How Thomas Saved Costs and Time for his Insurance Company through Intelligent Document Processing
Manually capturing invoices, analyzing policies, and providing timely feedback to customers at the same time. And all this with a rapidly growing customer base: These were the challenges Thomas, Head of Claims Processing at a large insurance company, and his team were struggling with. Thomas knew that something had to change in order to meet their ambitious goals while protecting their operations. In his search for a solution to automate claims processing, Thomas finally came across Intelligent Document Processing (IDP).
Thomas’ difficulties in claims processing
With optimized services, the insurance company grew exponentially. However, this also meant that more and more documents were received, which Thomas’ team had to capture, process and manage. It wasn’t just the increasing volume of documents they had to process as part of claims processing that was causing them problems. In addition, particularly the unstructured invoices represented an enormous manual effort. This form of input processing was both slow and expensive, as well as highly error-prone.
Not only Thomas and his team suffered, but above all the customers: from the upload of an invoice to the payment to the customer, the manual process resulted in long turnaround times. On the customer side, this first led to dissatisfaction in the form of complaints and eventually even to cancellations and switches to competitor insurers.
It was clear to Thomas that the unstructured documents in particular were a major obstacle. He knew he couldn’t continue with inefficient data extraction and processing if he didn’t want to risk losing more customers. He needed a better claims processing solution. There was no question about expanding his team, which meant that the only solution he could think of was to automate the process. Unsure of what the options were, Thomas began researching.
Thomas discovers Intelligent Document Processing
So Thomas set out to find a solution for automating claims processing. It quickly became apparent that a traditional automation solution would not suffice due to the unstructured nature of the data. In his research, he came across an online article about a new type of intelligent system built on several artificial intelligence (AI) technologies: Intelligent Document Processing (IDP).
The capabilities IDP promised for the insurance industry, such as automated capture of even complex and unstructured documents, were promising. It was exactly what Thomas was looking for to automate claims processing.
Intrigued, he began analyzing various AI-powered IDP solutions for automated data capture. He eventually came across a platform that used machine learning algorithms to automatically extract data from claims and insurance documents. After consulting with his executive colleagues and their OK, Thomas decided to test the Intelligent Document Processing platform.
The power of Intelligent Document Processing for insurance companies
The power of Intelligent Document Processing in claims processing quickly revealed itself: with the AI-powered IDP platform, Thomas was able to upload incoming documents and let the machine learning algorithms do the work. The IDP was immediately able to recognize and extract key information such as claim numbers, policy details, and line item data.
Only when the confidence level of the data was low it required Thomas’ team to verify briefly and correct if necessary. However, this was the exception and the effort was minimal compared to the manual processing before. Thanks to IDP’s automation, Thomas now had more time to focus on other important business tasks.
The results with Intelligent Document Processing
Just a few weeks after integrating the AI-powered IDP platform, Thomas saw a significant increase in efficiency and productivity. His team was able to spend more time on customer interaction and optimizing and developing new business. In addition, IDP improved data accuracy and reduced errors, which was critical to the insurance company’s business operations.
Thomas’ story is just one example of how IDP can help insurance companies save time and money and increase efficiency. With the right IDP platform, data capture tasks are automated and streamlined, allowing employees to focus on what really matters: better customer service, faster customer feedback, and business growth.
Thomas and his story, while fictional, relates to true feedback we’ve received from our clients in the insurance industry.
Curious about what use cases Intelligent Document Processing can help your insurance company with?