Patra, a provider of technology-enabled services for the insurance industry, and expert.ai, an artificial intelligence solution for natural language understanding and natural language processing (NLU/NLP), announced a partnership that brings efficiencies to a variety of insurance processes. This partnership delivers AI-powered policy checking to the insurance market. 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.
expert.ai enables global organizations to leverage its 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 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. 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 increasing capacity, and reducing inefficiencies and high-risk vulnerabilities.