Tech firm Neoanalyze unveiled a new product designed to automate title insurance claims handling through use of generative artificial intelligence (AI) and Large Language Models (LLMs).
The tool aims to transform the traditional claims handling process, injecting speed, accuracy, and efficiency through smart automation.
By integrating LLMs, the software application is able to understand nuances in customer communications, title commitments, lien records, legal descriptions of properties, and other relevant documents, automating responses and decisions with a level of empathy and understanding that mirrors human interaction, according to the company.
Michael Tate, founder of Neoanalyze, discussed the impact of this innovation, stating, “Claims handling in the title insurance industry looks different compared to other lines of insurance. As a claims counsel for a Fortune 500 title insurance company, the grind was real – I used to be buried in customer communications, title commitments, lien records, property legal descriptions, and more.
“Now, with Neoanalyze, document reviews for claims are instantaneous, and drafting of resolution letters is automated. It's a complete transformation in efficiency.”
Neoanalyze is currently being rolled out to select customers and the company is taking registrations for a waitlist. A full market launch is expected later in the year, which is said to include detailed customer support and comprehensive training.
“We are setting a new standard for AI applications in the title insurance industry,” Tate added. “We hope to build a tool at the forefront of leveraging AI to meet the evolving needs of both title insurers and policyholders. Our technology will not just change the way claims are handled; it will revolutionize customer interactions and operational efficiencies.”