Learning - 2023-11-09
Comparing Insurance Policies with Metal
by Pablo Rios
Two bulls reviewing insurance policies.
Insurance is complicated, but it’s also everywhere, and can cover just about anything. For the average person, understanding the subtle differences between policies can be confusing yet highly consequential. But it doesn’t have to be!
With Metal, you can make comparing complex documents like insurance policies easy – cutting down the time and effort needed for a policy review.
This blog post will show you how Metal streamlines the process of document comparison, empowering any policy holder to make informed decisions with ease.
Step-by-Step Guide with Metal
Simply start by creating an account and visiting your dashboard.
1. Setting Up the Workflow
Create an App and connect it to a data source containing the policy documents you want to compare. Your documents can be uploaded in PDF, Word or text format.
Create the app flow
When your documents are uploaded, they are automatically processed and stored in a Metal index. The index will contain the policy information extracted from the documents, and is immediately available for search, filter, or chat interactions.
2. Comparing the Policies
Using the Metal playground, you can ask questions to identify differences and similarities in policy provisions. For example, "Are there any unique coverage extensions or exclusions in either policy that the other does not have?"
The playground view will display the response from the LLM and show which sources it referenced – including the text from the source document. Let’s try a few more comparisons to see what else we can learn!
"Human: Are there any unique coverage extensions or exclusions in either policy that the other does not have?Assistant: Based on the provided context, there are a few unique coverageextensions in the Zurich policy that are not explicitly mentioned in the Axis policy:1. Individual Insured Person Extended Coverage: This extension allows an Insured Person to elect an Extended Reporting Period orRun-Off Coverage Period for only such Insured Person if the Policyholder is entitled to but does not exercise the Extended Reporting Period or the Run-Off Coverage Period.2. Environmental Mismanagement Coverage: This extension provides coverage under certain insuring clauses for Claims againstInsured Persons and coverage for Securities Claims against the insured organization related to environmental mismanagement.On the other hand, the Axis policy includes a unique extension for New Organizations, which providescoverage for new organizations created or acquired by the insured organization during the policy period."
Let’s look at one more example:
"Human: How do the limits of liability and retentions differ between the two policies?Assistant: The Axis policy states that the insurer's maximum aggregate liability for all Lossunder the policy is the Limit of Liability set forth in Item 3.A of the Declarations.Defense Costs and Insured Inquiry Costs are part of this limit and the payment by the insurerof these costs reduces and may totally exhaust this limit. The insurer's maximum aggregate liability for allInvestigation Costs under Insuring Agreement D is the Sublimit of Liability set forth in Item 3.B of the Declarations,which is part of, and not in addition to, the Limit of Liability set forth in Item 3.A of the Declarations.No Retention applies to Insuring Agreements A and D. The insurer's liability for Loss under InsuringAgreements B and C applies only to that part of Loss in excess of the applicable Retention set forth in Item 4 of the Declarations.On the other hand, the Zurich policy states that the Underwriter's maximum aggregate liability forall Loss on account of all Claims under Insuring Clauses A, B, C, and E, combined, is the Limit ofLiability set forth in Item 2.A of the Declarations. The Underwriter's maximum aggregateliability for all Investigative Costs on account of all Securityholder Derivative Demands underInsuring Clause E is the Sub-limit set forth in Item 2.B of the Declarations, whichis part of and not in addition to the Limit of Liability set forth in Item 2.A of the Declarations.The Underwriter's liability under Insuring Clause B and Insuring Clause C with respect to Loss on account of eachClaim applies only to that part of Loss which is excess of the applicable Retention setforth in Item 4 of the Declarations.In summary, both policies have similar structures for limits of liability and retentions,but the specific amounts and details may vary based on the individual policy declarations."
As we notice, the assistant simplifies the comparison of complex insurance policies, highlighting key differences in coverage and costs to aid quick and informed decisions.
Comparing complex documents like insurance policies with Metal offers several benefits. It not only saves time but also simplifies the understanding of the nuances among complicated — yet often very impactful — policy documents. This can help agents and brokers work more efficiently in their daily tasks and provide policyholders with peace of mind through a clear understanding of their coverage.