Patra’s Self-Service Policy Checking Solution Adds New Enhancements and Lines of Business While Gaining Rapid Traction and Adoption
2024年7月30日 - 11:30PM
ビジネスワイヤ(英語)
Patra Continues to Lead the Way in AI-Driven Policy Checking for
the P&C Insurance Industry
Patra, a leading provider of technology-enabled insurance
outsourcing and software services, is thrilled to announce the
expansion in functionality of its PolicyChecking AI Self-service
solution. Just one month since the release of the self-service
version of its PolicyChecking AI platform, Patra has more than
tripled the lines of business available and added new and enhanced
functionality to further streamline the critical process of
checking policies.
Since its launch, Patra’s PolicyChecking AI service has gained
significant traction, with a 56% increase in checked policies
between Q2 2023 and Q2 2024. This rapid increase demonstrates the
industry’s demand for advanced AI-driven automation in policy
checking. By late 2024, the solution is on track to check over one
million policies.
PolicyChecking AI Self-service Enhanced Capabilities and Line of
Business Coverage Expansion
Leveraging its dedicated investments in technology and
automation, Patra continues to introduce new functionality and
expansion of supported lines of business to the platform. Today,
PolicyChecking AI Self-service now includes:
- Broadened Line of Business Support: Today, PolicyChecking AI
Self-service covers nearly 20 lines of business including: General
Liability, Workers Compensation, Commercial Umbrella, Professional
Liability, Cyber Liability, Commercial Auto, Commercial Property,
Inland Marine, Builders Risk, Directors & Officers, BOP,
Commercial Package, Crime, Pollution, EPLI, Management Liability,
Foreign Liability, and Boiler and Machinery.
- Expanded Policy Header Checklist & Form Comparison
Capabilities: The policy header checklist and form comparison
features now allow clients to create activities through policy
header and forms capture and comparison. One client noted, "The
comparison of forms, if you are correctly doing it manually, is
what takes the most time in the process (especially for greener
employees). This expansion will boost accuracy and reduce time
spent.”
- Checklist Export: Clients can now export summary results (both
policy checklists and forms comparison) in PDF format, facilitating
uploads into AMS and document management systems such as Epic,
AMS/BMS and ImageRight.
- Self-service Admin Capabilities: Clients can set up and
configure their organizational structure and manage users directly
within the platform.
- Agency Admin Features: Admins can set up or edit agency
details, manage corporate organizational structures, view office
lists, and create or edit offices.
- User Admin Features: Admins can easily add users, assign users
to the right place in the organizational structure, reset
passwords, send email invites, edit existing users, and enable or
disable users.
“We are experiencing a large influx of interest and adoption of
this groundbreaking solution, and clients are eagerly requesting
additional capabilities such as Line of Business expansion and
structured data export capabilities. We’re also gaining a lot of
interest in using what we’ve built for similar processes, including
quote comparison,” said Will Dogan, Patra's Senior VP of Product
and Service Line Management. “We look forward to advancing our
solutions to address more client and industry needs over time.”
This new automation and technology are leading to more insurance
organizations coming to Patra for their insurance processing needs,
indicated by a 25% increase in new clients since Q3 2023.
About Patra
Patra is a leading provider of technology-enabled outsourcing
services and software solutions for the insurance industry. Through
the PatraOne platform, 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.
For more information on Patra's insurance policy lifecycle and
administrative services and software solutions, visit
www.patracorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730608830/en/
William Wagner Patra wwagner@patracorp.com 650-279-0325