Patra and expert.ai Announce Strategic Partnership
Patra and expert.ai Announce Strategic Partnership to Improve Policy Review and Bring Advanced AI-based Natural Language Understanding Solutions to Insurance Services
Expertise in insurance operations and the best-in-class artificial intelligence technology–combining Patra and expert.ai’s leadership to develop and deploy innovative solutions to address the Insurance industry’s most pressing challenges.
Patra, a leading provider of technology-enabled services for the insurance industry, and expert.ai, the premier artificial intelligence solution for natural language understanding and natural language processing (NLU/NLP), announced a partnership that brings efficiencies to a variety of insurance processes. This partnership delivers AI–powered policy checking to the insurance market today. By combing expert.ai’s technology and expertise along with the market power of the InsurConneXtions Alliance members, additional complex solutions are currently being developed for the industry.
Ensuring accurate language understanding at speed and scale, expert.ai enables global organizations to leverage its mature and proven AI-based natural language (NL) platform to automate the reading, understanding, and extraction of meaningful data from structured and unstructured text to augment and expand insights for every process that involves language. By integrating expert.ai’s cutting edge AI capabilities, Patra will improve quality, reduce friction, and drive out inefficiencies in the process of manually reviewing and cross-validating dozens to hundreds of pages of text for any given policy. These capabilities will facilitate a deeper understanding of data, enabling previously out-of-reach insights due to the vast and complex nature of language semantics.
In working together, both companies are satisfying the growing demands in the insurance industry of leveraging advanced natural language and ML capabilities to address challenges in policy checking risk exposure. With close to 80% of the information within the insurance industry being unstructured data, intelligent automation based on human-like understanding is a critical factor for competitive advantage, as it increases capacity, reducing inefficiencies and high-risk vulnerabilities. By applying the power of artificial intelligence to policy checking, Patra is providing agencies, wholesalers, MGAs, and carriers a better understanding of their book of business and helping them understand pricing behaviors and coverage dynamics by risk appetite. These capabilities will unleash a new generation of opportunities, including proactive notifications versus reactive discoveries.
“With expert.ai, Patra is unlocking the ability for clients to be alerted of policy inaccuracies, reduce E&O exposures, drive cost savings, create additional value for our services, and push the limits of today’s technology,” said John Simpson, CEO and Founder of Patra. “Policy Checking has been one of the insurance industry’s biggest challenges for decades. Now, with expert.ai and the formation of the InsurConneXtions Alliance, Patra has brought to market a proven leader in artificial intelligence, in addition to partnering with innovators in the insurance industry to solve challenges that apply to every policy issued. Policy Checking is just the first of many services we are addressing.”
“We’re honored to join forces with Patra, an innovation leader in insurance services, in delivering the next generation of AI technology for policy checking and review. And we see this as just the first step in working together to power language understanding in any application or process across the insurance value chain,” said Walt Mayo, CEO of expert.ai. “The combination of expert.ai’s long history of industry-best AI natural language understanding, and Patra’s deep process expertise and customer focus creates an incredibly strong foundation for addressing real-world challenges in the insurance industry.”
Expert.ai is the premier artificial intelligence platform for language understanding. Its unique hybrid approach to NL combines symbolic human-like comprehension and machine learning to transform language-intensive processes into practical knowledge, providing the insight required to improve decision making throughout organizations. By offering a full range of on-premise, private, and public cloud offerings, expert.ai augments business operations, accelerates, and scales data science capabilities, and simplifies AI adoption across a vast range of industries, including Insurance, Banking & Finance, Publishing & Media, Defense & Intelligence, Life Science & Pharma, Oil Gas & Energy, and more. The expert.ai brand is owned by Expert System (EXSY:MIL), that has cemented itself at the forefront of natural language solutions, and serves global businesses such as AXA XL, Zurich Insurance Group, Generali, Bloomberg INDG, BNP Paribas, Rabobank, Dow Jones, Gannett, and EBSCO.