Integration of Azure OpenAI Service extends Indico Data’s enterprise large language model (“LLM”) capabilities and enables insurance carriers to dramatically increase underwriting and claim intake capacity and improve processing efficiency.
BOSTON, June 27, 2023 – Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico’s Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company’s overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers.
The integration with Azure OpenAI Service technology is another milestone in the company’s long storied history of innovation and success in AI. Indico’s co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we’re seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more.
Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours.
Integrated with Indico’s patented Intelligent Intake application interface, Indico’s Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting, and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico’s Enterprise LLM entirely within the customer’s firewall.
Indico’s Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite “covered or not” decisions. By utilizing state of the art machine learning, users are now able to “interrogate” submitted documents and produce summary data that typically take hours to research and create manually.
Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding.
“We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond,” said Tom Wilde, CEO Indico Data. “As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise.”
Jim DeMarco, Director of Insurance Strategy at Microsoft added, “Indico Data’s integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data.”
Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy, coupled with expanded underwriting and claims processing, will lead to faster response times, increased gross written premiums, and improved customer satisfaction.
Indico Data’s CEO, Tom Wilde, and Microsoft Global Industry Strategist, WW FSI, Dorota Zimnoch, will speak at ITC DIA Europe in Barcelona on June 28 from 14:50-15:20 on the topic “Solving the Insurance Intake Challenge with LLMs and GPT-4.” Indico and Microsoft will discuss how to leverage cutting-edge technology to accelerate intake processes to enable data-driven decision-making at enterprise scale.
Indico Data automates critical workflows for enterprises in document-intensive industries, including insurance, financial services, and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more.
About Indico Data
Indico Data automates critical workflows for enterprises in document-intensive industries, including insurance, financial services, and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more.
