Many people are concerned about their retirement provision and the amount of their pension. This depends to a large extent on how much has been paid into the mandatory compensation funds over the years of work and for how long. To get a better overview, a statement of the individual account (IA) can be requested. This statement lists the various cantonal compensation funds, which in turn are responsible for the administrative tasks of the Swiss AHV. The compulsory first as well as the second pillar of the occupational pension scheme only make up a part of the pension. For many people, another important aspect is private pension provision. The offers on the market are diverse, a transfer between an insurance company or a bank is worthwhile depending on the situation and can be made without any problems. In order to optimally supplement the existing mandatory pension plan of the AHV and to close possible gaps, the private pension plan is perfectly suited. In order to be able to create and offer customers efficient and individualized offers, automation in the form of self-service is essential for providers of private pension plans. In this article, you can read how intelligent, AI-based OCR (Optical Character Recognition) helps to create offers based on the relevant data in a customer self-service portal.

The analysis of documents is particularly interesting and helpful for pension and insurance providers. Based on the specific data in these documents, offers can be tailored to the customer. However, since these requests are numerous and their evaluation can be poorly based on manual work, other approaches are necessary to achieve optimal results. Whether AHV, exit notifications of the occupational (for example in case of change of job and canton, interruption of work, self-employment, deregistration due to emigration) or transfer of the private pension plan, the fast and above all accurate evaluation of all data in the relevant documents is essential. Logically, the numerous data must first be recorded before the evaluation is possible. The capture is done automatically with the intelligent, AI-based OCR. The OCR extracts all relevant data, including not only personal data but also all specific insurance data such as AHV and insurance fund numbers, paid contributions, and so on, from the documents automatically and within a very short time. On the basis of this extracted data, pension providers can now create one or more offers that are perfectly tailored to the customer and his or her possibilities, for example, if the customer wishes to transfer. That doesn’t sound bad at all, does it? What makes even more sense for providers, however, and also eliminates the tedious process of creating quotes, is with the help of customer self-service.

Customer self-service as a solution for the future

Customer self-service is the easiest way for customers to get a quote. For the provider (insurance company or bank), there are again various options here. One of these options is the classic homepage, where the potential customer can upload his documents. The classification and extraction of the relevant data from these documents is also handled by the intelligent OCR software. Another, even simpler option (for the customer) is to upload the documents via an application from the provider. Using a cell phone camera, the potential customer takes photos of his documents and uploads them. The rest, the automatic extraction of all data from these photos, is handled by the software without any ifs and buts. Thanks to the detailed insights that the AI-based OCR delivers in seconds, one or more offers can be automatically created on this basis. What would previously have taken at least one working day can now be retrieved in just a few minutes.

The automation with the intelligent, AI-based OCR helps providers in the future to be able to create the best offers in the most efficient amount of time. At the same time, the customer’s life is made much easier by the simple handling and uploading of his documents and data in a customer self-service portal and considerable weight is taken off the provision (and worries…) for retirement age.