process more efficient, you will continue to miss out on the economic benefits that are available to you.
With expert.ai natural language technology available to augment your manual capacity to capture and process key policy information, policy review can quickly become an advantage, rather than a burden. Your team will not only produce more in terms of output but will recover valuable time that can be applied to other priority tasks.
Let AI review the policy review and make your data mean more. You can start today.