Loadsure and Google Cloud Revolutionize Insurance Claims Processing with AI Automation
Customer Company Size
Mid-size Company
Region
- Europe
Country
- United Kingdom
Product
- Google Cloud's Document AI
- Loadsure's Claim Automation
- Gemini AI
Tech Stack
- Generative AI
- Optical Character Recognition (OCR)
- Document AI
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
- Digital Expertise
Technology Category
- Analytics & Modeling - Generative AI
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Functions
- Business Operation
Services
- Cloud Planning, Design & Implementation Services
- Software Design & Engineering Services
About The Customer
Loadsure is a global Insurtech firm based in London, launched in 2018 with the vision of using technology to streamline and enhance the insurance process for global shipping and logistics. It is the first data-driven Insurtech company registered as a managing general agent and Lloyd’s coverholder. Loadsure's approach, known as 'Holistic Freight Protection,' leverages real-time data and human-centric technology to empower the freight community. This enables informed decision-making about exposure and cost-effective protection against losses with a portfolio of digital insurance products and near real-time claims processing.
The Challenge
Traditionally, insurance claims processing has been a labor-intensive and time-consuming process, often involving manual verification of documents and data entry. This can lead to delays in claim settlements and a frustrating experience for policyholders. Loadsure, a global Insurtech firm based in London, recognized the need to address these challenges and sought a solution that would enable them to process claims more efficiently and accurately.
The Solution
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. Google Cloud's platform provided a user-friendly interface and tools for rapid prototyping and experimentation. Loadsure was able to seamlessly test different workflows using generative AI models and various Document AI processors. This iterative approach enabled them to quickly compare results and identify the optimal solution for their specific needs. Loadsure’s Claim Automation is based on two key pillars: classification of documents and using different document extractors per document type, leading to more than 95% extraction confidence scores. After the successful use of Google's AI tools, Loadsure expanded these technologies to other business workflows.
Operational Impact
Quantitative Benefit
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
