Faster and more accurate settlements of insurance claims through automation
Reduced the time taken to identify and rank relevant products that were covered in insurance claims thereby resulting in faster and more accurate settlements
A leading insurance tech firm reached out to make the existing process of manually identifying the replacement cost of items in an insurance claim which was labor-intensive and time-consuming, into a more efficient system. They wanted to find similar products in the markets in terms of features and content to determine the financial value and reduce the time taken to process an insurance claim.
As a part of the solution approach, we found the relationship between a product and its features and carried entity and domain recognition. We created ontologies for the development of rules and finding similarities among products. This helped in discovering similar products in the market and ranking them based on relevance.
Our solution helped discover similar products in the market, rank them based on relevance, and increase the accuracy in determining replacement cost of insured items.