Patra announces Policy Checking AI, self-service version

Patra, a leading provider of technology-enabled insurance outsourcing and software services, is excited to announce the extension of its PolicyCheckingAI to a Self-Service solution that provides access to all brokers and agencies across the industry. As the first company to introduce AI for Policy Checking over a year ago, Patra’s patent-pending PolicyCheckingAI (‘PCAI’) offers insurance professionals an innovative solution to streamline operations and ensure complete and accurate coverage for clients – whether you perform this task in-house through this Self-Service solution or choose Patra’s tech-enabled outsourcing services.

This new SaaS based Self-Service version of PCAI is introducing technologies that streamline workflows for users to automatically capture, compare, and validate policy data effortlessly. Leveraging AI, Patra automates labor-intensive extraction and comparison of policy data and form schedules, then enables quick and intuitive human review, ensuring a flawless process and achieving 100% accuracy. Patra’s AI-powered technology creates material efficiencies that save up to 85% of the time and effort typically needed for the critical task of policy checking. With PCAI, agency staff can now shift their focus from the policy checking process to customer acquisition and retention.

Since the introduction of PolicyCheckingAI, Patra’s global service delivery teams have been using this proven capability to automate the checking of hundreds of thousands of commercial P&C insurance policies for dozens of Patra enterprise clients. That experience provided the necessary data to continue the evolution and material advancement of its AI models, leading to the introduction of this Self-Service offering. Insurance organizations that prefer to check policies in-house can now access this technology directly within their own offices and teams.

”Patra’s early adopter clients have leveraged the self-service version of PolicyCheckingAI since early 2024 and provided feedback that’s helped Patra prepare the product for this wider launch. We’ve seen growing excitement over the past few months as our initial users experience what the combination of advanced AI and an intuitive, start-to-finish workflow can do. Clients reported saving 80-90% of their effort checking large and complex policies,” said Will Dogan, Senior Vice President of Product Management at Patra. “Patra’s been benefitting from using PCAI within its service delivery teams for over a year now. With the launch of the self-service solution, Patra will reach a whole new audience eager to give their employees a powerful, easy-to-use software to automate this task – which has long been one of the biggest pain points for our industry. We’re thrilled to now offer this to a broader audience and eager to see its impact grow.”

Both the full-service and self-service versions of Patra’s PolicyCheckingAI are powered by advanced automation technology, including Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP). The solution is built on ‘transformer-based’ AI models that have been fine-tuned by processing hundreds of thousands of policies across thousands of carrier and line-of-business combinations.

About Patra's PolicyCheckingAI Self-Service Solution