Many insurance companies face similar challenges when it comes to dealing with paperwork, but legacy solutions that are not designed for this task can be costly. This makes manual processing cumbersome and time-consuming, and mistakes can cost millions of dollars.
For companies dealing with large volumes of unstructured data, finding an effective intelligent document processing (IDP) solution can be key to improving process efficiency, reducing costs, and increasing margins.
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Challenges in Insurance Industry
The challenges for insurers are real: large insurance companies often face large amounts of unstructured data, such as e-mail input from their regional offices. These emails contain information about an insured person that must be checked, sorted, and then forwarded to the company’s Customer Relations Management (CRM), where a quotation specialist can view the data and use it to create an insurance quote.
Although it is necessary to correlate data from multiple sources (e.g. customer contact data, telephone numbers, etc.), the process of verifying, extracting, and transmitting this data can be cumbersome. To make matters worse, e-mail submissions in a single format are often not followed, and industry-standard templates are used for others to organize data in companies-approved structures. This makes it time-consuming and time-consuming to find important details quickly and accurately.
Intelligent Document Processing for Better Automation
The intelligent document processing solution for insurance automation improves the accuracy and efficiency of the archiving process by automating the processing of email attachments by extracting targeted data, categorizing it by the identified product and extracting it into its correct format, and extracting data from multiple sources.
The information obtained is processed by Gleematic and it allows for quick adaptation to specific customer environments. Intelligent document processing(IDP) is incorporated into Gleematic for seamless automation. Here are the reasons why IDP boosts your productivity.
1. IDP Has Been Taking OCR to New Level
Optical Character Recognition (OCR) is a text extraction tool that has been used in companies for decades. When it comes to insurance-related papers, though, there are a few roadblocks to overcome when using OCR. Although it aids in text extraction, it does not evaluate or classify data from the documents. As a result, the business must rely on Artificial Intelligence (AI) and Machine Learning (ML) to accurately capture data and identify where the data point belongs. For example, A.I. can tell the name of medicine apart from a name of a person (e.g. doctor/ patient).
2. IDP Helps to Boost Customer Experience
Today’s emphasis is on providing a better customer experience that includes real-time updates. Customers can easily scan and exchange required documents digitally with an intelligent document processing solution that includes an intelligent capture tool.
Insurers, on the other hand, may use intelligent document processing to simplify and speed up document processing, which is particularly useful when dealing with large amounts of data and a variety of document types. It helps them get to market faster, gives them the leverage they need to win new customers, and provides excellent customer service that contributes to customer engagement and upselling opportunities.
3. IDP Helps to Increase Productivity
When customers’ documents are manually reviewed, they take time, money, and are vulnerable to errors. Documents can be processed quickly with intelligent document processing (IDP) solutions thanks to AI and machine learning capabilities, resulting in intelligent document management. If the IDP system is unable to identify a piece of data, it is escalated to a human source to be resolved. Another benefit of IDP is that it can extract information from structured, semi-structured, and unstructured data, providing insights and driving operational efficiencies.
Gleematic is able to offer automation software powered by artificial intelligence. Our AI-powered software allows users to retrieve the required information from receipts such as the tax code. This advanced capture software also includes intelligent document recognition that extracts and classifies documents by their types.