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New AI Tool Revolutionizes Insurance Policy Management and Claims Processing
The insurance industry faces growing challenges with increasingly complex policies and sophisticated claims, compounded by a looming talent shortage. Qumis, a Chicago-based startup, has developed an AI-powered platform designed to help insurance professionals efficiently navigate these complexities. By automating workflow tasks such as document comparison and claims analysis, Qumis saves time and improves accuracy, aiming for over 90% precision in understanding dense insurance language.
This innovation is critical as carriers confront novel claim types like cyber liability and social inflation, areas where traditional manual processes fall short. The AI also acts as a knowledge-preserving assistant, supporting both seasoned experts and new staff in decision-making. As the industry adopts tools like Qumis, insurers can enhance operational efficiency while mitigating risk exposure. This could reshape how insurance firms manage policies and claims in a rapidly evolving landscape.
