Patra, a leading provider of technology-enabled insurance outsourcing and software services, today announced the launch of Patra AI, a suite of AI-powered document automation services designed for insurance organizations looking to increase revenue growth and profitability, improve their client-centric services, and mitigate operational risks.
The insurance industry relies on labor-intensive and manual workflows that are ripe for business transformation. The need for more efficient document processing and secure data management is growing. Yet, the industry is still facing a major challenge—large volumes of valuable industry data remain trapped within unstructured documents. Patra AI addresses these challenges by automating essential workflows like data extraction, policy checking, and quote comparisons to improve operational efficiencies by up to 300%.
Unlike other Insurtech solutions, Patra AI is embedded with Patra’s 20 years of best practice insurance experience and accumulated knowledge from processing tens of millions of transactions annually for the industry’s top agents, brokers, MGAs, and wholesalers. Patra’s AI-powered services will launch as full-service offerings, with Patra’s service teams reviewing the AI results to ensure 99+% accuracy. As part of their technology delivery roadmap, Patra plans to offer SaaS versions for certain AI-powered services, similar to Policy Checking AI, which launched earlier this year.
“Patra is committed to helping its clients take full advantage of AI to transform their businesses,” said John Simpson, founder and CEO of Patra. “With Patra AI, we’re not only offering automation for insurance workflows but also providing a strategic layer of our expertise, so clients can feel confident in improving their business efficiency while maintaining full data accuracy and privacy.”
Early clients are realizing significant benefits of the Patra AI-powered services, including:
- Increased quote processing capacity – up to 300%
- Faster client response time – up to 92%
- Faster quote comparison time – up to 87.5%
- Faster quality checks – up to 83%
- More clients serviced – up to 25 additional clients per month
- More sales hours available – up to 85 additional sales hours per month
“The improvements in efficiency, accuracy, and throughput when applying our AI technology to these processes are significant,” said Will Dogan, senior vice president, product and service line management of Patra. “After years of providing these services to our clients and having a robust archive of data to train our AI, these new AI-powered capabilities will save insurance organizations valuable time, allowing teams to better service their customers and focus on what they do best – building client relationships and closing deals.”
The available Patra AI-powered services include:
- Policy Checking AI: Automates the tedious process of checking policies while reducing errors and omissions exposure, ensuring the accuracy and quality of bound policies. This solution is currently available as a full-service or self-service application.
- Quote Compare AI: Automatically extracts, analyzes, and compares insurance quotes from multiple carriers. It transforms complex quote documents into clear, professional side-by-side comparisons that help clients make informed decisions. This eliminates the manual, error-prone process of re-keying data from multiple carrier documents into spreadsheets, enabling sales teams to respond to clients faster and more professionally.
- Policy Data Extract AI: Automatically extracts data from policy documents, provides quality assurance through human oversight of AI, and delivers data in formats ready for analysis. It provides multi-document type support (policies, quotes, binders) and line-of-business-specific data models, including standard policy information, coverages, limits, exposures, schedules, and forms.
Additional AI-powered insurance services are expected to launch in early 2025.
About Patra
Patra is the leading provider of technology-enabled outsourcing services and AI software solutions for the insurance industry. Patra optimizes the application of people and technology, supporting insurance organizations in selling, delivering, and managing policies and customers. With a global team of over 6,500 process executives in geopolitically stable and democratic countries that protect data, Patra helps agencies, brokerages, MGAs, wholesalers, and carriers achieve profitable growth and organizational value.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241211243431/en/