Swiss Insurance Company

Creating an Azure distributed cluster to analyze and assess risk exposure in insurance based on intelligence extracted from contracts

Challenge

• High legal costs due to delayed understanding of contract content are a major cost factor
• Millions of insurance contracts with different wording, exclusion and inclusion clauses
• Difficult to categorize and quantify risk profile of grops of contracts

Solution

• Natural Language Processing solution to analyze contracts
• Contract corpus data lake implementing business rules for contract intelligence risk resolution
• Backend system for underwriters to better formulate future contracts and reduce risk exposure

Business Impact

• Client is able to quickly quantify risk exposure based on contract language
• Underwriters following guidance system resulting in more profitable contracts.
• Reduced legal and operational costs and improved process excellence