Policy Management Solution
Industry
Insurance
Headquarters
New York, United States
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Background
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.
Challenges faced
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.
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.
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.
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
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.
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.
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.
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.
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 Outcome
The Impacts
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.
