AI Powered Insurance Policy Comparison and Highlight Generation

Policy Comparison and Highlight Generation

1. Data Collection

1.1 Identify Insurance Policies

Gather a diverse range of insurance policy documents from various providers.

1.2 Upload Documents

Utilize cloud storage solutions to upload the collected documents for easy access and processing.

2. Pre-Processing of Data

2.1 Text Extraction

Employ Optical Character Recognition (OCR) tools such as Adobe Acrobat or ABBYY FineReader to convert scanned documents into machine-readable text.

2.2 Data Cleaning

Use data cleaning tools like OpenRefine to remove any irrelevant information and standardize the text format.

3. Policy Comparison

3.1 AI-Driven Comparison Tools

Implement AI summarization tools such as ChatGPT or IBM Watson Natural Language Understanding to analyze and compare the policies based on key parameters.

3.2 Feature Extraction

Utilize machine learning algorithms to identify and extract critical features such as coverage limits, exclusions, and premium costs.

4. Highlight Generation

4.1 Summarization Algorithms

Apply advanced summarization techniques using tools like SummarizeBot or Lexalytics to generate concise highlights of each policy.

4.2 Visualization of Key Findings

Create visual representations of the comparisons using data visualization tools such as Tableau or Power BI to enhance comprehension.

5. Review and Validation

5.1 Expert Review

Involve insurance experts to review the generated highlights and ensure accuracy and relevance.

5.2 Feedback Loop

Establish a feedback mechanism to refine the AI models based on expert input and improve future comparisons.

6. Reporting

6.1 Generate Reports

Compile the findings into comprehensive reports using document automation tools like DocuSign or DocuWare.

6.2 Distribution

Distribute the finalized reports to stakeholders via secure email or cloud sharing platforms.

7. Continuous Improvement

7.1 Monitor AI Performance

Regularly assess the performance of AI tools and algorithms to ensure they meet the evolving needs of policy comparison.

7.2 Update Data Sources

Continuously update the database with new policy documents and features to maintain relevance and accuracy in comparisons.