Financial ServicesGenerative AIConversational AIDocument Intelligence
EXL Transforms Insurance Underwriting with Generative AI Assistant Built on Amazon Bedrock
EXL, a global data analytics and digital solutions company, built LDS Underwriting Assist, a retrieval-augmented generation chatbot integrated into its Life Digital Suite (LDS) platform to help insurers streamline the underwriting assessment and review stages that previously required underwriters to manually review hundreds of pages of documents. The service uses Anthropic Claude 3 Sonnet on Amazon Bedrock with Amazon Kendra as the chatbot interface, Amazon Textract to extract data from scanned documents, and Amazon Comprehend to analyze text and redact PII and protected health information for compliance with regulations such as India's PII guidelines. EXL tested multiple foundation models (Mistral AI, Claude 2, Sonnet 3, Amazon Titan) to minimize hallucinations before launching the service in August 2024, just 60 days after starting development. EXL reports the solution reduces underwriting processing time from several days to a few hours and has the potential to cut underwriting costs by up to 80%.
EXL
Amazon Bedrock · Anthropic Claude 3 Sonnet · Amazon Kendra +2
