Patra, a leading provider of technology-enabled services for the insurance industry, and expert.ai, the premier artificial intelligence solution for natural language understanding and natural language processing (NLU/NLP), today announced a partnership that brings efficiencies to a variety of insurance processes. This partnership delivers AI-powered policy checking to the insurance market today. By combing expert.ai’s technology and expertise along with the market power of the InsurConneXtions Alliance members, additional complex solutions are currently being developed for the industry.
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. By integrating expert.ai’s cutting edge AI capabilities, Patra improves quality, reduces friction, and drives out inefficiencies in the process of manually reviewing and cross-validating dozens to hundreds of pages of text for any given policy. These capabilities facilitate a deeper understanding of data, enabling previously out-of-reach insights due to the vast and complex nature of language semantics.
In working together, both companies are satisfying the growing demands in the insurance industry of leveraging advanced natural language and ML capabilities to address challenges in policy checking risk exposure. With close to 80% of the information 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 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.
“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,” said John Simpson, CEO and Founder of Patra. “Policy Checking has been one of the insurance industry’s biggest challenges for decades. Now, with expert.ai and the formation of the InsureConneXtions 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.”