Claude powered Insurance Policy and Claims settlement automation

Business Problem:

  • The client is a $4B IT Services provider & had an insurance product powering the Insurance lifecycle, including Policy Querying, FNoL & Claims Settlement.​
  • Using traditional ML models for document text extraction & workflow-based automation, made the process slow & less accurate, with Claims STP less than 12%, quite below the industry standards.​
  • Application built on legacy technology hosted in their DCs, with nonnative components, resulted in high hosting & application maintenance costs. ​

Solution:

  • Team GoML designed a new application, leveraging LangChain & Claude-v2 for intelligent document extraction, built on native AWS services, including Bedrock & Textract​
  • The new application gave users capability to query policy documents with higher accuracy & have NLP powered interaction with Insurance documents, including intelligent analytics on insurance data, such as the highest no of premium filed within a region etc.​
  • The application also automated downstream workflows, like Claims Settlement & FNoL, post data extraction, increasing the STP Claims significantly

Architecture:

Claude powered Insurance Policy and Claims settlement automation
Claude powered Insurance Policy and Claims settlement automation
Claude powered Insurance Policy and Claims settlement automation

Technology Stack:

Claude powered Insurance Policy and Claims settlement automation