How Machine Learning is Changing COI Management
April 6, 2023
As a risk manager, you are likely familiar with the concept of certificates of insurance. But have you ever thought of leveraging machine learning to analyze those certificates? With the right technology, you can now throw away your spreadsheets and step into the future.
Let’s take a look at how Evident uses machine learning to analyze certificates of insurance.
What is Machine Learning?
At its most basic, machine learning is a type of artificial intelligence (AI) that allows computer systems to learn from data without being explicitly programmed. Using algorithms and statistical models, this system processes information to uncover patterns and make predictions. In many ways, it mimics the way humans learn—by studying data for clues about how things work.
How Does Evident Use Machine Learning?
Evident leverages machine learning to analyze certificates of insurance (COIs). Let’s go behind the scenes and see how the Evident engineering team uses Machine Learning to help make COI checks faster and more accurate.
Our engineers first identify what the anchors, or labels, are in each COI form. We know that these anchors do not change from form to form; they provide us with an understanding of precisely what we’re looking at when we process a form. By using machine learning algorithms, our system can then quickly extract pertinent information from each document—such as policy numbers and expiration dates—and store it in an easily accessible database. This makes it easier for you to keep track of all your COIs in one place.
On a standard ACORD 25 form, there are several different variants that have minor differences.
To know which one we are looking at, we look at the form’s “skeleton” or the map showing which boxes are adjacent to one another.
The structure of this skeleton forms a kind of “fingerprint” allowing us at Evident to inventory dozens of different form variants and process them accordingly.
In addition to extracting data, Evident’s machine learning algorithms also allow us to detect any discrepancies between different COIs—such as inconsistent coverage limits—so that you can address them before they become a problem. This helps keep your business protected by ensuring that all your policies are up-to-date and accurate.
Machine learning has revolutionized how risk managers approach analyzing certificates of insurance; no longer do they need to rely on slow manual processes or cumbersome spreadsheets. With Evident’s help, risk managers can now quickly extract pertinent information from COIs and detect any discrepancies between them so that their businesses remain protected against any potential risks or liabilities. So why not start leveraging machine learning for yourself today? You’ll be amazed at just how much time you’ll save!