Agroseguro improves its agricultural insurance offering thanks to AWS's generative AI

Overview

Agroseguro, the Spanish Association of Combined Agricultural Insurance Insurers, is applying generative AI as part of a cloud migration to AWS. The insurer is pursuing AI projects for detecting fraud within insurance lines using data learning techniques, and for analyzing images as part of claims assessment using artificial vision techniques. Using Amazon Bedrock, Agroseguro has started a project applying natural language processing to help understand technical and legal documents, particularly the terms and conditions for its different insurance lines and assessment rules. The company is also developing predictive models using AI to produce more accurate risk analysis and pricing across its insurance lines.

The challenge

Agroseguro faces the challenge of managing its activity in an increasingly effective and efficient manner, including optimizing capital investments and managing increased regulation related to sustainability, climate change and risk management. The company has also seen a rise in accidents from more frequent and severe extreme weather events, with gross claims against agricultural insurance policies hitting an all-time high of 1.24 billion euros in the last 12 months, while needing to maintain stability, efficiency, high quality of service and customer satisfaction.

The solution

Agroseguro is pursuing generative AI projects for detecting fraud within insurance lines using data learning techniques, and for analyzing images as part of its assessment processes using artificial vision techniques. Using Amazon Bedrock, AWS's generative AI service, the company has initiated a project to investigate how natural language processing can facilitate the understanding of technical and legal documents, particularly the terms and conditions for its different insurance lines and the rules of assessment. Agroseguro is also developing predictive models using artificial intelligence to produce more accurate risk analyses for pricing its insurance lines. This work accompanies the completion of the first phase of the AWS cloud migration acceleration program (MAP), which will form the basis of the company's future agricultural insurance management system.

Reported business value

The scalability provided by AWS helps Agroseguro optimize costs by adjusting resources as needed and paying only for what is used, which is crucial at times of high activity such as underwriting deadlines or extreme weather events. Developing predictive risk models with AI allows Agroseguro to produce more accurate analyses to assess and price risk across its insurance lines, resulting in the possibility of offering customers better prices and conditions. Automating the understanding of technical and legal documents through natural language processing simplifies and accelerates the interpretation of policy and regulatory conditions, improving operational efficiency and customer satisfaction.