Are you Managing Director of Insurence Company? Are you the CTO of Insurence Policy Selling Company?
Probably Yes. So, as, you are working for an insurance company, you will know, how much time, you are spending time in collecting data from the Application’s Documents and storing it in the system. Not only that, you analyze each and every piece of data information of the insurance policy.
In addition, you will onboard customers and convince them to buy a policy to benefit from it further, Calculating Risk Profiles, Analyze and verify the Documents, and many more tasks, you need to do.
So, how can you automate this process and speed up their Document Processing Process? As a respected Software company, My Answer is, you need to use Intelligent Document Processing and RPA software to automate this process.
In this article, I am gonna show you the 14 Use cases of IDP in insurance Services Companies.
14 Use-Cases of RPA and IDP in Insurance Services Company
1. Customer Onboarding
Intelligent document processing (IDP) Software and technology help insurance companies by automatically extracting and verifying customer information from paper documents during the customer onboarding process. The IDP software use ML and AI algorithm to extract the most valuable data like Applciatnt’s Name, Address, Company, Bank detail and beneficiary, etc, automatically, from the paper documents and reduce the time and effort required to onboard customers, and improve the customer experience.
2. Automatic Customer Identity Verification
As an employee of an insurance company, your most important task is to validate the application details, so that, you will know, if the Applicants are fraudulent or authentic. IDP software can do this identity verification process by Machine Learning Algorithm to accurately extract information from identity documents such as passports, ID cards, and driving licenses. Basically, Using RPA in IDP software fetches third-party information through document chasing to verify from multiple sources by bringing relevant documents.IDP can use image analysis and optical character recognition (OCR) to verify the authenticity of documents, which can reduce the risk of fraud. It helps insurance companies comply with relevant regulations and prevent financial losses.
3. Processing contracts and claim forms
IDP automates the extraction of relevant data from the contract and claim forms using machine learning algorithms, reducing manual data entry and the risk of errors. In this way, this software minimizes the document handling time which results in it being at best. IDP can check the completeness of forms, reducing the need for manual follow-up. After that, the software store data in the Cloud-based storage for further access.
4. Claims Management
As you know, In Insurance companies, how IDP helps in data extraction and validation from physical documents, such as medical bills, receipts, and police reports. It helps reduce the time and effort required to process claims, improves the accuracy of claims data, and reduces the risk of errors. IDP software automatically categorized and prioritized claims based on their complexity and urgency and help the company to allocate resource more efficiently.
5. Customer Service
Customer Satisfaction is very very important for any product-based or service-based company. If you do not provide a good customer experience, you will lose clients. So here at, IDP software processes the customer service process in the company. Basically, this software automates routine requests, freeing up customer service agents to focus on more complex or high-value tasks. For instance, IDP and RPA software extract customer details from databases and execute follow-up tasks, like query solutions, Policy Updates, claim status inquiries, etc.
6. Queries on Healthcare Insurance policies
Healthcare insurance policies require an assessment of the insured’s medical condition to allocate premiums and are therefore associated with lengthy questionnaires to assess actual health status. In addition, extracting the information from receipts and medical bills for processing insurance documents is one of the vital parts. By using intelligent document processing software, it captures answers to questions, Applicant details, and accelerates the Health Insurance Policy.
7. Insurance Premium Pricing
IDP software like Docextractor automatically extracts and analysis data from various sources, such as medical records, Bank statements, applicant business statement documents, and Job-related documents, to accurately assess risk and determine appropriate premium pricing. This can help insurance companies make more informed decisions, reduce their financial losses and price their products competitively and determine appropriate premium pricing, thereby improving profitability and customer satisfaction.
8. Fraud Detection (AML Checking)
By using intelligent document processing (IDP) and RPA to extract details from various sources, including paper-based, to manage KYC checks and detect anti-money laundering (AML) check fraud. IDP can also automate application verification and cross-checking against various databases and public records. And, next, if the bot identifies anomalies and inconsistencies in customer data, as per the already given rules, it indicates a red flag which may potential fraud.
9. Risk Assessment
Intelligent Document Processing (IDP) can help insurance companies in their risk assessment process for individual applicants. IDP automatically data extraction and analysis from various sources, such as financial statements, and medical records to accurately assess risk and determine appropriate premium pricing. Using RPA and IDP, It creates customer risk scores for retail and institutional customers from internal databases and third-party websites.
10. Validity of life insurance claims
IDP Software like, Docextractor use Artificial Intelligence and Machine Learning algorithm to extract relevant information such as policy details and claim information from the insurance claim. Then, it automatically verifies the data such as the date and cause of death from third-party sites such as government sites. In this way, this technology and Software Improve the speed and efficiency of claims validation processes and fast-track payment releases.
11. Contract Reviewing
Reviewing the Contract of the Insurance Policy is one of the important things while purchasing the Premium Policy. By using Intelligent Document Processing and RPA, you can automate to identify the repeating claused in contracts. In this way, as an employee of Insurence company Reduce review time and improve efficiency and accuracy by manifolds.
12. Premium Due Debt Chaser
Premium Due Date Chasers are reminders or notices sent to policyholders via SMS, Email, or Call, to remind them of the due date for payment of their insurance premiums. By using IDP and RPA software, it extracts the policy details and payment dates. Then, it matches and analyzes the date of the premium payment date of the last policy. With the advent of this technology, premium debt chasers can now be automated and personalized, making the process more efficient and effective, so that, a policyholder can delay their payment to the company and vice versa.
13. Regulatory Compliance
Intelligent document processing (IDP) technology can help organizations with regulatory compliance by automating data extraction and classification from large volumes of documents. By using the combination of IDP and RPA, it retrieves data from internal and external sites and creates 360-degree view cases for regulatory compliance. This automation helps organizations stay up to date with changing regulations and track compliance data over time in the insurance policy.
14. Business Intelligence for bulk data entry
As an insurance company, it is full-pack of a huge amount of documents. From the Application form to Bank Statement, there are many documents and data which is need to stored in the database of the Company’s System. Though it is an easy task, only you need to copy and paste, but, it is very time-consuming work and repetitive type work, where a company needs to invest in human power. So, to automate this process, use IDP and RPA. IDP software like Docextractor, use AI and ML algorithm with RPA to read data from Paper Documents and Excel and save the data into the core system. This can help streamline the process of Bulk Data Entry, reduce the risk of errors, and save time compared to manual data entry.