Autonomous AI Assistant from NeuralMetrics Streamlines Workers’ Compensation Premium Audits
The specialized AI assistant expands the company’s platform of task-focused digital coworkers to support commercial insurance processes
NeuralMetrics, a leading provider of Generative AI technology and data for commercial insurance risk assessment, launched CHRIS, an AI assistant for workers’ compensation premium audit management. CHRIS joins risk appetite assistant GIA and risk analysis assistant ARKUS as a task-oriented, self-learning AI coworker within the company’s Smart Adaptive Multifunctional Assistant (SAMA) platform.
Workers’ compensation premium audits are an administrative challenge for commercial insurers, MGAs, and their policyholder clients. Conducted annually, accurate and complete premium audits typically require significant manual effort and review to ensure insurance premiums accurately reflect business exposures. CHRIS provides automated data collection and classification, resulting in faster, more efficient audits. The AI assistant speeds field and phone audits by addressing incomplete and missing information, and refining business classifications. Furthermore, this AI assistant ingests and incorporates state-specific regulations, ensuring full compliance, and provides continuous monitoring and analysis for ongoing policy risk assessment and agile decision-making.
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“CHRIS absorbs state regulations and learnings from submission documents — to autonomously conduct workers’ compensation audits in real-time and identify critical but deficient data elements, such as misclassified employees and unreported subcontractors,” said Prakash Vasant, NeuralMetrics CEO. “Encompassing accumulated knowledge about historical audits and claims experience, CHRIS can also analyze in-force policies with similar characteristics to pinpoint potential class changes and premium adjustments.”
NeuralMetrics AI assistants excel at real-time learning and recalibration for continuous optimal performance. Commercial insurers can conduct faster and more accurate premium audits, fulfill in-appetite risk evaluation, and obtain transparent insights into insureds’ businesses — while increasing capacity and process efficiencies, advancing pricing accuracy, and enhancing the policyholder experience. Each skilled AI assistant has a defined role in the insurance workflow and can productively assimilate as a team member within the functional value chain of insurers and MGAs.
NeuralMetrics (www.neuralmetrics.ai) provides advanced, generative AI solutions to streamline commercial underwriting and premium audit processes. The company’s cognitive AI assistants are personalized for specific roles and offer in-depth risk assessment based on insurer and MGA appetite, fundamentally transforming the way risk analysis and selection tasks are performed. These self-learning AI assistants seamlessly integrate into existing operations and have access to the most up-to-date NeuralMetrics risk intelligence on insurable businesses, including tenant data for commercial buildings. One NeuralMetrics AI assistant optimizes premium audits by reviewing policy submissions, identifying incomplete details, and ensuring compliance with historical data and state regulations. Using advanced AI-powered technology and insights, underwriters are empowered to make precise, data-driven eligibility and policy pricing decisions across various commercial lines such as LRO, BOP, and GL. NeuralMetrics products leverage intelligent technologies to improve underwriting outcomes and enhance the policyholder experience by providing fast, accurate quotes.
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