Insurance is a document-heavy industry that so far must rely on the ‘human interface’ to understand, assess, and use the information available. Only 2% of this information is currently available in systems. The latest developments in the field of Artificial Intelligence, such as GPT and other language models (LLMs) now enable the understanding and processing of vast amounts of information, supporting claims managers, providing unprecedented insight, efficiency and the ability to make more accurate predictions, leading to much better decisions.
Over the past three years, DGTAL has worked on AI solutions focusing on insurance. By combining the latest AI with proprietary language models built for insurance, DGTAL’s software can read and understand the context of insurance-related documents, almost like a human. Supported by machine learning, the company’s software has been trained with millions of documents, creating the first semantic database for insurance, which represents the foundation for DGTAL’s search engine.
Arndt Gossmann, CEO of DGTAL said «AI will not change the concept of insurance, but it will drastically change the operating models of the ecosystem. Beyond using language models as a search engine for analytical purposes or for predictions across entire portfolios, the technology also qualifies to rethink the processing of the claim itself, towards more automation”.
Dr. Florian Herzog CTO of DGTAL added;
“Insurance is very much about information processing and documents. Today, it is possible for the software to accurately summarize an incoming, 50-page long court decision, assess the relevance and severity of an open claim, prioritize it and forward it with a settlement recommendation to the most experienced claims manager…within seconds. Going forward, I believe that AI will become an invaluable personal assistant within all functions of insurance.”
Find out more at http://www.dgtal.io.
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