Verisk, a leading technology and data analytics company focused on the insurance industry, has introduced its innovative Premium Audit Advisory Service (PAAS®) AI. This new tool incorporates generative artificial intelligence and aims to improve operational efficiency and profitability for its clients in the insurance sector, always under an ethical and responsible approach in the development of AI technologies.
The PAAS service, essential for premium auditors and underwriters, offers a vast array of resources including over 40,000 classification guides and 500 newsletters. However, the most significant addition is an interactive artificial intelligence chat, specially designed to optimize the premium auditing process. This advancement promises to significantly reduce research time by providing quick and accurate answers to questions related to various areas of the insurance business.
This AI assistant was created in response to the current challenges faced by premium auditors, who often deal with a huge amount of documents that make it difficult to find relevant information. Built with advanced data retrieval and response generation technology, Verisk hopes that this innovation will drive improvement in real-time decision-making, allowing industry professionals to focus on more complex and strategic challenges.
The system relies on various cloud technologies, including Amazon ElastiCache for storing chat history, Amazon Bedrock for response generation, and Amazon OpenSearch Service for quick document retrieval. This integration not only optimizes the workflow of premium auditors but also enhances customer service quality as responses are generated from updated documentation and data instantly.
Since the solution was implemented in a test phase with a client, the results have been significantly positive, demonstrating a 96 to 98% reduction in processing time per specialist. This has allowed experts to focus on higher value strategic initiatives. This advancement marks a significant transformation in how Verisk interacts with its clients, promising to create a more dynamic and efficient experience.
Moving forward, Verisk plans to expand this solution to reach approximately 15,000 users, maintaining the commitment to continue innovating in the field of generative artificial intelligence. The company is optimistic about exploring new technologies that will further enrich its PAAS platform, with the goal of not only answering questions but also providing suggestions and continuously improving the system’s functionality.
Referrer: MiMub in Spanish
