Challenge
Relm Insurance, like the innovative companies it insures, continuously seeks to leverage technology to better support its clients and brokers. To achieve this, Relm investigated an AI solution that would streamline data accessibility through several different databases, enhance underwriting precision, and improve operational efficiency.
Freestone.AI – already engaged in AI solutions for Relm – sought Intersog's expertise in building advanced AI-powered platforms and quickly scaling development teams with top talent. The goal was to develop a customized platform tailored to Relm's specific needs. Intersog's proficiency in AI, data management, and cloud-based solutions made them the ideal partner.
Solution
Together with Freestone.AI, we developed RelmInsight, an Azure-based platform designed to transform how Relm's underwriting team retrieves and interacts with data. At its core RelmInsight is an AI-powered search engine featuring a generative AI chat interface, providing structured outputs for complex queries.
Transformation of Unstructured Data into Structured Insights
The process begins with data extraction from SharePoint, where documents are fed into an indexer within AI Search. This indexer processes the data to create a structured index based on defined skillsets, efficiently turning unstructured data into structured formats. For example, it compiles financial tables from information buried across multiple files, enabling a comprehensive view of client data.
AI-Driven Enrichment
Beyond indexing, RelmInsight enriches the data by adding valuable context. Once a document is indexed, a custom functionality is triggered using Azure Functions. This involves generating brief company descriptions via ChatGPT, classifying and categorizing data, tagging risks, and extracting relevant financial information. This enrichment adds layers of insights, such as contextual information about industry trends like the effects of social inflation on the insurance sector.
Intuitive AI Interface for Underwriting
The platform provides an LLM (Large Language Model) frontend to Relm's data, allowing the underwriting team to interact conversationally. They can ask nuanced, subjective questions and receive comprehensive answers, that not only accelerates underwriting decisions but also improves accuracy, ultimately delivering a faster, more informed, and customer-centric underwriting process.
Enhanced Search with Source Verification
Users can search by company or conduct global searches across all data, with the AI delivering the most relevant documents in real time. Recognizing that AI models can sometimes produce inaccurate results (known as "hallucinations"), RelmInsight provides source documents alongside AI-generated responses. This encourages users to verify information, ensuring trust and reliability in the insights provided.
Integration of Off-the-Shelf AI Technologies
By incorporating tools like ChatGPT into a custom solution, RelmInsight ensures scalability and the ability to grow as new versions and extensions are added to these technologies. This approach leverages existing AI advancements while tailoring them to meet Relm's specific needs.
Security and Compliance
A multi-layered security architecture was implemented using Microsoft Entra ID for authentication, encryption, and secure networking. This ensures all data is protected and accessible only to authorized users, meeting strict security and compliance standards.
Results
RelmInsight has introduced immediate efficiencies and improvements to Relm's approach to data management and underwriting, including:
Operational Efficiency
Automating the indexing, categorization, and enrichment of documents has significantly reduced the time spent searching for information. This approach, providing access to up-to-date, enriched data in real time, has enhanced both underwriting accuracy and operational efficiency, allowing Relm to serve clients and brokers more efficiently.
Improved Underwriting Productivity
Analysts can now generate financial tables and reports by querying data previously buried across multiple files. This saves countless hours and improves accuracy, enabling a more comprehensive understanding of client data.
User Satisfaction and Adoption
The intuitive, user-friendly interface requires minimal training. Providing source documents alongside AI responses has built trust in the system, enhancing user satisfaction.
Scalability and Future-Proofing
Integrating off-the-shelf AI technologies into a custom solution positions RelmInsight for future growth. The platform can easily incorporate new features and improvements as AI evolves, ensuring long-term value.
Security and Compliance
Meeting stringent security and compliance standards ensures that RelmInsight can grow with the company while keeping sensitive information protected.
Through the collaboration between Freestone.AI and Intersog, Relm now has a state-of-the-art solution that addresses current challenges and positions them for future growth by fully leveraging AI's potential. RelmInsight showcases how integrating advanced AI technologies into business operations can set new industry standards, enhancing efficiency, decision-making, and user satisfaction.
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