Challenge
Relm Insurance, a forward-thinking insurance provider, faced a significant challenge: managing vast amounts of unstructured data spread across hundreds of thousands of documents. Their existing processes were inefficient, making it difficult to access critical insights in real time. In addition, their underwriting team needed an AI-driven tool to streamline policy creation, especially for subjective analyses such as assessing CEO risk or evaluating a company's exposure to global market fluctuations.
Freestone.AI, which was already developing an AI solution for Relm, recognized the need for a specialized partner to accelerate development and customize the platform to Relm's needs. They turned to Intersog, leveraging its expertise in AI, data management and cloud solutions to create a robust, scalable system.
Solution
In collaboration with Freestone.AI, we developed RelmAI, an Azure-based AI platform designed to revolutionize data retrieval and underwriting processes. At its core, RelmAI functions as an AI-powered search engine with a generative AI chat interface, offering structured outputs for complex queries.
Key Features and Innovations
1. Transforming Unstructured Data into Structured Insights
RelmAI extracts data from SharePoint, where AI-powered indexing structures vast amounts of unorganized information. This process enables the system to generate structured insights, such as compiling financial tables from multiple sources, providing a holistic view of client data.
2. AI-Driven Data Enrichment
Beyond indexing, RelmAI enhances data by adding valuable context. Azure Functions power custom automations, including generating concise company overviews via ChatGPT, categorizing risks, and extracting financial insights. This enriched data is stored in a PostgreSQL database, ensuring seamless access to client-specific insights.
3. Conversational AI for Underwriting
With an intuitive LLM-powered interface, RelmAI allows underwriters to interact with data conversationally. This capability facilitates in-depth analysis and speeds up policy creation by delivering precise, contextual responses to complex inquiries.
4. Enhanced Search with Source Verification
The platform enables searches by company or across all data sources, retrieving the most relevant information in real time. To counteract AI hallucinations, RelmAI provides source documents alongside generated responses, fostering trust and accuracy.
5. Seamless Integration of AI Technologies
By incorporating tools like ChatGPT into a tailored framework, RelmAI ensures adaptability and scalability. The platform remains flexible, allowing for the integration of future AI advancements.
6. Robust Security and Compliance
A multi-layered security framework, including Microsoft Entra ID authentication, encryption, and secure networking, ensures data integrity and compliance with stringent industry regulations.
Results
The implementation of RelmAI has significantly transformed Relm Insurance’s operations, delivering substantial improvements in efficiency, accuracy, and user experience.
- Enhanced Operational Efficiency
Automated indexing, categorization, and enrichment of documents have drastically reduced search time, allowing users to access relevant data instantly. - Boosted Analyst Productivity
Analysts can now generate financial reports and tables with ease, eliminating hours of manual work and improving data accuracy. - High User Adoption and Satisfaction
The intuitive interface requires minimal training, leading to widespread adoption. The ability to verify AI-generated insights with source documents has built user confidence. - Scalability and Future-Readiness
By integrating off-the-shelf AI tools into a customized framework, RelmAI is well-positioned for future enhancements, ensuring long-term business value. - Uncompromising Security and Compliance
Meeting industry security standards ensures that RelmAI can scale securely while protecting sensitive data.
Conclusion
The strategic collaboration between Freestone.AI and Intersog has empowered Relm Insurance with an advanced AI-driven solution that not only addresses immediate operational challenges but also future-proofs their business. RelmAI exemplifies the transformative power of AI in the insurance sector, setting a new benchmark for efficiency, decision-making, and user engagement.
