Anonymous: Reducing insurance document processing by 80%
A multinational insurance company confronted with heavy unstructured and semi-structured data loads still manually processed their documents. Automation Hero stepped in to provide an opportunity for it to experience the incredible results of AI in insurance. Our intelligent document processing platform reduced their processing time by 80% and user error rate by 75%.
The Problem
Like many others in the insurance industry, this company had an existing document processing model underperforming due to a crippling inability to collect unstructured and semi-structured data from its documents. As a result, it caused negative customer experiences, especially when handling or preventing customer cancellations. However, that being the case did provide the ideal use case to leverage the benefits of implementing AI in insurance processes.
To improve the customer’s journey as they request and receive information, we identified these areas and documents as focus points to optimize the delivery process:
Daily processes
- Handling of requests
- Reduce response & user error rate with automated extraction
- Classifying and routing
- Review
Documents containing unstructured or semi-structured data
- Letters of cancellation
- IDs