Loss run reporting for consulting firm
99.9%
accuracy
50%
reduction in processing times
Client
Consulting firm
Goal
Extract key data from over 15 variations of loss run reports
CHALlENGE Overview
Loss run reports are generated by insurance companies to show claims activity (business name, reason for the claim, type of claim, etc.) Insurers evaluate loss run reports to identify the level of risk associated with the client. It is a critical and data intensive element of the underwriting process.
Singularity was approached last-minute by a major consulting firm who had an urgent need for a loss run solution. The solution they had purchased and implemented was not capable of processing the over 15 different variations of the documents with consistency.
WHAT WE DID
- Built AI model to extract key values (loss description, policy ID, total reserves, total expenses, etc.) within days
- Exceeded customer expectations and saved the project
Business value
- 99.9% accuracy
- 50% reduction of processing times
- A more complete & accurate understanding of underwriting risk