Problem:
Accurate risk assessment is critical in P&C insurance, but traditional methods often relies on manual processing of a wide variety of unstructured data sources, such as photos, documents (e.g., claim forms, medical records, property reports), and other records. This labor-intensive process increases the chances of human error, delays decision-making, and limits the scalability of underwriting or claims operations. Additionally, extracting accurate insights from these diverse formats to inform risk decisions can be slow and inefficient.
Solution:
KognitiveWorks revolutionizes risk assessment by deploying a multimodal Generative AI that analyzes uploaded images or documents to recognize patterns, extract key details (like damages from photos or critical data from documents), and categorize this information efficiently.
• Automatic Flagging: The information/insight can be cross-verified against established underwriting guidelines to automatically flag. For e.g. based on underwriting guidelines, it can automatically flag properties that require further inspection or present higher risks, streamlining the underwriting process.
• Comprehensive Reports: The AI generates detailed reports highlighting the identified risks and providing actionable insights for underwriters.
Benefits:
- Increased Accuracy: By leveraging AI to analyze visual data, the risk assessment process becomes more precise, reducing the likelihood of missed risks or errors in judgment.
- Enhanced Efficiency: Automating the assessment of property images allows for faster processing times, enabling underwriters to handle more cases without compromising on thoroughness.
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