Loss run reporting for consulting firm
99.9%
accuracy
50%
reduction in processing times
Client
Consulting firm
Goal
Extract key data from over 15 variations of loss run reports
CHALlENGE Overview
Insurers evaluate loss run reports to identify the level of risk associated with the client. It is a critical and data intensive element of the underwriting process.
AYR was approached by a Big-Four consulting firm with the urgent need for a loss run solution.
The legacy solution they had purchased and implemented was not capable of processing the 15+ different variations of the documents with consistency or accuracy.
WHAT WE DID
- Built AI model to extract key values (loss description, policy ID, total reserves, total expenses, etc.) within days
- Exceeded customer expectations and saved the project
Business value
- Built AI model to extract key values (loss description, policy ID, total reserves, total expenses, etc.) within days.
- Machine Learning digitizes documents and extracts relevant data from loss run documents for entry into a legacy system of record.
- AYR’s SingularityAI platform enabled the ability to the mine of previously inaccessible data, creating insight and increases throughput.
- 99.9% accuracy
- 50% reduction of processing times
- A more complete & accurate understanding of underwriting risk
- Results achieved in 1 week
