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SnapInsure

SnapInsure transforms complex insurance policies into clear, actionable insights. Our solution empowers insurance professionals and policyholders by instantly extracting, summarizing, and answering.

Created on 29th October 2024

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SnapInsure

SnapInsure transforms complex insurance policies into clear, actionable insights. Our solution empowers insurance professionals and policyholders by instantly extracting, summarizing, and answering.

The problem SnapInsure solves

SnapInsure addresses several key problems in the insurance industry:
Challenges we ran into
When implementing SnapInsure, challenges that arose:

  1. Complexity in Policy Documents: Insurance policies are often filled with dense,
    legal jargon that is difficult for policyholders and even professionals to
    understand. SnapInsure simplifies this by providing clear, concise summaries.
  2. Time-Consuming Policy Analysis: Insurance professionals spend a lot of time
    manually reading and analyzing policies. SnapInsure automates this, reducing the
    time spent on policy review by up to 75%.
  3. Coverage Gaps and Overlooked Details: Identifying gaps in coverage or important
    deadlines in lengthy policies is challenging. SnapInsure’s deep policy analysis flags
    these automatically, minimizing the risk of oversight.
  4. Inefficient Customer Service: Policyholders often rely heavily on customer service
    representatives for basic questions, causing delays and inefficiencies.
    SnapInsure's FAQ engine offers instant, accurate answers based on policy
    documents, reducing dependence on human support.
  5. Lack of Informed Decision-Making: Without clear insights, policyholders struggle
    to make informed decisions about their coverage needs. SnapInsure empowers
    them with straightforward summaries and contextual information.

Challenges we ran into

  1. Maintaining Accuracy in Summarization: Condensing complex legal language into
    clear, concise summaries without losing critical details or misinterpreting key
    information is difficult. An error in summarization could lead to misunderstandings
    or liability issues.
  2. Adapting to New Policy Updates: Insurance regulations, policies, and terms
    frequently change. Keeping SnapInsure up to date with the latest rules, terms, and
    legal standards across different regions and insurers can be a continuous
    challenge.
  3. Handling Ambiguous Queries: Users may ask vague or ambiguous questions
    about policy terms. The AI needs to be equipped to handle these situations
    gracefully, by either clarifying the query or offering the closest possible answer.

Tracks Applied (2)

Polygon Track

Polygon

Polygon

Ethereum Track

ETHIndia

ETHIndia

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