X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Artificial intelligence solutions using natural language processing (NLP) have emerged to address the challenge of fewer human experts available to determine the content and intent of policy wordings. (Photo: iStock) Artificial intelligence solutions using natural language processing (NLP) have emerged to address the challenge of fewer human experts available to determine the content and intent of policy wordings. (Photo: iStock)

Large commercial and specialty insurance is a complex, document-intensive business. The complexity of policy wordings — the contract coverage, endorsements, exclusions, terms and conditions embedded within contracts — has grown exponentially.

Achieving contract certainty, clarity on policy terms and conditions that reduces or eliminates coverage ambiguity, is critical to the solvency of both insureds and policyholders. Lloyd’s of London estimates that disputed claims, including legal fees and unplanned claims payments as a result of inaccurate wordings, cost the market about $600 million annually.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.