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How to harness the potential of intelligent document processing for insurance

February 1, 2024 | Insurance, Intelligent Document Processing, Intelligent Intake

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In the age of digital transformation, Intelligent Document Processing (IDP) is a game-changer, particularly revolutionizing the insurance industry. Insurance companies of all kinds such as Commercial P&C Carriers, Reinsurance Carriers, Managing General Agents, Third-Party Administrators, and Life Insurance Carriers are finding invaluable use cases for intelligent document processing to manage a range of documents, from property and casualty claims forms to underwriting files. This technology unlocks crucial information hidden within unstructured data for insurance companies, enabling insurers to access their data faster and more efficiently.

 

Areas of opportunity for intelligent document processing for insurance

 

All major enterprise software platforms require structured data, but what about the 85% of insurance enterprise data that’s unstructured? Insurance companies have been forced to choose between speed and accuracy for too long. Legacy intake solutions aren’t built for unstructured data. The insurance industry is filled with solutions for exploring and visualizing structured records, while unstructured data sits untouched.

As it pertains to underwriters, Deloitte says, “Underwriters using legacy platforms are increasingly weighed down with several unproductive tasks, such as manually compiling information from disparate sources and interfacing with multiple systems. The result is often lost productivity and higher costs.”

The solution? An intelligent document processing for insurance that integrates with insurers’ existing workflows. “IDP is increasingly important to create operational efficiencies in underwriting, claims, supply chain management processes that need to extract large amounts of information from semi-structured and unstructured data for further analysis,” Gartner shares in a recent assessment of various technologies that help insurance companies prioritize their tech investments.

Related content: Top U.S. commercial lines insurer boosts document intake efficiency with Intelligent Intake

 

The impact of intelligent document processing on the insurance industry

 

The insurance industry is currently going through a significant transformation, and this change is largely due to the influence of intelligent document processing. Leveraging machine learning algorithms and artificial intelligence, IDP automates and simplifies the processing of unstructured and semi-structured documents. This technology significantly reduces manual labor, minimizes human error, and creates the path to faster claim resolution, increased cost efficiency, and avenues for new growth for insurance companies.

“Businesses really want to have end-to-end [process] automations,” said Munish Arora, Associate Director of Advanced Analytics at the large global financial services and life insurance company Sun Life in an episode of Unstructured Unlocked. “If you’re going to try to automate end-to-end processes, you’re going to get unstructured data, be it images, voice or some other form. If you really want to enhance your client experience, you need to solve that problem.

“The time has come,” he said. “I don’t see it as a futuristic thing. It’s very much in the present.” According to Forrester’s research, the right solutions can provide a competitive edge in the insurance industry, where data analysis is critical to success.

The impact of intelligent document processing on the insurance industry is far-reaching and promises increased efficiency, accuracy, and overall operational effectiveness. As the technology continues to evolve and mature, so will the benefits reaped by the insurance industry.

Related content: How automation and technology can help raise insurance net promoter scores

 

Insurance companies: unleash speed and accuracy with intelligent document processing

 

Insurance companies have long been forced to choose between speed and accuracy due to inefficient legacy intake solutions. Intelligent document processing for insurance completely redefines this outdated process by automating time-consuming manual processes involved in handling large volumes of documents. This leads to significant time savings and allows insurers to process documents more efficiently. By leveraging machine learning and artificial intelligence, Intelligent document processing for insurance leads to faster claim resolutions, enhanced underwriting strategies, and improved customer experience, all while reducing compliance-related issues.

In conclusion, intelligent document processing for insurance is reshaping how the insurance industry operates, offering automation, accuracy, and efficiency. Transformative and efficient, it enables insurance companies to automate lengthy, complex processes, significantly reducing time spent and errors made, and enabling insurers to make better business decisions faster and more accurately.

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