In August 2023, Expion’s IT team initiated an internal project to automate the intricate underwriting process for prescription cost management. After six months of development, the team created ExpionIQ Advisor, a tool that utilizes linear regression, multiple algorithms, and custom AI models to automate prescription RFPs.
According to Kumar, the tool has significantly reduced the time required to calculate necessary figures for an RFP from days to just a few hours. Additionally, it enables employees to verify its accuracy and address any potential errors swiftly. The web-based .NET application serves as the front end of ExpionIQ Advisor, allowing underwriters and other users to access the system and review data in a user-friendly format while generating printouts for clients.
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 knowledge to address the issue. Previously mistakes could be easily made without proper knowledge of what was being done behind the scenes. With automatic alerts that notify the team if the model deviates from expected results, Kumar feels confident in his ability to ensure accuracy in all aspects of prescription cost management at Expion.