In August 2023, the IT team at Expion, with only six underwriters on staff, initiated an internal project to automate the intricate underwriting process for prescription cost management. The goal was to attract new business and reduce the time required to calculate necessary figures for an RFP.
After six months of development, ExpionIQ Advisor was created by two AI developers at Expion. This tool utilizes linear regression, multiple algorithms, and custom AI models to automate prescription RFPs. The IT team plans to enhance the application further by incorporating the XGBoost machine learning software library to forecast medication use in covered populations.
Kumar, the lead developer of ExpionIQ Advisor, explains that the tool has significantly reduced the time required to calculate necessary figures for an RFP from days to just a few hours. The tool also enables employees to verify its accuracy, ensuring that any potential errors 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. Automatic alerts notify the team if the model deviates from expected results.
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 in a user-friendly format while generating a printout for clients. Kumar explains that this application streamlines the process and performs final computations before presenting information in an accessible format.
