Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.
Why is GenAI Different?
In our opinion, beyond everything else, the following three characteristics of GenAI make it very different from previous generations of AI/ML:
Insurance Complexities and Limitations of Traditional AI
Insurance is saddled with enormous manual processes that make it error-prone, expensive, and slow. A lot of insurance processes still rely on exchanging documents up and down the value chain. Brokers need to fill out complex forms, review multiple quotes and policies to effectively inform their insured clients about their choices, and then check policies thoroughly for errors. Issuing certificates, managing mid-term alterations, and renewals are all still largely done manually. Insurance companies are also still analyzing forms sent by brokers, reading claims reports and matching them against policy coverage, issuing reinsurance bordereau, and performing many other similar tasks manually.
Traditional ML tools cannot process and analyze insurance language or extract insights from these complex documents. Standard workflow and robotic processing automation (RPA) technology do not support true AI-guided workflow or AI-guided human review and decision-making. This is where GenAI can make a huge difference.
The BluePond.AI Approach to Making GenAI Work in Insurance
While GenAI tools natively bring a high degree of English language understanding and analysis capability, they do not understand insurance concepts. To make effective software for automating human tasks, machines need to understand the insurance terminology, the context of a process or purpose of a document, the references between various documents (e.g., the policy associated with a claim assessment report), different coverage types, and more.
Therefore, to solve complex insurance process automation and document-understanding tasks, BluePond.AI has built our proprietary “P&C Domain Reference Library” to serve as a repository for insurance language, entities, values, fields, coverage, and document types. This reference library is the master orchestrator of the repository consisting of traditional and GenAI tools that, when used in symphony, can execute tasks like a trained insurance professional, thus creating a unique P&C insurance “CoPilot.”
Whether you're an insurer, reinsurer, third-party administrator, or broker, our GenAI-based “CoPilot” approach can help resolve persistent challenges within the insurance industry.
Insurers & MGAs
Brokers and Agents
Reinsurers
BluePond.AI: Taking the Friction out of Deployment
The potential of GenAI in the insurance industry is vast. We foresee there being a significant ability to automate complex human processes, leverage AI to guide human review and decision-making, and extract not just data, but also insurance insights from the language in complex documents. That’s why we created the P&C CoPilot Platform. The platform can analyze documents, extract values and fields, and derive insurance insights from complex language (e.g., coverage comparison from two different types of policy documents). However, one might wonder about the difficulty of executing a GenAI strategy in-house. Even if you have a team with deep experience in software engineering or traditional AI, the fundamental construct of GenAI systems is different so it requires a different approach to execution.
For that reason, we have configured our P&C CoPilot Platform as a ready-to-deploy Platform as a Service (PaaS) for any P&C industry participant. With this approach, you will not waste time procuring, testing, configuring, and integrating the fundamental building blocks that are required for a typical GenAI application. The platform is fully configured and ready for quick deployment either as a fully managed PaaS in your environment or as a multi-tenant Software as a Service (SaaS) in ours. It is designed to connect to various data and document sources, an API gateway to connect to internal and external services, and enable seamless enterprise integration.
BluePond.AI manages the ever-evolving GenAI landscape and connects to various best-of-breed services behind the scenes so that you can focus on the insurance use case. We offer complete execution support on data science and software engineering, and post-production human-in-the-loop processing support if required. Even if you have the right GenAI expertise and infrastructure, our platform can still save up to 12 months of setup time and expenses, while providing use case acceleration with our P&C reference library.
To learn more about BluePond.AI and how you can successfully leverage GenAI, visit www.bluepond.ai.