Insurance companies fulfil their contractual obligations in the event of a claim by reimbursing damages up to defined coverage amounts. The amount of coverage is defined in contracts, signed, scanned, and stored in various formats. These coverage amounts can change over time, however, because new laws are passed, or regulations adapted. As a result, insurance companies must revise their contracts accordingly. But they face the challenge of not knowing which contracts are actually affected by the changes. If they fail to meet the requirements, however, insurance companies can be faced with lawsuits from their customers.
With Aparavi, insurance companies don’t run into this danger: The Deep Intelligence Engine can read out the contents of the contracts and recognise which of them need the coverage amount adjusted. Furthermore, it is also possible to search these contracts for further details, such as the cancellation periods, certain additional benefits or exceptions in which the insurance company does not step in. Insurance companies can thus easily obtain all the information they need with just a few clicks and know exactly which conditions they have agreed to with each customer.