Provectus Reinvents Specialty Insurance Underwriting with Generative AI on AWS
Provectus helped an international specialty insurance company transform its underwriting process using generative AI hosted on AWS. The client faced lengthy manual processing of complex technical survey reports in underwriting decisions. Provectus developed a GenAI solution that uses Cohere’s Command Large Language Model on Amazon Bedrock to summarize and extract key information from 100-page reports in about 10 minutes. This accelerated underwriting policy decisions from days to minutes, increased underwriting capacity, reduced product costs, and grew annual recurring revenue.
- Organization
- International specialty insurance company
- Industry
- Insurance
- Location
- United States
- Published
- July 2024
Reported outcomes
10 days
timeTime & speed
Strategic outcomes
Primary read
Use case focus
Showing 3 of 3
- 1Document Summarization
- 2Risk Assessment
- 3Underwriting Automation
- Manual underwriting required subject matter experts to spend days reviewing lengthy and complex technical survey reports before making policy decisions.
- The underwriting process was time-consuming and limited by the number of experts available to process reports.
- Provectus created a generative AI-driven solution leveraging Cohere’s Command Large Language Model hosted on Amazon Bedrock within the AWS cloud.
- The model was fine-tuned with in-context learning for specialized summarization and extraction of engineering technical survey reports in PDF format.
- This automation enabled rapid summarization and key information extraction, reducing the report processing time to about 10 minutes per report.
- Reduced underwriting decision time from about 10 days to less than 10 minutes.
- Increased underwriting throughput with less human intervention.
- Reduced insurance product costs and increased annual recurring revenue (ARR) for the client.
Architecture
The solution uses Cohere’s Command Large Language Model hosted on Amazon Bedrock. The model performs summarization and key data extraction from long technical survey reports. This accelerates policy decision-making in specialty insurance underwriting.
Implementation partners2
Sources & evidence1
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