Customer data is an insurance company’s biggest asset — from customer onboarding and underwriting to quoting, policy servicing, claims reporting, and handling. But, insurance companies today struggle to deal with large volumes of paper/documents and form-based processes. Moreover, processing semi-structured and unstructured documents require significant manual effort. Complex, distributed, legacy infrastructure also impacts customer experience and operational efficiency.

How can insurance companies address this problem and improve process efficiency?

With emerging technologies in data handling and analysis, the insurance sector is steadily moving to digitization at an unprecedented rate. Most insurers are increasingly looking at accepting the information in digital means and questioning the need for any AI-driven data extraction, in a shift that is the Big T of Digital Transformation.

Read the PoV to know how AI-driven digitization of documents is transforming the evolving Life Insurance industry.

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