Chisel AI's Data Extraction solution leverages advanced Machine Learning and Natural Language Understanding to rapidly process and extract data from unstructured digital insurance documents, such as policies, submissions, applications, binders, quotes, statements of value, and loss run reports. Designed specifically for the commercial insurance sector, it comprehends industry-specific terminology, enabling the automatic identification of key data points like broker and insurer names, addresses, coverage limits, premiums, deductibles, coverages, and exclusions. This automation significantly accelerates data processing, allowing underwriters and brokers to access critical information in seconds, compared to the traditional manual extraction process that could take up to 30 minutes for a fraction of the data.
Key Features:
- Advanced Machine Learning and Natural Language Understanding: Enables the system to read and interpret unstructured insurance documents with high accuracy.
- Contextual Data Recognition: Understands the relationships between various data points within documents, ensuring accurate extraction.
- Versatile Document Processing: Capable of extracting data from multiple formats, including emails, Word documents, Excel spreadsheets, and PDFs.
- Standardized Data Mapping: Rapidly extracts data and maps it to ACORD standards or integrates with legacy systems.
- Flexible Data Output: Provides extracted data in XML or JSON formats for seamless integration into existing workflows.
Primary Value and Problem Solved:
Chisel AI's Data Extraction solution addresses the inefficiencies and inaccuracies associated with manual data entry in the insurance industry. By automating the extraction process, it provides underwriters with immediate access to comprehensive data, enhancing risk assessment and pricing accuracy. Brokers benefit from expedited quote comparisons and policy checks, allowing them to dedicate more time to client relationships. Overall, the solution streamlines operations, reduces human error, and frees skilled professionals to focus on strategic tasks, thereby improving productivity and profitability within insurance organizations.
