A few clicks and goodbye: It has never been easier for clients to switch their insurance company if they are dissatisfied. How do you prevent this as an insurer and what differentiates you from your strong competitors at the same time? Kill two birds with one stone with an intelligent solution for your document processing.
By seamlessly integrating an Intelligent Document Processing (IDP) solution into your system landscape, you ensure the necessary workflow in your claims processing and reduce processing times to an absolute minimum with document automation. This not only sets you apart from the competition, but also provides your clients with an outstanding experience.
- Why should you, as an insurance company, use Intelligent Document Processing?
- Intelligent Document Processing for which insurance documents?
- A- Any kind of unstructured documents
- Is the cloud solution secure even for sensitive data?
- This is how the process steps work with Parashift
- A- Document enhancement
- B- Document separation
- C- Classification
- D- Extraction
- E- Validation
- What are the benefits for your insurance company with Intelligent Document Processing?
- A- Reduce costs
- B- Increase end-to-end automation
- C- Improve customer experience
- D- Easy integration
- E- Insurance expertise stays with you
- The modern IDP platform for your insurance organization
1. Why should you, as an insurance company, use Intelligent Document Processing?
In claims processing, documents with unstructured data or with a small total volume in particular cause a great deal of manual effort for your employees. The unstructured data cannot be read out with traditional OCR software:
- The document types with low to medium volume are too expensive for automated processing.
- Each new document type requires expensive setup and training time.
To process claims, you as an insurance company want a document processing software that can:
- Efficiently process unstructured data from all documents.
- Minimize turnaround time from the time a client uploads an invoice to the time the claim settlement is completed.
That’s why you need a system that can automatically capture and process both large and medium-to-small document types. With the integration of a powerful Intelligent Document Processing (IDP) solution, also called AI OCR, this flexibility becomes a fact. With this, you can automatically capture and process any insurance claims documents so your customers get their money back faster. Integrating this technology speeds up your back-office processes and greatly improves the customer experience.
2. Intelligent Document Processing for which insurance documents?
IDP solutions vary widely depending on the vendor. To automate your claims processing end-to-end, powerful capabilities are essential. Parashift’s Intelligent Document Processing solution is based on artificial intelligence (AI) technologies and delivers all the capabilities with its proprietary Document Swarm Learning and innovative approach.
A- Any kind of unstructured documents
As part of their benefit claims, customers send you invoices and receipts – by mail, digitally via PDF, uploaded as photos via an app or web portal. There are two things that are common to these types of documents: They mostly consist of unstructured data and come in numerous different layouts. With Parashift’s IDP solution, however, this is not an obstacle.
Even better, for you as an insurer, in addition to general information from the documents such as customer and invoice data, the capture of line item data is fundamental. In the case of a pharmacy receipt, for example, this is the prescription, and in the case of an optician’s invoice, the brand of the spectacle frame. Parashift AI OCR can also automatically read out these line items. The data is perfectly prepared for further processing by applying business logic.
With Parashift’s IDP platform, you can automatically capture and read the following document types, among others:
- Pharmacy receipt: The client uploads a pharmacy receipt as a photo via app or web portal. IDP automatically reads all relevant data – despite possibly skewed (as seen in the photo example) or low-quality photos.
Optician invoices: Compared to other document types, the volume of service documents such as optician invoices is rather small and processing is often not automated. With IDP, the semi-structured data and handwritten notes are now captured automatically.
Gym invoices: All line item data details can also be automatically read from gym invoices. This significantly improves the claims processing turnaround times.
Do you need to process individual document types? This is where the no-code platform comes into play: Using the modern user interface, you can either create document types from scratch or modify them based on standard ones. This means that you can easily configure standard data points into a new document type via drag & drop, completely without IT knowledge.
