Patra Introduces AI to its All-In-One Policy Checking

Policy checking is a critical activity for insurance agencies to ensure their clients are properly insured, and to help avoid legal exposure should their clients experience a loss without the right insurance coverage in place. Traditionally, agencies performed policy checks manually, comparing 100+ page documents against other 100+ documents, as well as data in agency software applications, using only their eyes as tools. Many agencies have long entrusted this critical activity to Patra, whose workflows and global teams have improved efficiency and quality. However, with the launch of PolicyChecking.AI, Patra has materially advanced this critical process for the insurance industry.

Patra’s PolicyChecking.AI leverages advanced AI, ML, and NLP techniques to automatically extract key policy, coverage, forms, and other data from unstructured policy documents, and transforms the raw content into structured data, which is then compared against data from other policy documents and within agencies’ software platforms. The PolicyChecking.AI system then presents its findings to Patra’s insurance professionals for review and validation, before delivering to Patra clients in a comprehensive checklist for further action should updates with their carrier be needed. This tech-enabled solution, with human oversight, results in improved accuracy and quality, fewer missed errors in issued policies, and reduced risk for agencies and their insured clients.

Patra’s full-service offering and per-policy price include all steps in the process, from retrieving policy documents to checking coverages, limits, forms, and schedules, to delivering the policy to the insured if desired. Agencies can entrust the entire workflow to Patra and free their own staff to nurture relationships and grow their business.

“AI is driving enormous interest and investment across countless industries, including insurance,” said Will Dogan, Patra SVP of Product Management. “Patra’s established AI-powered technologies and services allow insurance agencies to benefit from this incredible emerging technology without needing to invest or experiment themselves. Until now, nobody has launched a solution that meaningfully automates so much of the end-to-end policy checking workflow – this is an industry first. Our early adopter clients are extremely grateful as we continue to develop relevant and scalable technology solutions.”

Dogan believes that burgeoning market demand and significant advances in Patra’s technology stack and R&D capabilities have positioned them to set the industry standard for innovation, quality, and efficiency across all their tech-enabled services for the insurance industry. In addition, clients using Patra’s PolicyChecking.AI are covered by Patra Shield — a service and security offering including indemnity protection with E&O coverage, BC&DR planning, SOC2 compliance, and Patra’s network of process executives in geopolitically stable and democratic countries.