Patra Makes Headway in AI-Driven Policy Checking for the P&C Industry
EL DORADO HILLS, CA JULY 30, 2024 – Patra, a leading provider of technology-enabled insurance outsourcing and software services, is thrilled to announce the expansion in functionality of its PolicyCheckingAI Self-service solution. Just one month since the release of the self-service version of its PolicyCheckingAI platform, Patra has more than tripled the lines of business available and added new and enhanced functionality to further streamline the critical process of checking policies.
Since its launch, Patra’s PolicyCheckingAI service has gained significant traction, with a 56% increase in checked policies between Q2 2023 and Q2 2024. This rapid increase demonstrates the industry’s demand for advanced AI-driven automation in policy checking. By late 2024, the solution is on track to check over one million policies.
PolicyChecking AI Self-service Capabilities
Leveraging its dedicated investments in technology and automation, Patra continues to introduce new functionality and expansion of supported lines of business to the platform. Today, PolicyCheckingAI Self-service now includes:
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Broadened Line of Business Support:
Today, PolicyChecking AI Self-service covers nearly 20 lines of business including: General Liability, Workers Compensation, Commercial Umbrella, Professional Liability, Cyber Liability, Commercial Auto, Commercial Property, Inland Marine, Builders Risk, Directors & Officers, BOP, Commercial Package, Crime, Pollution, EPLI, Management Liability, Foreign Liability, and Boiler and Machinery.
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Expanded Policy Header Checklist & Form Comparison Capabilities:
The policy header checklist and form comparison features now allow clients to create activities through policy header and forms capture and comparison. One client noted, “The comparison of forms, if you are correctly doing it manually, is what takes the most time in the process (especially for greener employees). This expansion will boost accuracy and reduce time spent.”
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Checklist Export:
Clients can now export summary results (both policy checklists and forms comparison) in PDF format, facilitating uploads into AMS and document management systems such as Epic, AMS/BMS and ImageRight.
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Self-service Admin Capabilities:
Clients can set up and configure their organizational structure and manage users directly within the platform.
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Agency Admin Features:
Admins can set up or edit agency details, manage corporate organizational structures, view office lists, and create or edit offices.
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User Admin Features:
Admins can easily add users, assign users to the right place in the organizational structure, reset passwords, send email invites, edit existing users, and enable or disable users.
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