Use case.
Tariff comparison.
The insurance sector thrives on competitive tariffs, yet comparing them can be arduous and prone to human error. Our Tariff Comparison tool automates the analysis of insurance tariffs, both internally and against competitors, simplifying the process and ensuring accuracy. With this innovation, insurance departments can now leverage technology to gain a nuanced understanding of tariff structures, enabling informed decision-making.
Is business interruption due to civil unrest covered under the policy?
Does the policy provide a sublimit for flood damage in coastal areas?
How is "Act of God" defined in terms of coverage limitations?
What is the deductible amount for earthquake-related damages?
Tariff ACME Org 2020
Yes
Yes, 500,000€
"An 'Act of God' encompasses all natural events, such as hurricanes, tornadoes, and floods, but expressly excludes droughts and wildfires."
1,000,000€
Tariff ACME Org 2023
No
Yes, 1,000,000€
"An 'Act of God' is categorized into two tiers: Tier 1 includes uncontrollable weather phenomena such as hurricanes, tornadoes, and blizzards; Tier 2 covers geological events like earthquakes, volcanic eruptions, and landslides."
1,000,000€
Automated insights in tariff differences
Automated comparison of intricate tariff details
Easy visualization of competitive advantages and areas for improvement
Efficient assessment of market position and pricing strategies
What you previously had to do.
Manually collating and comparing tariff data from diverse documents and reports.
Cross-referencing tariffs between internal offerings and competitor prices, a time-intensive task.
Risk of overlooking critical tariff nuances due to the complexity of manual analysis.
What this task now looks like.
Seamlessly integrate tariff data from various sources for comprehensive analysis.
Employ advanced algorithms to highlight key differences and similarities in tariffs.
Generate detailed reports that summarize competitive positioning with actionable insights.
You can choose from various LLMs.
For this use case, we recommend Azure GPT-3.5.
The insurance sector thrives on competitive tariffs, yet comparing them can be arduous and prone to human error. Our Tariff Comparison tool automates the analysis of insurance tariffs, both internally and against competitors, simplifying the process and ensuring accuracy. With this innovation, insurance departments can now leverage technology to gain a nuanced understanding of tariff structures, enabling informed decision-making.
Train from different data sources.
Data examples.
You can train your Generative AI assistant from different data sources. Here are some examples.
Policies
Insurance policies are contracts where the insured pays premiums to an insurer, and in return, the insurer provides financial protection or compensation to the insured for specified events or risks.
This might also be relevant for you.
Further resources
We have collected a list of resources that might be helpful for you to learn more about this use case.
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