(Image source: Patra homepage.)
Patra (El Dorado Hills, Calif.), a provider of technology-enabled services for the insurance industry, has partnered with expert.ai (Modena, Italy), provider of an artificial intelligence solution for natural language understanding and natural language processing (NLU/NLP), to integrate expert.ai’s AI-based platform into Patra’s policy review process.
Patra characterizes the partnership as delivering AI-powered policy checking to the insurance market, combing expert.ai’s technology and expertise along with the market power of the members of the InsurConneXtions Alliance, a group of insurance leaders brought together by Patra to develop and distribute technology solutions and industry standards to drive insurance processing efficiencies.
Ensuring accurate language understanding at speed and scale, expert.ai enables global organizations to leverage its mature and proven AI-based natural language (NL) platform to automate the reading, understanding, and extraction of meaningful data from structured and unstructured text to augment and expand insights for every process that involves language, according to a Patra statement on the partnership. By integrating expert.ai’s AI capabilities, Patra asserts that it will improve quality, reduce friction, and drive out inefficiencies in the process of manually reviewing and cross-validating dozens to hundreds of pages of text for any given policy. “These capabilities will facilitate a deeper understanding of data, enabling previously out-of-reach insights due to the vast and complex nature of language semantics,” the statement says.
Better Understanding Books of Business
The Patra statement adds that, with close to 80 percent of the information circulated within the insurance industry being unstructured data, intelligent automation based on human-like understanding is a critical factor for competitive advantage, as it increases capacity, reducing inefficiencies and high-risk vulnerabilities. By applying the power of artificial intelligence to policy checking, Patra says it is providing agencies, wholesalers, MGAs, and carriers a better understanding of their book of business and helping them understand pricing behaviors, and coverage dynamics by risk appetite. “These capabilities will unleash a new generation of opportunities including proactive notifications versus reactive discoveries,” the vendor asserts.
“With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today’s technology,” comments John Simpson, founder and CEO, Patra. “Policy Checking has been one of the insurance industry’s biggest challenges for decades. Now, with expert.ai and the formation of the InsureConnXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing.”
Powering Language Understanding Across the Insurance Value Chain
“We’re honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review,” comments Walt Mayo, CEO, expert.ai. “We see this as a just the first step in working together to power language understanding in any application or process across the insurance value chain. The combination of expert.ai’s long history industry-best AI natural language understanding, and Patra’s deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry.”