Expion, a small company with only six underwriters on staff, was unable to handle more than 200 RFPs per year, which limited its ability to attract new business. However, in August 2023, the IT team at Expion began an internal project to automate the intricate underwriting process for prescription cost management.
After six months of development, the IT team created ExpionIQ Advisor, a tool that utilizes linear regression, multiple algorithms, and custom AI models to automate prescription RFPs. The tool has significantly reduced the time required to calculate the necessary figures for an RFP from days to just a few hours.
The accuracy of ExpionIQ Advisor is ensured by enabling employees to verify its results. If any errors are identified, they can be rectified swiftly. Kumar states that now he knows exactly what math is being used and what risks are being taken. Even if the model predicts something incorrectly, he is equipped with the knowledge to address the issue.
ExpionIQ Advisor is a web-based .NET application that serves as the front end of the system. Underwriters and other users can access it and review data. The application streamlines the process and performs final computations before presenting information in a user-friendly format and generating a printout for clients.
