Empowering insurance professionals
In the intricate realm of insurance firms, claims managers and underwriters frequently grapple with the tedious task of extracting and interpreting crucial data from multipage, unstructured documents like claim adjudicator reports. This process is not only time-consuming but also introduces the risk of human errors and the possibility of overlooking critical information.
Explore how Xceedance re-defined and streamlined the data extraction and interpretation process within the insurance sector.
Faster data extraction, better interpretation
To tackle this challenge, Xceedance harnessed the power of Generative AI (Gen AI), creating an innovative solution using Microsoft Azure OpenAI. This Gen AI-based solution employs advanced prompt engineering and the latest Large Language Models, incorporating techniques like function calling and schema engineering to precisely extract and interpret field output. This approach is format-agnostic and capable of handling large data variations with minimal or no coding required.
The deployment of this solution resulted in a staggering surge in efficiency, performing tasks at a rate 50 times faster than manual processes. It boasts an impressive accuracy rate of 91% and consistently delivers three additional insights per report compared to manual methods. Furthermore, the AI-driven approach effectively eliminates interpretation bias, elevating the overall quality and reliability of data analysis.
Arun Balakrishnan
CEO
Xceedance
Generative AI is more than just a tool for rapid data processing; it’s a transformative force that liberates insurance professionals from mundane tasks, steering them towards more strategic, highvalue roles. Our collaborative efforts with Microsoft AOAI and insurers and brokers globally have created a dynamic sandbox for Generative AI experimentation. This not only accelerates the discovery of high-ROI use cases but also encourages a culture of technological exploration and rapid learning.
50x
faster than manual processing
91%
accuracy rate
3
additional insights per report
Xceedance empowers global insurance organizations with strategic operations support, innovative technology, and data-driven services.
More details at https://xceedance.com
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