Generative AI emerged as a major shift for insurers to extract greater value from existing investments and simultaneously modernize operations. Big-bang adoption is discouraged by experts; instead, they suggest setting a small application, proving incremental business value, and then scaling based on a strategic roadmap.
In this episode of the Analytics Insight Podcast, Priya Dialani speaks to Ken Tolson, Chief Executive Officer of Turvi, to discuss generative AI methods that are targeting pain points in property and casualty insurance claims.
Turvi started its journey in October 2024, as part of the rebranded version of Crawford & Company's small digital solutions practice. The company will be looking at SaaS offerings in the property and casualty ecosystem, with claims getting a very heavy emphasis. According to Tolson, generative AI had always been part of their strategy since it became mainstream around the period of 2024-25.
Tolson has been with Crawford for more than 20 years now, working his way through operations and technology, and has even spent time as the CIO. This unique amalgam of experience allows him to take the extra step towards modernizing the claims process via process improvements, self-service models, and now an AI-driven approach to innovation
Property and Causal Claims relating to automobile accidents and natural disasters generate numerous forms of unstructured data encompassing adjusters' notes, policy clauses, repair estimates, and IoT readings. Traditionally, processing this data took hours, which eventually delayed the outcomes, and users wanted it done quickly yet with clarity.
Considering that coverage interpretation is one of the most complex and crucial steps in claims, Turvi's first generative AI product was designed to address it. Most often, coverage checks overwhelm adjusters because of variations in policies across states and markets. Now, by using large language models to ingest policy details, Turvi provides coverage insight in under 30 seconds, a task that previously took close to an hour.
“The ability to interpret policy in near real-time is a game-changer,” Tolson explains. This means not only is it much more efficient, but it also opens up the possibility of extending coverage tools directly to consumers and increasing transparency and trust.
New AI-based opportunities have taken off, including summarizing claims files, interpreting IoT data, and similar tasks. According to Tolson, adoption would depend upon the digital maturity of ideas, but for those that have leaped, generative AI will transform claims processing and reimagine customer experiences.
With companies such as Turvi making advances, an era begins in which automation and human judgment join hands in the insurance domain.