Extracting accurate data from emails can be a challenging task for insurance companies, even with the help of AI. Ushur advocates for what it calls an “ontology-based” approach alongside the use of AI.
The numerous emails insurance companies receive contain requests for proposal (RFP) quotes from brokers. These emails often have valuable information that can help insurers make decisions about coverage and pricing.
However, according to AI-powered customer experience automation platform Ushur, extracting this data with accuracy can be challenging, even whilst using AI.
Insurer face a myriad of challenges when doing this, Ushur said. Firstly, email data tends to lack a predefined structure and contains information in a variety of format, AI models have to navigate these.
Further, the data in these emails can be quite complex. Quotations from brokers can vary in terminologies and the technical terms and jargon used. Language, dialect and grammar can also vary widely. Ushur said it can be a challenge to train an AI model to account for this contextual understanding and expertise, and to understand the nuances of industry specific language.
The challenges do not end there. Ushur added that additional hurdles include complying with strict regulations, maintaining accuracy and consistency in data extraction and handling the large amount of data without compromising on precision and timing.
In spite of this, Ushur said using AI to automate the RFP quote intake process can still help insurance companies reduce time taken to respond, hence giving them a competitive edge.
By developing a data extraction framework using its intelligent capabilities and the Ushur Invisible App, Ushur claims it has overcome these obstacles.
The key lied with establishing an ontology-guided method. This approach enables a structured and comprehensive framework to create a data extraction pipeline to ensure accurate and consistent results across large volumes of incoming emails.
Ushur detailed the steps involved in this process here.
Earlier this year, Ushur raised $50m in a Series C funding round led by Third Point Ventures with participation from existing investors Iron Pillar, 8VC, Aflac Ventures and Pentland Ventures.
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