Law Insurance Broker, startup BravoAI and insurance marketing software developer GoUP Tech have cooperated to develop an AI-based solution for evaluating existing life insurance policies as a basis for adjusting insurance, according to Law Insurance.
The solution combines BravoAI-developed OCR (optical character recognition) technology and language model analytics with 23,000 cloud computing-based scenarios of life insurance established by GoUP Tech, Law Insurance Broker president Chao Hui-hsien said.
It takes about two weeks to manually evaluate existing life insurance policies - from analyzing the policies, discussing with clients, and making recommendations for adjustment in policy to meet needs based on current conditions, Chao noted. To shorten the the labor-consuming and repeated process, the AI-based solution, which uses recognition of the uploaded images of the first pages of policies, natural language processing and connection with scenarios, can finish the evaluation in 5-10 minutes, Chao indicated.
In case of settling compensation claims for medical treatment, it is necessary to inspect diagnosis reports and doctors' instructions, and digitization of such unstructured data entails interpretation of the entire context to hike accuracy for character speculation, according to BravoAI chairman and CEO Jack Chao.
BravoAI has applied AI to semantic analysis as well as property insurance using image recognition to assess damage to properties, Chao said.