Traditionally, insurance claims processing has been labor-intensive and time-consuming, relying on manual document verification and data entry, often causing delays and frustration for policyholders. By leveraging Google Cloud's Document AI, Loadsure, a global Insurtech firm based in London, is able to automate the extraction of relevant data from various claim documents, such as bills of lading, invoices, and shipping documents.
The Loadsure and Google Cloud teams are now exploring how to bring this and other generative AI technology to further insurance flows such as underwriting and pricing.
“Loadsure was built to protect businesses and communities — filing a claim is a critical moment for companies, especially for small and medium ones,” explains Justin MURPHY, Loadsure’s director of claims. “Our technology must deliver a frictionless claims process with a focus on transparency, promptness and customer satisfaction.”
Manually verifying claims submission documents is an avoidable bottleneck in an important process. Loadsure was looking for an effective OCR (Optical Character Recognition) solution that delivered accurate results to optimize the experience for its customers — enabling claims to be settled in near real-time. Loadsure partnered with Google Cloud to develop an AI-powered claims verification system. By leveraging Google Cloud's Document AI, Loadsure was able to automate the extraction of relevant data from various claim documents, such as bills of lading, invoices, and shipping documents.
Loadsure was launched in 2018 with the vision of using technology to streamline and enhance as much of the insurance process as possible for global shipping and logistics. It holds the distinction of being the first data-driven Insurtech company registered as a managing general agent and Lloyd’s coverholder, according to the firm.
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