INSURANCE

AI-powered summarization boosts compliance workflow

Gen AI-enabled conversational assistant substantially simplifies access to underwriting policies and procedures across multiple, complex documents.

Client
A leading specialty property and casualty insurer
Goal
Improve underwriters’ ability to review policy submissions by providing easier access to information stored across multiple, voluminous documents.
Tools and Technologies
Azure OpenAI Service, React, Azure Cognitive Services, Llama-2-7B-chat, OpenAI GPT 3.5-Turbo, text-embedding-ada-002 and all-MiniLM-L6-v2
Business Challenge

The underwriters working with a leading specialty property and casualty insurer have to refer to multiple documents and handbooks, each running into several hundreds of pages, to understand the relevant policies and procedures, key to the underwriting process. Significant effort was required to continually refer to these documents for each policy submission.

Solution

A Gen-AI enabled conversational assistant for summarizing information was developed by:

  • Building a React-based customized interactive front end
  • Ringfencing a knowledge corpus of specific documents (e.g., an insurance handbook, loss adjustment and business indicator manuals, etc.)
  • Leveraging OpenAI embeddings and LLMs through Azure OpenAI Service along with Azure Cognitive Services for search and summarization with citations
  • Developing a similar interface in the Iris-Azure environment with a local LLM (Llama-2-7B-chat) and embedding model (all-MiniLM-L6-v2) to compare responses
Outcomes

Underwriters significantly streamlined the activities needed to ensure that policy constructs align with applicable policies and procedures and for potential compliance issues in complex cases.

The linguistic search and summarization capabilities of the OpenAI GPT 3.5-Turbo LLM (170 bn parameters) were found to be impressive. Notably, the local LLM (Llama-2-7B-chat), with much fewer parameters (7 bn), also produced acceptable results for this use case.

Contact

Our experts can help you find the right solutions to meet your needs.

Get in touch
Explore the world with Iris. Follow us on social media today.
Copyright © 2024 Iris Software, Inc. All rights reserved