02/17/2021 | Press release | Distributed by Public on 02/17/2021 06:16
Expertise in insurance operations and the best-in-class artificial intelligence technology-combining Patra and expert.ai's leadership, to develop and deploy innovative solutions to address the Insurance industry's most pressing challenges
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 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.
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 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.'
'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. And 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,' said Walt Mayo, CEO of expert.ai. '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.'
Patra is a leading provider of technology-enabled services to the insurance industry. Patra's global experts' team allows brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage - profitable growth and organizational value. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers. Patra is also a founding member of the InsurConneXtions Alliance, representing leaders across insurance technology, brokerage, wholesale, and specialty insurance, representing over $50 Billion in Insurance premiums.