Lost in Translation: Insurance Companies Need AI that Speaks Their Language

Humans have an innate ability to recognize and understand the nuance and context of language. Here's a simple example: An AI-powered data extraction solution may recognize a word in a policy document, but if there is no meaning or context to the word, the data extracted from that document is not actionable. For example, a system may recognize that "John Smith" is a name, but is it the name of the broker or the policyholder? Likewise, is the word "orange" in an insurance document a color or a county in California? In order to be effective, AI solutions not only need to read like humans, they need to master the unique lexicon and business logic of insurance at least as well as an insurer's human knowledge workers on their best day.