Delivering Value for Clients with Engineering, New Tools & Old-Fashioned Creativity
Building the Business Case for AI in Insurance with a Global Leader
At a glance
SERVICES
- Artificial Intelligence
- Generative AI
INDUSTRY
- Insurance
Our client, a large insurance company with a global presence, partnered with EPAM to help identify use cases, develop and pilot functional proofs of concepts (POCs) utilizing artificial intelligence (AI) and generative AI (GenAI), and eventually bring the most successful to full production. With a customized version of our DIAL platform, consultation on creative use cases and dedicated support during the pilot phases, we helped our client prove the real potential of GenAI in important areas of the business.
AI IN INSURANCE
Identifying Real Problems & Solving Them with AI
The insurance industry has a reputation for being cautious, including adopting new technology. Yet when the technology has the disruptive potential of GenAI, there’s a very real possibility that waiting too long could have serious business consequences. How can insurance companies balance the need for innovation and modernization with prudent business practices?
We knew that by carefully understanding the needs of the business and the individual pain points of users and teams, we could help identify tangible areas where AI could have an impact for a global insurance carrier. After working with leadership at the client, we developed three use cases and and POCs that solved specific problems and helped improve efficiency for diverse teams and users.
Then, we developed and modified the needed solutions, platforms and tools to test and validate the POCs with real users and data. With the business and production potential of various AI solutions tested and proven, the most successful solutions are now in production and being used to streamline workflows and boost efficiency in key use cases.
The results of our partnership showed the power of AI to solve real-world problems, even in a highly regulated industry like insurance. We helped our client pave the way for future AI-driven innovation by embracing the unknown and taking the leap with a dedicated partner at its side.
Developing solutions organically led to meaningful impacts.
BILLING
Utilizing GenAI for Billing Reconciliation
One use case that our partnership identified was related to daily manual billing reconciliation from various brokers against consolidated bank statements. A mid-sized insurer focusing on commercial and specialty lines was spending countless hours on billing reconciliation due to the time-intensive and manual tasks required to accommodate a wide range of file types, including PDFs, spreadsheets and images.
After coming to a complete understanding of the client’s needs and pain points, we developed a POC to manage billing reconciliation from the client’s top five brokers. Our solution:
Identifies daily emails with attachments in all necessary formats
Identifies the broker
Extracts relevant financial data and matches it against bank statements
Our solution harnesses GenAI to automatically extract and reconcile bank statements and remittance notices.
Achieving a 100% successful remittance notice match in the POC phase, our solution demonstrated the potential of end-to-end automation for daily billing reconciliation. Now live, our solution helps users navigates multiple file types with DIAL, our AI-powered orchestration platform that is part of EPAM AI/Run™.Tools.
REINSURANCE CLAIMS
First Notice of Loss Processing
Another solution was developed to assist the Reinsurance Claims department of the leading global insurance carrier. The team received large amounts of both structured and unstructured claims data from business partner related to first notice of loss (FNOL) processing. Not only was the entry of claims inefficient but it was also prone to errors and typos. Our solution would have to interface with over 20 brokers using several file types.
Building a unified, scalable AI platform
Our solution harnessed DIAL and integrated both upstream and downstream systems to ensure seamless, end-to-end automation. During the first phase, the solution was tested for a single broker and was proven successful before being rolled out to all brokers on the team.
After implementation, time to process FNOL events decreased by 75%.
REINSURANCE TREATIES
Customized AI Tools for Real Working Conditions
Another ongoing pain point that had potential for AI-driven improvements was in manual assessment tasks related to reinsurance treaties. When emerging risks in the current climate became known, reinsurance treaties needed to be reexamined to determine potential risk exposure. However, with treaties numbering hundreds of pages in length, and often presenting conflicting information in various clauses, reexamination was a manually intensive task that was difficult to automate, representing hours of work for multiple underwriters.
Since the majority of the solution was developed on our DIAL platform, we were able to design, develop and begin testing the POC at a rapid pace — just 6-8 weeks, a far cry from the traditional custom development time.
Our solution for reinsurance risk assessment scans multiple large treaty documents for the inclusion and exclusion of multiple terms, such as coverage types, to enable efficient, comprehensive analysis of large, convoluted documents.
Through the solution, we were able to extract precise information, even through impromptu steps:
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Our initial test was for 10 different reinsurance treaty types with policies on specific coverages
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Following the first successful test, next was a blind test with 10 additional reinsurance treaty types
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Finally, we conducted a live impromptu test with the client for other types of coverage on the same treaties
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The POC was a complete success with a 100% pass rate
PARTNERING FOR SUCCESS
Exploring New Frontiers with Dedicated Support
For our client, the journey to having a true understanding of the potential of GenAI and automation was greatly expedited by collaborating with an expert team. By working with an experienced partner and choosing to take a leap into the unknown, our client discovered real business impact with AI. And, by embracing an experimental perspective on new technology, the company proved that even in an industry as regulated and cautious as insurance, true innovation is possible with the right help.
PARTNER WITH US
Want to explore how your insurance business can benefit from GenAI?
Get in touch to discuss your goals with our experts.