Title Insurance Tech Startup Launches AI-Driven Claims Automation Solution

Neoreasoning aims to transform the traditional claims handling process, injecting speed, accuracy, and efficiency through smart automation.

(Image source: Neoreasoning homepage.)

Neoreasoning, a startup aiming to deliver innovative solutions that empower title insurers and provide a superior customer experience, has launched a new technology product designed to automate title insurance claims handling using the cutting edge of generative AI and Large Language Models (LLMs). Through the new tool, the vendor aims to transform the traditional claims handling process, injecting speed, accuracy, and efficiency through smart automation.

Neoreasoning describes its software application as leveraging advanced generative AI to interpret, process, and manage title insurance claims with unprecedented precision. By integrating state-of-the-art large language models (LLMs), the software application is able to understand nuances in customer communications, title commitments, lien records, legal descriptions of properties, and other relevant documents, automating responses and decisions with a level of empathy and understanding that mirrors human interaction, the vendor says.

Key benefits of the new application include the following, as described by Neoreasoning:

  • Speed: Neoreasoning drastically reduces the time from claim initiation to resolution, processing data and decisions at speeds that humans cannot match.
  • Accuracy: With a foundation built on advanced AI, Neoreasoning minimizes errors, ensuring accurate claims management and customer satisfaction.
  • Cost Efficiency: By automating routine tasks and decision-making processes, title insurers can significantly lower operational costs and redirect resources to other critical areas.
  • Customer Satisfaction: Fast, transparent, and effective communication helps in building trust and satisfaction among claimants, improving overall customer service.

“Claims handling in the title insurance industry looks different compared to other lines of insurance. As a claims counsel for a Fortune 500 title insurance company, the grind was real – I used to be buried in customer communications, title commitments, lien records, property legal descriptions, and more,” says the company statement. “Now, with Neoreasoning, document reviews for claims are instantaneous, and drafting of resolution letters is automated. It’s a complete transformation in efficiency. We are setting a new standard for AI applications in the title insurance industry. We hope to build a tool at the forefront of leveraging AI to meet the evolving needs of both title insurers and policyholders. Our technology will not just change the way claims are handled; it will revolutionize customer interactions and operational efficiencies.”

Neoreasoning reports that it is currently being rolled out to select customers and now taking registrations for the waitlist, with a full market launch expected later in the year. This rollout includes detailed customer support and comprehensive training for clients to maximize the potential of this technology, the company statement says.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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