Exdion’s Manuscript Policy Checking service to enhance Accuracy and Standardization

As the insurance sector embarks on the journey towards full automation and reaps the benefits of AI, one significant hurdle that must be overcome is incorporating exceptions to standard policies into the automation process.

Exdion has introduced a solution to meet this challenge: the Manuscript Policy Checking service.

Checking Manuscript Policies

Policies that deviate from standard ISO forms and instead employ customized formats are referred to as “manuscript policies.” These policies are usually tailored coverages that address ad-hoc requirements. Because they deviate from standard policy documents, they present unique challenges when policy checking is automated.

The Challenge

The Exdion Automatic Policy Check platform is the most sophisticated and experienced AI application for automating policy reviews. Despite its advanced capabilities, a small percentage (5 to 10% of the overall policy volume) of these non-standard formats can introduce exceptions or challenges within the automated policy checking process.

Automating the policy checking process for manuscript policies is complex and error-prone.

The Solution

To tackle this issue, Exdion’s team has devised an innovative strategy harnessing the Exdion policy check platform to scrutinize manuscript policies. Introducing human involvement into the process ensures thorough verification of any missing elements or exceptions flagged by the system.

All policies uploaded onto our platform undergo rigorous examination by the policy checking platform. Generic data points are automatically verified by the platform. However, when deviations from standard policies are detected, an exception report is generated. These exceptions are meticulously reviewed by the Exdion team manually, and a comprehensive checklist is then prepared for the client.

Strategic Value

Previously, Account Managers would manually review policies before uploading them onto our platform to distinguish manuscript policies from standard ones. However, with this enhancement, a standardized process for uploading all policies has been established, eliminating the need for exceptions made for manuscript policies.

As a result, there has been a reduction of over 50% in the time spent on manual policy checking, particularly for manuscript policies, as the platform automatically verifies generic data points.

Moreover, this improvement has led to a considerable enhancement in the employee experience for Account Managers. Additionally, their customers benefit from faster turnaround times on policies.

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