- Insurance policies are complex and difficult to understand and interpret.
- Both enterprises and individuals do not realize coverage inadequacies and gaps in their policies until it is too late and uncovered losses are incurred.
Insurance companies and agents struggle to engage the average consumer and educate them on their protection needs.
- AI/ML platforms can be trained to understand insurance policies and extract relevant information from unstructured policies, quickly identifyingcoverage gaps, limits, endorsements, and exclusions.
3rd party data sources on risk exposures are growing and becoming widely available.
Coverage gaps are identified based on what is required vs what is covered.