expert.ai for Insurance

Expert.ai for Insurance uses AI-based Natural Language Understanding to help insurers bring automation and insight to claims and underwriting processes.

Unstructured information is at the heart of insurance processes. Medical reports, claims policies, risk analysis reports, contracts and email are just some of the types of documents that are essential for analyzing coverage, assessing risk and detecting fraud.

AI-based Natural Language Understanding (NLU) lets the expert.ai suite read, understand and extract data from documents the same way humans do.

As a result, essential details and data can be extracted, allowing repetitive, and time-consuming activities such as claims adjudication, underwriting and policy review to be automated and bringing a wider range of information to bear on the decision making process.

The outcome in claims management is more fraud signals identified, accurate medical data considered, and more claims given scrutiny rather than simply paying by default. And with the most time-consuming tasks automated, claim response time is cut to a fraction, leading to improved customer and broker experiences.

Increasing the volume of data considered during underwriting instead avoids unexpected risk exposure. Cutting research time produces underwriting offers ahead of the competition, and scaling document input helps insurers meet increasing demand and win more business.

Put expert.ai for Insurance to work:

Document recognition

Automatically recognize document types (such as medical reports, claim forms, invoices, FNOL, etc.) and review claim packages to evaluate their complexity and route them accordingly.

Data extraction

Extract relevant information from each document in seconds, such as the role (driver, victim, insured, etc.), the injury and treatment codes from the medical report (applying ICD-9 and ICD-10).

Automatic comparison and final valuation

Analyze the claim described within a report, understand if it is covered by the policy, help claims handlers determine liability, give suggestions based on the facts of the case.

Data uploading

Populate your claims database by automatically uploading the relevant data.

Speed up the quote

Automatically detect and extract information from submission forms and risk reports so underwriters can create a pre-quote fast.

Compare policies and slips

Extract the conditions, coverage, exclusions and endorsements to compare policies. Find the inconsistencies in broker slips, renewals and terms and conditions.

Streamline risk assessment

Extract risk factors from risk reports (energy, property, etc.) with a corresponding grade and assign an overall evidence-based risk grade to the locations to be insured. Learn more about expert.ai for Risk Engineering

The Business Advantages of expert.ai for Insurance

Increased efficiency based on high levels of accuracy in unstructured data access (human-like accuracy of >80%), faster processing times (from hours to seconds), standardization, detection of fraud signals, faster time to quote, increased sales capacity, consistent and accurate compliance and auditing, reduced reserving and leakage, reduced exposure to risks and improved customer experience.

What documents can be managed with expert.ai for Insurance?

Expert.ai for Insurance enables easy and accurate access to key pieces of information present in unstructured documents for Claims (medical reports, accident descriptions, legal correspondence, emails and pdfs) and those used in the underwriting process (such as third-party risk reports, requests for quote, contracts and policies, emails, pdfs and more).

Does expert.ai for Insurance support any other Insurance processes?

We drive automation in many other insurance processes, including compliance and customer care.

How can expert.ai for Insurance support my Legal Department?

It is very common for an Insurance company’s legal department to spend time reviewing and comparing legal documents to ensure compliance and consistency across the organization. In the review of existing policies, you can automatically analyze clauses and compare them to reference policies to flag misalignments and excessive exposure. In the case of new regulation entering into law, expert.ai Insurance can identify the impact on your company, pinpointing the legal documents or policies, process and procedures that must be updated.