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FINANCE

Insurance Underwriting Assistant

CHALLENGE

A large, multinational, commercial insurance company wanted to improve underwriting efficiency. Its skilled staff were spending many days reviewing engineering reports and other materials, and the company wanted to build a generative AI solution to identify and extract risk factors and highlights, help staff make faster and more accurate decisions, and hence speed up the underwriting process.


SOLUTION

Initially, the company built a solution to summarize and extract relevant information from engineering reports with a  fine-tuned Cohere Command model hosted on Amazon Bedrock. In the second phase, the team is developing a full retrieval-augmented generation (RAG) solution using Cohere Embed and a vector database to embed engineering reports. The result will be an AI assistant that makes it easier for users to extract critical information by using a natural language interface and semantic search.

How it works

Impact

Lower underwriting cost per asset

Ability to underwrite faster and increase business

Better use of highly skilled employees’ time

The Cohere Difference

Leading model accuracy

Leading model accuracy

Cohere’s retrieval prioritizes accurate responses and citations

Accelerated enterprise deployment

Accelerated enterprise deployment

Cohere’s models come with connectors to common data sources

Customization

Customization

Cohere’s models can be fine-tuned to further improve domain performance

Scalability

Scalability

Cohere’s powerful inference frameworks optimize throughput and reduce compute requirements

Flexible deployment

Flexible deployment

Cohere models can be accessed through a SaaS API, on cloud infrastructure (Amazon SageMaker, Amazon Bedrock, OCI Data Science, Google Vertex AI, Azure AI), and private deployments (virtual private cloud and on-premises)

Multilingual support

Multilingual support

Over 100 languages are supported, so the same topics, products, and issues are identified the same way