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Case studyPolicy Management Solution

Modernizing policy document processing and financial reporting for a global risk-management provider handling nearly 4 million assistance calls a year.

Industry
Insurance
Headquarters
New York, United States
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Policy Management Solution
4M
Assistance calls handled annually
Key Metrics Measured after
rollout
0%
Faster Document Handling
0%
Improved Transparency
0%
Faster Decisions
Background

A global risk-management platform outgrowing manual policy processing.

Policy Management Solution is a global leader in integrated health and security services, helping organizations mitigate risks and ensure employee safety.

Serving many Fortune Global 500 companies, it handles nearly 4 million assistance calls annually, offering services such as health consultancy, emergency response, medical equipment provisioning and air ambulance operations.

With 81 offices across 90+ countries, the company leverages advanced technology to streamline risk management and improve operational resilience, providing clients peace of mind in critical situations.

Background
Insurance
New York, United States
Challenges faced & defined solution

4 real bottlenecks. 6 matching fixes.

Every operational bottleneck reported was matched to the workstream(s) that resolved it.

The challenge

Inefficiency in Extracting Complex Policy Document Data

Extracting key details from lengthy and intricate policy documents was a manual and time-consuming process, leading to operational delays and inefficiencies.

Defined solution

Document Digitization and Search Optimization

Policy documents were digitized using advanced OCR technology, converting them into searchable text files. This enabled quick navigation and retrieval of relevant details, reducing document handling time significantly.

Multilingual Support for Policy Documents

A multilingual translation system was integrated to ensure policy documents could be translated seamlessly across various languages, enhancing consistency and accessibility in different regions.

The challenge

Inability to Generate Centralized Policy Summaries and Schedules

Policy Management Solution lacked a mechanism to compile and present key policy data, such as coverage limits and premiums, in a unified format for stakeholders.

Defined solution

AI-Enhanced Policy Scheduling, Summarization and Data Extraction

AI-powered tools were employed to extract critical policy information, including premiums, broker commissions, and insurer details. Additionally, LLM-based models automated the generation of concise policy schedules and summaries, improving accessibility.

The challenge

Lack of Visibility into Premiums and Commissions

There was no streamlined system to track financial details like premiums, broker commissions and insurer performance, leading to limited transparency and delayed reporting.

Defined solution

Tracking Policy Modifications for Insights

A tracking system was implemented to monitor changes in policy documents, such as premium adjustments and newly added services. Insights from these changes were presented on the dashboard, enabling the organization to identify and act on business opportunities.

Automated Policy Risk Flagging

Automated anomaly detection algorithms were introduced to flag inconsistencies in policy data, such as premium discrepancies or coverage gaps. Alerts were generated for real-time risk management, ensuring compliance and minimizing financial risks.

The challenge

Absence of a Comprehensive Policy Dashboard

Without a centralized dashboard, the organization struggled to monitor key metrics such as insurer payments, broker earnings and premium adjustments, impacting decision-making efficiency.

Defined solution

Centralized Dashboard for Real-Time Analytics

A centralized dashboard was developed, providing real-time analytics on key financial metrics such as premiums, commissions, and insurer performance. This dashboard offered interactive data visualization for better decision-making.

The Impacts

Real, measurable improvements in speed, transparency and decision-making.

Efficiency and Accuracy

Document digitization and search optimization reduced manual effort and improved data accessibility.

Enhanced Policy Insights

AI-powered data extraction enabled better decision-making through actionable insights.

Consistent Policy Management

Multilingual support ensured seamless and consistent policy management across global regions.

Improved Financial Transparency

Real-time analytics on the dashboard boosted financial oversight and operational transparency.

Reduced Risks

Automated risk detection minimized financial and compliance liabilities, enhancing trust and reliability.

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