Employees in the insurance industry have spent productive hours applying domain knowledge to extract insights from documents, and perform mundane data entry and document review tasks. Intelligent Document Processing can change this.
The promise of the paperless office has not yet reached the document-driven industry of insurance, instead, insurance providers are drowning in documentation. With product offerings, innovation, customer satisfaction, and revenue growth all top of mind for insurance companies, streamlining document processing is important.
What if insurance companies could solve several of these problems using Artificial Intelligence (AI) for intelligent document processing (IDP)? From claims processing, enrollment applications processing, underwriting, and policy servicing, AI can help.
Using AI driven intelligent document processing capabilities, insurers can meet their industry needs and automate many insurance processes, resulting in increased operational efficiency, reduction in premium prices, and increased profit margins. In this article we will discuss the top 4 insurance practices that can benefit from AI, including claims processing, underwriting, fraud detection, and policy servicing.
Insurers of all sizes face the ever-increasing amount of data that lives within customer claims. While modernized insurance claims software has helped solve some issues in document handling, there’s still room for improvement in document processing capabilities. Insurance organizations need a way to “unlock” the information in these documents, creating actionable data in real-time. Insurers need to target operational gaps and optimize claims handling to deliver an immediate business impact and accelerate time to value.
Policy maintenance and administration are a significant part of any insurance carrier’s responsibilities. From checking policy status and accuracy to generating quotes and completing policy updates and change requests, each task requires enormous time and effort. Insurers using legacy platforms are increasingly overwhelmed with mundane, box-checking tasks, including; manually compiling information from disparate sources, data entry, and interfacing with multiple systems and platforms. This process causes lost productivity, decreased employee morale, higher costs, and error-prone work, resulting in dissatisfied clients..
To remain competitive, insurance providers need to accelerate underwriting digital transformation. Underwriting is a time-intensive unavoidable process, regardless of the type of insurance a provider sells; life insurance, health insurance, homeowners insurance, commercial property-casualty insurance, or other insurance products.
Insurance fraud is the exploitation of insurance policies for financial gain. Unfortunately, insurance fraud is not carried out by consumers alone—insurance agents can also be offenders. Fraud is common in all insurance sectors, including medical, auto, and home. Today’s most prominent insurance companies are acutely aware that insurance fraud occurs but they don’t always have the necessary resources to detect and investigate all potentially fraudulent claims.
Common misconceptions are that AI and machine learning algorithms can only analyze quantitative and numerical data and disregard any unstructured information. With the advancement of Natural Language Processing (NLP), AI technologies can give concrete and actionable insights from textual and unstructured information like claims applications, adjuster notes, social media searches, credit reports, and more.
With these capabilities, AI is helping to streamline the overall insurance landscape and processes, helping firms access the information they need, without added labor or prohibitive costs. AI in claims processing, fraud detection, underwriting, and policy servicing allows firms to quickly analyze both structured and unstructured data from internal and external sources, providing better analytics and advanced tools for insurers to streamline and improve turnaround times for current and potential clients, as well as improving employee morale. The more information on current or potential policyholders can be accessed and analyzed, the better firms will understand their risk exposure.
Using Amazon Textract and Mantium, we can provide an AI platform for Intelligent Data Processing (IDP). Documents process through Textract to extract the necessary data from the document. Large language models (LLM’s) perform a wide range of cognitive tasks like classification, translation, question and answering, text generation, search, and summarization. Mantium leverages the power of LLM’s, to provide several industries with the ability to perform robust natural language processing (NLP) tasks such as personal identifying information (PII) detection, document classification, and data extraction to make better use of the data living within your documents.
With Mantium and Textract, users gain accuracy and security and improve their employee morale, freeing their time for more specialized tasks.
Contact us today to learn more about how Mantium can help your enterprise gain efficiencies using the power of NLP.
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