insurance automation

3 Reasons Why Intelligent Document Processing Makes Your Insurance Company Productive

The more customers that are going to get upset by inefficiency, the more important productivity becomes. It can seem like there aren’t enough hours in the day, but laying a foundation of best-practice productivity systems is the way forward.

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 frequent and 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 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 IDP platform solution for insurance automation improves the accuracy and efficiency of the archiving process by automating the processing of email content and attachments by extracting targeted data, categorizing it by the identified product and extracting it into its correct format, and extracting data from multiple sources (e.g. email, telephone calls, etc.).

The information obtained is processed in the insurance industry, and the Gleematic function allows for quick adaptation to specific customer environments. The IDP platform solution and its features have been deliberately developed for use in many industries, including insurance. Here are the reasons why IDP boost 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 draw conclusions from the information gathered. As a result, the business must rely on Artificial Intelligence (AI) and Machine Learning (ML) to accurately capture data and run analytics on it before providing insurers with accessible and practical insights in underwriting and other functions. As a result, insurers can have improved underwriting services and boost customer loyalty.

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 IDP solution that includes an intelligent capture tool.

The device is safe and stable, which contributes to consumer and company confidence.

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.

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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 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 forwards documents by their type.

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Written by Elsa Ajarwati

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