Patra AI Platform Boosts Insurance Workstream Flexibility

Patra, a leading provider of technology-enabled insurance outsourcing services and AI-powered software solutions, today announced significant enhancements to its Patra AI platform. The platform now offers expanded workstream flexibility through improved service options for Policy Checking AI and Quote Compare AI, enabling insurance organizations to dynamically adjust workflows, resources, and processes in response to changing priorities, market conditions, or disruptions.

Workstream flexibility in insurance operations

Workstream flexibility represents a critical capability for modern insurance organizations, allowing them to select the optimal combination of technology and human expertise for each specific situation. Patra offers workstream flexibility for its Policy Checking AI solutions ranging from fully automated AI-only review to customized white-glove service with human oversight, and its Quote Compare AI solutions offering similar adaptability from straight-through AI processing to comprehensive human-in-the-loop review.

Quote Compare AI: Three flexible solution options

Patra's Quote Compare AI now offers three distinct solution options to automatically extract, analyze, and provide insurance quote comparisons from multiple carriers.

• AI-Only: Patra’s new straight through processing solution balances efficiency with cost effectiveness through AI technology without human review, to deliver quote comparisons at a time with the highest accuracy levels.
• Self-Service: The self-service solution provides in-house teams with direct access to the power of Patra AI’s platform. Insurance professionals can generate quote comparisons directly through an intuitive interface, with immediate results and complete process control.
• Full-Service: This comprehensive solution delivers quote comparisons though a combination of advanced AI technology and expert human-in-the-loop review. Patra’s team streamlines the entire process, from submission to delivery of finalized comparisons, maximizing quality assurance and accuracy for retail agencies, brokers, wholesalers, MGAs, and MGUs.

Policy Checking AI: Four adaptable solution options

Policy Checking AI now offers four solution options to automate complex insurance policy checking processes and reduce errors and omissions (E&O) exposure.

• AI-Only: For insurance organizations seeking to accelerate policy checking and maintain internal oversight of the review process, this streamlined new service option uses sophisticated AI algorithms to extract, analyze, and compare policy data with exceptional accuracy without human review.
• Self-Service: Patra’s self-service solution helps in-house teams leverage the power of Policy Checking AI to achieve unparalleled speed and accuracy. The self-service solution provides the most sophisticated AI-based automation available on the market; with intuitive, user-friendly workflows to extract, compare, and highlight inaccuracies or discrepancies between multiple policy versions.
• Full-Service: Patra’s full-service solution combines Policy Checking AI’s industry leading technology with a dedicated team of Patra processing executives to manage every aspect of the process. Patra’s insurance professionals provide final oversight leveraging Policy Checking AI and assume E&O risk associated for every policy checked.
• Custom: This white-glove service option delivers comprehensive policy verification through customized quality control measures, reporting, and service level agreements aligned to an insurance organization’s operational needs and client expectations. Patra's insurance professionals manage the entire policy checking process with tailored workflows designed specifically for an insurance organization's unique requirements and assume E&O risk associated with every policy checked.

"The insurance industry continues to face unprecedented challenges that require adaptable solutions," said Patra CEO and founder John Simpson. "Our Patra AI platform enhancements empower insurance professionals to improve operations with Artificial Intelligence on their own terms. These newly expanded workstream flexibility options enable insurance organizations to optimize specific workflows and maintain the highest levels of accuracy and flexibility.”

Evolving market shifts make workstream flexibility mandatory

Workstream flexibility is no longer just a convenience, it's a competitive necessity to navigate today’s increasingly evolving market. The insurance industry has seen a recent influx of AI solutions claiming to transform policy checking, but not all AI is created equal. Patra's approach stands apart through both technical sophistication and implementation flexibility.

"While new entrants flood the market with shallow Gen AI solutions that offer limited data verification and minimal form handling, Patra's approach delivers unmatched depth and rigor across four Policy Checking AI options and three Quote Compare AI options. Our proven, specialized AI models capture more fields, properly handle complex forms and endorsements, and provide verification capabilities that generic solutions simply can't match. This combination of flexibility and technical sophistication is what separates market leaders from those struggling to keep pace with industry changes," said Will Dogan, Senior Vice President of Product and Service Line Management at Patra.

The Patra AI platform enables workstream flexibility for retail agencies and brokers, wholesalers, and MGAs/MGUs through strategic application of different solution options based on specific needs:

• Risk profile and complexity: Match service levels to policy requirements and use AI-only or Self-service for lower premium policies with limited risk exposure, while leveraging Full-service or Custom options with human expertise and E&O risk transfer for complex, high-premium business.
• Operational demands: Instantly scale during peak seasons without additional staff by utilizing AI-only or Self-service options for standard processes while maintaining Full-service or Custom for complex accounts.
• Market and regulatory responsiveness: Adapt quickly to changing market conditions and regulatory requirements by selecting the appropriate solution for each situation, ensuring business continuity during catastrophic events, rapid deployment of new risk solutions, and seamless multi-jurisdiction compliance.

"By offering multiple new options for our AI-powered solutions, insurance organizations can choose the best implementation model for their unique operational needs, technological readiness, and strategic goals," said Dogan.

Insurance organizations can learn more about the enhanced Patra AI platform’s workstream flexibility options at patracorp.com.

About Patra

Patra is a leading provider of technology-enabled insurance outsourcing services and AI-powered software solutions. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform. Patra's global team of over 6,500 process executives in geopolitically stable and democratic countries that protect data allows agencies, brokers, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value.

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