CoverageCompass - Navigating Insurance with AI

What it does

Coverage Compass is an innovative AI-powered solution designed to revolutionize the vehicle insurance claim experience for both insurance company and user. Leveraging the power of LLMs (Gemini-1.5-pro-latest model), Coverage Compass acts as an intelligent guide, helping navigate the complexities of vehicle insurance with ease and clarity.

How we built it

1. User will ask for vehicle damage claim under particular policy - PolicyA
2. Insurance Agent can use CoverageCompass to determine if vehicle damage is "claimable" or "non-cliambale" along with reasoning.
3. For that Insurance Agent needs to follow below steps in CoverageCompass UI:
   1. Upload the policy document(s) and click "Submit & Proceed".
   2. The bot will prompt you to provide additional details about the incident in JSON format. Enter the details accordingly.
   3. The bot will assess the user's JSON response and the policy, then present the result as either "CLAIMABLE" or "NON-CLAIMABLE," along with reasoning. \n

Challenges we ran into

1. Defining correct prompt

Accomplishments that we're proud of

Defining following features:

1) Policy Comprehension: Coverage Compass simplifies dense insurance policies by providing clear and concise summaries of coverage details, exclusions, and key terms in plain language.

2) Claim Assistance: The AI-powered chatbot assists insurance company throughout the claims process, offering guidance on filing claims, gathering necessary documentation, and understanding the status of their claim.

3) Risk Assessment and Fraud Detection: Utilizing machine learning algorithms, Coverage Compass helps insurers assess risk more accurately and identify potential fraudulent claims, improving efficiency and reducing costs.

What we learned

Coverage Compass stands out through its unique combination of AI-driven features, focusing on both policyholder empowerment and insurer efficiency. CoverageCompass reduces time taken by insurance company to provide claim status for vehicle damage. By bridging the gap between complex insurance concepts and user-friendly interactions, Coverage Compass has the potential to transform the insurance industry, making it more transparent, accessible, and customer-centric.

We learned about leveraging LLMs to solve real life problems

What's next for CoverageCompass

1. Capabilities of CoverageCompass can be extended to help users ( who avail policy ) in determining whhich policy will best suit for their needs
2. Predict cost that can be covered under policy for provided scenario

Built With

• flask
• gemini
• prompt
• python
• render