BCS has released the latest generation of AI-powered insurance compliance technology
BCS AI
We have been diligently working on pioneering innovations in the insurance and compliance tracking sector. In 2019, we set a benchmark by introducing the automated Certificate of Insurance (COI) review, which leverages both Optical Character Recognition (OCR) and machine learning technologies. This feature was the first of its kind, offering immediate, color-coded feedback on COIs submitted by vendors, tenants, franchisees, and others.
In 2023, we launched a research and development initiative aimed at establishing a foundation for future AI-driven features within our software and tech-enabled services. We refer to this initiative as BCS AI.
In coming months, we'll be releasing a series of features across our Full-Service and Self-Service clients alike.
In this Release
Improved COI Review Capabilities
This release includes the most significant upgrade to our COI review capabilities we've had in years. For full-service clients this will mean faster speeds to compliance.
For self-service clients, this means the following:
- a new interface to make the review of non-automated items more simple,
- more interactive features as you hover on the COI,
- more insurance terms are now subject to the automated review than before.
New Endorsement Review Capabilities
Also in this release, we launch another completely innovative feature: AI-powered endorsement review. A first in the industry, our bcs ai now automatically detects specific endorsements and is able to interpret if it's a blanket endorsement or a scheduled one. If it's a scheduled endorsement it is able to identify if all the required entities are listed as additional insureds.
Just like the new COI reviewing capabilites, for full-service clients this will mean faster speeds to compliance than ever before.
For self-service clients,
This means the following:
- endorsements that follow an ISO form, no longer need to be manually reviewed by your users.
Note that any document that had already been extracted before this release, will need to be re-extracted to read endorsements using this new feature, as shown below:
To enable this functionality, you must set "endorsements" as part of your requirement category:
Go to the insurance tab in your requirement category:
Scroll to the bottom and check the box on the desired endorsement and click "details":
Select the policy for which you wish to require the endorsement. Then indicate if you are ok accepting blanket endorsements. Finally, hit "save".
