Intelligent Document Processing | Automate Insurance Document Intake

Introduction 

The Insurance Industry deals with a constant inflow of information- data that needs to be promptly processed before any critical functions can begin. Manually processing all this information is tedious, time-consuming and difficult to follow because of the various formats and sources it is received across.  

Here’s where Intelligent Document Processing (IDP) presents a compelling solution: 

• It automates this repetitive workflow, streamlining document intake and extracting data quicker, with improved accuracy. 
• Speeds up broker communication and improves customer satisfaction. 
• Minimizes underwriting delays and improves claims time.

Freeing underwriters to focus on areas requiring their expertise, such as risk assessment, relationship building, etc.

So, what is IDP? (and OCR) 

Intelligent Document Processing is a technology that converts unstructured information like PDFs, e-mails and handwritten notes into structured, easily usable data. It combines three key technologies: 

• Optical Character Recognition (OCR) to read printed or handwritten text, 
• Natural Language Processing (NLP) to understand context and meaning, 
• Machine Learning (ML) to improve accuracy and learn from corrections over time, when paired with feedback mechanisms. 

While OCR extracts data from scanned documents, IDP goes a step further by leveraging AI to understand its context, process and route it to the right software systems for further use. IDP is also more accurate than OCR in extracting unstructured text, validating and auto-filling fields while flagging anything unclear for human review. 

What IDP does for Insurance:  

1. Cuts down Manual Processing Delays & Costs: Instead of manually reading documents, cross-checking details and chasing missing information, underwriters can use IDP to automatically pull data, verify it against existing information, and auto-request any missing information. Once the input is received, it consolidates key details, efficiently classifying everything in a centralized repository, making it easy to find. This greatly reduces workload and rework costs, allowing underwriters to focus on the exceptions rather than every claim case.
2. Automates KYC Processing and Customer Onboarding: When new customers submit ID documents and proofs, manual KYC checks can extend to several days, frustrating customers or even resulting in lost business. IDP easily extracts and verifies KYC data and then auto-fills customer records in your policy system or CRM, taking only seconds/minutes.
3. Reduce dependency on Third Party Administrators (TPAs): Low-value, straight-through claims such as air travel delays can be processed entirely in-house without requiring the involvement of TPAs, leading to fewer errors and lower administrative costs. Faster claims processing improves customer satisfaction, builds trust from early in the relationship, contributing to increased customer lifetime value over time.
4.  Enhances underwriter focus and performance: IDP enables underwriters to spend their time and expertise focusing on high-value analysis, helping more clients and leading to faster turnaround.

Getting Started with Intelligent Document Processing 

Inflow, our workflow automation system brings you all the IDP capabilities above in one unified solution, seamlessly integrating with your existing core system. By consolidating multiple IDP use cases into a single integration layer, Insillion lets you: 

• Automatically ingest, process and classify quote requests, policy documents, claims forms and KYC materials
• Immediately enforce your underwriting rules when data is extracted, so that limits, eligibility and premiums are validated in real time
• Auto-create customer profiles and directly inject validated information into your CRM, policy admin, underwriting workbench, or claims system, eliminating manual transfers.