22 Aug The Rising Intelligent Document Processing (IDP) wave in the Insurance sector
Being a cornerstone of financial stability and risk management, the insurance industry is rapidly evolving amidst this sweeping technological revolution. Having to deal with a ton of documents daily, which includes policy forms, claims reports, and more, the companies were in dire need of a technology that could lift the weight off their shoulders. With the rise of Intelligent Document Processing (IDP), insurance companies are transforming the way they manage their documentation process.
Major challenges in manual processing!
Time-Consuming Process: Back in the day, with only traditional documentation processes to rely on, the insurance sector had a mountain of paperwork to deal with. To manage this manually, several labour-intensive days had to be spared by the companies.
Human error: Humans are doing a perfect job in their tasks, but let’s admit it, we are not perfect. Sometimes human errors can cost a lot to the company. These unintended errors lead to data inaccuracies and affect claims and policy management.
Scalability: As the business grows, the volume of documents also increases. If you are not using the support of technology, this quick “scaling” might sound more like “failing”!
Security and Compliance: Keeping everything compliant and secure according to the protocols was another cumbersome and time-consuming task in manual document processing.
Customer Happiness: Frustrated customers will be a business owner’s nightmare! Delays and errors in document processing can impact your customer’s trust and satisfaction.
The advent of IDP, the Intelligent Document Processing!
Intelligent Document Processing was a giant leap for people who were using traditional document management. Though IDP’s predecessors like Optical Character Recognition (OCR) have been in the industry since way back, it was never enough to handle unstructured data. The integration of Artificial Intelligence made IDP a game changer. IDP is the convergence of AI, ML, and NLP and it automates the extraction, classification and processing of data from different types of documents. IDP cut costs and time, while humans were taking hours to go through every nook and corner of the countless pages.
How Docketry makes it easy for you!
Harnessing the power of IDP, Docketry addresses major challenges faced in the insurance sector. Docketry’s AI document processing has been instrumental for insurance companies in transforming the way they manage their documents.
Automated Claims Processing: Quicker settlements mean happy clients! By implementing Docketry’s IDP solution, insurance providers have significantly reduced the time required to process claims. Docketry was able to reduce a 70% of document processing time and it resulted in faster settlements and improved customer satisfaction.
High Accuracy: By automating the process of data extraction and validation, Docketry reduces human errors and makes policy management more reliable and accurate. Insurers using Docketry were able to reduce up to 85% of the errors in the documents.
Scalability: With Docketry, Insurers can easily scale document processing capabilities and handle more volumes without increasing the workforce number.
Compliance and Security: All documents are secured against potential breaches with Docketry’s compliance checks and robust security breaches.
With reduced processing times, insurers can handle larger volumes of documents and increase their efficiency. This IDP automation wave can bring more productivity, accuracy, and cost-effectiveness to the sector. Empowered by IDP, insurance companies can be always prepared to meet the needs of this increasingly complex data-driven world. Docketry is more than excited to be a part of this journey and to bring more innovation and excellence to the insurance sector. To learn more about IDP and Docketry, Request a demo with us!
