insurance automation

Insurance Automation: The Role of Intelligent Document Processing

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.

Written by Elsa Ajarwati

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