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Document AI in insurance: Key business use cases and solutions

June 14, 2022 - Team EdgeVerve

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For an insurance company, customer data is its biggest asset. Hence, information collection and processing form a vital part of their businesses. Unfortunately, the nature of data collected is riddled with its unique challenges, such as high human dependency and inaccuracy in data collection, how the documents are processed, or the time taken for each document processing. It is a cumbersome task for the employees who stand to benefit significantly from tech-based solutions like Document AI.

Document AI in insurance expertly handles the time, cost, and labor-intensive factors when processing bulk customer documents, completing them at record speed with zero errors or downtime.

How AI-driven Document Digitization is transforming Life Insurance

As mentioned earlier, processing bulk customer documents is time and labor-intensive, and the cost of managing the same data is immense. Even though many organizations are still reluctant to accept the change and continue with paper-based inputs, studies say otherwise.

Document AI in insurance addresses the cost factor of storing and managing data effectively and contributes in different ways. For instance, processing large volumes of semi-structured and unstructured documents requires significant manual efforts. Experts believe that insurers should address this problem with the right strategic approach. And that strategic approach is none other than a comprehensive, user-friendly, cloud-based Document AI platform.

AI in insurance focuses on three key areas:

Document AI in insurance: Key business use cases

Digitize application form intake: Document AI in insurance caters to the intake of application forms, including handwritten notes from agents and the field sales team. It can efficiently process handwritten notes, checkboxes and tables, and many more.

Underwriting review: Review and digitize various underwriting submission forms such as scanned forms, images, unstructured documents, and fraud detection.

E-Delivery of documents: Helps create e-Delivery packages for the digital delivery of policy documents, including Doc to Digital capabilities for assembling various customer documents.

Digitize service form: Document AI manages service forms using OCR-enabled dynamic form recognition and content extraction, such as handwritten sections, checkboxes, and tables.

Digitize claims submission form: Reviewing and extracting content from claims submission documents, including forms and unstructured documents. Its key capabilities range from key-value pair and image extraction to intent extraction and new issue fraud detection.

XtractEdge: One Document AI product for unlimited variety of insurance documents

XtractEdge uses advanced capabilities like Machine Learning and Deep Learning-based techniques, flexible data management, and analytics pipelines to tackle complex multi-document data easily. For instance,  XtractEdge Platform enabled an American health insurer to achieve 90% accuracy with information extraction from multiple claim request forms and supporting documents and considerably reduced claims processing time. This makes its consumption ready to unlock the latent business value.

In a nutshell, Document AI in insurance is the way to make insurers future-ready and easily handle bulk claims by intelligently negating document processing complexities.

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