“The Parashift Platform, through its integration with alabus solutions, provides us with a simple and consistent solution to automatically capture business documents and avoid media breaks. We are convinced that we will be able to achieve a great added value for our customers.” – Uwe Störrlein, Co-CEO alabus AG
3. Is the cloud solution secure even for sensitive data?
As an insurance company, you process the most sensitive documents with the most sensitive data. Before integrating a new, cloud-based SaaS solution into your system landscape, some of the questions you may have are:
- Does the solution meet the highest security standards?
- Is the processing of our customers’ most sensitive data secure and is data protection always guaranteed?
- Is the cloud solution 100% GDPR compliant?
The answer to all questions is yes: Parashift’s modern cloud infrastructure is fully EU-GDPR compliant. Customers worldwide, including leading insurance companies like you, use Parashift for their most sensitive data. EU-GDPR and data security are therefore two of Parashift’s most important features. The platform runs in ISO27001, ISO27017, ISO27110, ISO27018, SOC 1/2/3, PCI DSS, CSA STAR, and HIPAA compliant data centers, making it a secure provider for your document extraction needs. More information regarding security and compliance can be found here.
A leading insurance company is already successfully using IDP for its claims processing. Read the case study here.
4. This is how the process steps work with Parashift
Parashift’s core competence is to provide your insurance organization with a modern, AI-based extraction platform in the cloud that automatically processes your documents. For best results, the team therefore focuses exclusively on these five process steps:
A- Document enhancement
You forward your clients’ documents directly to the Parashift platform. The first process step through Parashift is to improve document quality. This can be rotation control or image quality improvement.
B- Document separation
Parashift performs this process step when documents are not cleanly separated. This is the case, for example, when a large PDF file contains countless individual documents.
Document classification is particularly important for you as an insurance firm. Hundreds of thousands of customers send in millions of invoice types. Parashift automatically classifies these according to type.
After the classification and based on the document type, the data extraction follows. Here all relevant data, as seen before also the important line item data, is automatically extracted from the respective document type. Parashift distinguishes between standard data extractors and individual data extractors.
Data extraction is followed by data validation. Parashift offers the option of full validation. After that, you can automatically match the master data with your database and against your tariff-specific numbers. Depending on the confidence level of the data, straight-through processing (STP) is performed or your employees can verify data in a very targeted manner.
5. What are the benefits for your insurance company with Intelligent Document Processing?
The benefits with the Parashift IDP platform are significant for your insurance business:
A- Reduce costs
With full automation of claims processing through the unique functionality and performance of IDP technology, you achieve a rapid ROI. 50% reduction in operational business costs within the first year of operation is substantial.
B- Increase end-to-end automation
For the first time, you can capture and process all document types automatically, end-to-end. The time from the upload of a benefit claim by the customer to processing and benefit billing is thus reduced enormously.
C- Improve customer experience
Giving your clients feedback as quickly as possible is absolutely critical for you as an insurer. By shortening turnaround times with IDP, you provide feedback to customers faster in general and, most importantly, you can pay back benefit claims faster. This noticeably improves the customer experience.
D- Easy integration
You can integrate Parashift IDP platform into your existing application landscape (e.g. ERP, DMS, workflow and RPA solutions) in no time. The technology adds intelligence to your applications that can instantly handle unstructured data and complex documents with much more accuracy.
E- Insurance expertise stays with you
You don’t have to worry about missing insurance-specific know-how. Parashift reads all relevant data one-to-one from the documents. The insurance know-how always remains on your side, which is a great advantage for your employees.
Learn more about the possibilities of IDP from the perspective of a CIO at a leading major insurer.
6. The modern IDP platform for your insurance organization
Use the Parashift IDP platform as a central hub for everything related to the capture, classification and extraction of your documents. Instead of expensive niche solutions, rely on a single platform for document processing automation. With countless insurance-specific document types pre-trained and immediately available, you automate processes from day 1.
You want to see the capabilities of the Parashift IDP platform in action for your insurance business?
The whole Parashift team wishes you a happy holiday season!