Text Mining Methods Applied to Insurance Company Customer Calls: A Case Study

Liao, Xiyue; Chen, Guoqiang; Ku, Ben; Narula, Rahul; Duncan, Janet

doi:10.1080/10920277.2019.1649155

Cited by 4 publications

(1 citation statement)

References 14 publications

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“…NLP can also be used to fine tune premiums [22] or to detect fraudulent claims [20]. Furthermore, these techniques can be used to gain customer insights for example by analysing customer calls [9].…”

Section: Applications Of Nlp and Ai In The Insurance Industrymentioning

confidence: 99%

Automatically Extracting Insurance Contract Knowledge Using NLP

Goossens

Berth

Decoene

et al. 2022

Business Information Systems Workshops

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Vanbreda Risk & Benefits, a large Belgian insurance broker and risk consultant, allocates a substantial amount of time and resources to answer contract related questions from customers. This requires employees to manually search the relevant parameters in the contracts. In this paper, a solution is proposed and evaluated that automatically extracts insurance parameters from contracts using regular expressions and Natural Language Processing. While Natural Language Processing has been used in insurance for optimising premiums, detecting fraudulent claims, or underwriting, limited work has been done regarding parameter extraction. The proposed solution has been developed on 127 different contracts and two different contract types in terms of accuracy and time-performance. Moreover, the automatic parameter extraction has been compared to manual parameter extraction. We conclude that automatic parameter extraction using regular expressions achieves better accuracy than manual extraction on top of being significantly faster, allowing Vanbreda Risk & Benefits to invest more time into providing better customer service.

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Section: Applications Of Nlp and Ai In The Insurance Industrymentioning

confidence: 99%