Generative AI for Insurance Data Extraction & Analysis | Generative AI for Insurance Industry

Architecture Diagram

Technology Stack

Problem Statement

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Complex Property Insurance Documents: Addressing the challenge of deciphering intricate property insurance documents, which often contain dense legal language and technical terminology.

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Efficient Data Extraction and Comparison: Streamlining the extraction, classification, and summarization of key insurance policy data to facilitate quick and accurate comparisons between contracts and offers.

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Language Barriers: Overcoming language barriers by processing documents written in non-English languages, ensuring accessibility for users.

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Data Privacy Compliance: Ensuring compliance with data privacy regulations, such as GDPR, by implementing encryption, access controls, and anonymization techniques to safeguard sensitive customer data.

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User-Friendly Policy Analysis: Providing a user-friendly platform for policy analysis, enabling users to easily navigate and understand complex insurance terms and conditions.

Solution Overview

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OptiSol worked with a startup company in building a Minimal Viable Product (MVP) for efficiently processing complex Property Insurance documents in Switzerland using Natural Language Processing (NLP) and GPT-based models.

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The solution will extract, classify, and summarize key insurance policy data, including coverage, deductibles, exclusions, and limits, from uploaded PDF documents in the non-english languages like German, Arabic etc.

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To protect sensitive customer data, the solution will incorporate encryption for data at rest and in transit.

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AWS cloud hosting with robust security measures, access control, and anonymization techniques will ensure GDPR compliance.

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In addition to document processing, the solution will offer advanced features such as comparing insurance contracts and offers, anonymizing sensitive data, and implementing a question-answering system for precise information retrieval.

Business Impact

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Efficiency and Cost Reduction: The solution optimizes document processing, leading to significant time and cost savings for insurance companies and policyholders alike.

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Informed Decision-Making: By offering accurate and comprehensive data extraction and comparison capabilities, the solution empowers users to make informed decisions regarding insurance policies, ultimately reducing the risk of financial losses.

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Revenue Generation: The platform's advanced features attract users and create a new revenue channel for the business, enhancing its financial performance and growth potential.

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Competitive Edge: By providing advanced functionalities such as document comparison, data anonymization, and question-answering systems, the solution distinguishes itself from competitors and strengthens the business's position in the insurance industry.

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Customer Satisfaction and Retention: The user-friendly interface and comprehensive features enhance customer satisfaction, leading to increased loyalty and retention rates among users of the platform.

Testimonials of Our Happy Clients

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Our Award-Winning Team

A team of young, dynamic and curious minds recognized with global awards for making a significant impact on making human lives better

Awarded as Runner-up under Cloud Solutions Category at the Express IT Awards

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250+

Smart
Development
Engineers

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90+

Digital
Projects for
reputed Clients

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14 yrs

in Digital
Engineering

Awarded as Winner among 1000 contestants at TechSHack Hackathon

Trusted and Proven Engagement Model

  • A nondisclosure agreement (NDA) is signed to not disclose any sensitive information revealed over the course of doing business together.
  • Our NDA-driven process is established to keep clients’ data and IP safe and secure.
  • The solution discovery phase is all about knowing your target audience, writing down requirements, and creating a full scope for the project.
  • This helps clarify the goals, and limitations, and deliver quality products & services.
  • Our engagement model defines the project size, project development plan, duration, concept, POC etc.
  • Based on these scenarios, clients may agree to a particular engagement model (Fixed Bid, T&M, Dedicated Team).
  • The SOW document shall list details on project requirements, project management tools, tech stacks, deliverables, milestones, timelines, team size, hourly/monthly rate cards, billable hours and invoice details.
  • On signing the SOW, an official project kick-off meeting shall be initiated.
  • Our implementation approach, ecosystem, tools, solutions modelling, sprint plan, etc. shall be discussed during this meeting.
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