EL DORADO HILLS, Calif.–(BUSINESS WIRE)–Patra, a leading provider of tech-enabled insurance outsourcing services, announced today the upcoming release of their new SaaS-based PolicyChecking.AI solution, powered by Patra’s proprietary, patent-pending, automation technology. Introduced at the 2023 Council of Insurance Agents & Brokers (CIAB) Insurance Leadership Forum (ILF) conference, Patra demonstrated how insurance organizations can soon leverage Patra’s PolicyChecking.AI for speed, efficiency, and unparalleled quality control in-house.
Patra’s PolicyChecking.AI, introduced to the insurance industry in July 2022, has quickly been adopted as the new normal for policy checking by many of their clients, checking hundreds of thousands of policies. The once highly manual process of comparing multiple documents and rekeying data to update a checklist has been replaced by Patra’s AI-powered technology solution.
- First of its kind, step-by-step intuitive policy checking workflow
- Identifies and directs users to declarations page of a policy
- Automates data extraction of common policy and LOB (Line of Business) specific coverage data
- Identifies and directs users to policy form schedules
- Automates form schedule extraction
- Automated comparison identifies potential E&O (Errors & Omissions) risks of coverage and form schedule discrepancies
- Exact pairs are automatically identified requiring zero human review with 100% accuracy
- Full digital checklist summary provided
“AI continues to drive efficiency and unparalleled quality control in policy checking for our clients. With the rapid adoption of our PolicyChecking.AI service, we felt that as a pioneer in technology-enabled outsourcing services, developing a SaaS-based solution for this critical process was a natural extension to our portfolio,” said John Simpson, CEO and Founder of Patra. “Insurance organizations now have a choice: either leverage Patra’s insurance outsourcing services, including our PolicyChecking.AI, bring policy checking in-house or a hybrid option. All solutions leverage Patra’s policy checking AI. We have proven, and our clients have validated, that the era of manually checking policies is over.”
Patra is a leading provider of technology-enabled insurance outsourcing. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform. Patra’s global team of over 6,000 process executives in geopolitically stable and democratic countries that protect data allows agencies, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value.
For more information on Patra’s suite of Insurance Policy Lifecycle and Administrative services, visit www.patracorp.com.