In August 2023, Expion, a company with just six underwriters, initiated a project to automate their complex underwriting process for prescription cost management. The IT team at Expion collaborated with executive leadership to create a tool called ExpionIQ Advisor that utilizes linear regression, multiple algorithms, and custom-built AI models to automate prescription RFPs.
The development of ExpionIQ Advisor has significantly reduced the time required for calculations from days to just a few hours. This new tool has allowed employees to verify the work done by the application and make corrections if necessary. With this new technology, the team is better equipped to identify and address any issues that may arise during the prediction process.
The web-based .NET application on the front end of ExpionIQ Advisor allows underwriters and other users to log in and access the system easily. The application compiles all data, performs final computations, and presents information in a user-friendly manner as well as provides a printout for end customers. Overall, the automation of the underwriting process has streamlined operations at Expion and improved efficiency.
