The insurance industry processes approximately 97% of its data in an unstructured format. The unique words, acronyms, and abbreviations in the adjuster’s notes are where you can find the most important information.
A report by Gartner
Insurance companies use less than 3% of the data they receive to make decisions; given the industry’s size, this is a startling revelation.
Intelligent document processing (IDP) can handle unstructured data, which lets you improve customer satisfaction, process efficiency, and business performance.
1. Contracts to become Digital
Reduce the number of times a document is handled, as each new handling increases the risk that the document may be ruined, and in the worst case, lost.
Contract management systems can automatically record and save information about contracts and claims so that it can be accessed online from a single server.
2. Claim forms processing
Claim documents and hard copies should be digitized, auto-reviewed, and auto-categorized before being stored digitally for processing in the future.
3. Data Collation
The safe and secure collection of digital data and the use of intelligent document processing to improve accuracy, consistency, and compliance are important parts of the insurance business.
4. Onboarding New Customers
Using intelligent document capture, you can speed up the onboarding process by pulling out information like the insured person’s name, the company they work for, the industry they’re in, and the people who will benefit.
5. Medical Examination Questionnaires
Because health insurance policies need to look at the health of the insured person to figure out the premium, they usually come with long questionnaires that are meant to find out how healthy the applicant really is.
Use intelligent document processing to quickly find the most important data points and speed up medical insurance processing.
6. Invoice Data
Integrate the data into the business ERP system using an automated data processing tool like Graip.ai that reads the data from an email attachment
If these steps were taken for each record, a data-sheet could be automatically made and sent by email to the right people.
By using IDP on the change requests, the necessary details can be pulled out and then stored on a staging server. The updated policy paper could be sent to the consumer by both email and courier service.
8. The Pursuit of Documents
When you use intelligent document processing to pull data from insurance policies and claims so you can compare them, the results are more accurate.
9. Contract Evaluation
Use intelligent document processing to find terms that are used more than once in contracts. Cut down on the time you spend reviewing while making your work 10 times faster and 10 times more accurate.
10. Data Entry for New Customers in Bulk
Intelligent document processing software can read data from multiple formats in email applications and enter a lot of data into the main systems for institutional customers.
11. Data Consolidation and Compliance
Use IDP to gather information from different sources, including pdf files received in emails, so that KYC checks and AML exercises can be done when onboarding new customers and processing insurance claims.
12. Identification Documents
Use intelligent document processing to figure out how to identify customers based on the documents they give you to aid the onboarding process.
13. Premium Payment Dates
Extract the policy information and payment dates using intelligent document processing. It can be super easy to compare the dates of the most recent payment for the policy and set up periodic premium reminders until the payment is made.
14. Regulatory Obligations
The use of IDP can get data from internal and external files, give a full 360-degree view of the case, and ensure regulatory compliance for due diligence requirements.
15. Risk Profiling
Use intelligent document processing to pull data from internal databases and third-party websites to create a customer risk score for both retail and institutional clients.
An IDP tool like Graip.ai is a must-have option on your list when it comes to AI-based automation for document processing solutions.
It has a lot of strong features, good integration options, and reasonable prices.
You won’t have to deal with manual setup procedures or entering unstructured data into Quickbooks, Xero, Tally, or any other ERP.