Speeding up BPA product launches: A faster future powered by Generative AI
When we think about the dynamic world of insurance, the efficiency of policy administration systems is paramount. Yet, the implementation and customization of these systems often pose significant challenges, demanding extensive manual intervention and specialized expertise.
That's precisely why we've implemented Generative AI within our innovative platform, Beyond Policy Administration (BPA)®. This ground-breaking technology is set to transform our approach to policy administration system implementation, marking a new era of efficiency and innovation in BPA.
Release the Potential of Generative AI within BPA
Generative AI empowers BPA users with unparalleled capabilities, revolutionizing the configuration and decision-making processes:
Intelligent Configuration: Our Generative AI models seamlessly analyse JSON-based policy data, effortlessly generating Friendly Enough Expression Language (FEEL) expressions. These expressions dynamically configure various facets of the BPA system based on data values such as coverage limits and deductibles.
Example: "If the 'limit' value for coverage type 'liability' exceeds 100000, then ‘risk is unacceptable.'"
Streamlined Underwriting Decisions: Extend the prowess of Generative AI within BPA to formulate underwriting decision logic. This empowers users to swiftly assess policy applications, determining acceptance, declination, or modification based on predefined factors.
Example: "If the response code for a specific risk question is 'no', then 'Decline the risk to underwrite.'"
Adaptive Learning and Continuous Improvement: As BPA users engage with the Generative AI chatbot for real-world policy administration tasks, it continuously learns and adapts. This iterative process enhances the accuracy and relevance of FEEL expressions and underwriting logic, ensuring BPA remains agile and aligned with evolving business requirements.
Accelerate BPA Implementation with Generative AI
Integrating Generative AI into BPA has the potential to expedite the implementation and configuration journey by at least 20% in our experience, minimizing reliance on manual coding and specialized knowledge. Our intuitive chatbot interface within BPA empowers users to effortlessly self-configure underwriting workflows and decision logic, freeing up valuable resources for strategic endeavours that drive business growth.
Written by Diwakar Sinha - Product Manager at ChainThat