The insurance policy document is the heart of the insurance industry, serving as the primary contract between the insurer and the insured. Efficient processing of these documents is crucial for operational success, customer satisfaction, and regulatory compliance. In this article, we will explore how the Parashift Platform can revolutionize the way insurance policies are processed, providing a detailed step-by-step guide to its features and benefits.
The challenge of processing Insurance Policies
Insurance companies handle a vast number of policy documents daily, each containing complex information that needs to be accurately extracted, validated, and stored. Traditional manual processing methods are time-consuming, error-prone, and inefficient. This is where Parashift IDP Platform comes into play, offering automation and accuracy to streamline these processes.
How easy and safe it is to process Insurance Policy with Parashift Platform
Step 1: Document Ingestion
Easily upload single or batch documents through the user-friendly interface.
Step 2: Document Separation
Once documents are ingested, Parashift’s document separation feature ensures that insurance policies are identified and separated from other documents within a batch.
This process is foundational for efficient document processing, ensuring that each document is accurately identified and prepared for the subsequent stages. Parashift leverages a combination of AI and configurable rules-based approaches to meet the diverse needs of businesses handling complex document streams.
Different ways exist to separate each documents:
AI-based Page Separation: At the core of Parashift’s separation capabilities is its AI-driven approach, where machine learning algorithms intelligently identify and segregate documents. This method is particularly effective for businesses with high volumes of mixed document types, enabling automatic categorization without predefined separators.
Separator Page Use: Parashift allows the insertion of physical separator pages into document batches before scanning. This method provides a straightforward way to indicate document boundaries, which the platform can recognize and use to split the batch into individual documents.
Separation by Barcode: Implementing barcode separation offers an automated solution for distinguishing documents within a batch. By scanning barcodes, Parashift can accurately separate documents based on predefined barcode patterns, enhancing the automation of document workflows.
Fixed Page Separation: For documents that follow a consistent structure, Parashift offers separation after a fixed number of pages. This method is ideal for document sets where each document maintains a uniform length.
Manual Page Separation: Recognizing the need for flexibility, Parashift includes a manual separation feature within its UI. This allows users to manually adjust or confirm document separations, providing an additional layer of control over the process.
Regex-based Separation: For highly customizable separation needs, Parashift supports the configuration of regular expressions (Regex). This powerful feature enables businesses to define specific patterns for document separation, offering precision in organizing document streams.
By offering these diverse page separation methods, Parashift ensures that businesses can choose the most suitable approach for their document processing requirements.
Step 3: Document Classification
Parashift recognises that the document is an Insurance Policy.
Parashift is equipped to automatically classify hundreds of different document types, offering businesses access to more than 400+ pre-built document types. This extensive library enables organizations to activate specific document types with a simple click, catering to a wide range of industry needs and scenarios.
For unique requirements, Parashift provides the tools to quickly set up and customize new document types, ensuring that even the most specific documents are accurately categorized.
Step 4: Data Extraction
After classification, Parashift leverages AI and machine learning to extract key data points from the insurance policies.
Parashift offers more than 400+ pre-built document types, allowing for the swift activation and extraction of data from a wide range of documents with just a click. This extensive library caters to the diverse needs of industries, ensuring that virtually any document type, from financial reports to medical records, can be processed efficiently.
Parashift’s advanced extraction algorithms excel where traditional OCR technologies falter, adeptly navigating through intricate layouts, deciphering handwritten annotations, and making sense of low-quality scans. This powerful functionality converts unstructured document data into organized, actionable information, ready to empower decision-making and enhance customer service across various sectors.
Step 5: Data Validation
Accuracy is paramount in policy processing. Parashift ensures extracted data is validated against predefined rules and databases.
Engineered for rapid throughput, the validation interface is operable solely via keyboard, catering to high-volume processing environments without sacrificing speed. By granularly steering exception handling and configuring automation rates through confidence thresholds, Parashift significantly reduces manual work, allowing for precise control over when and how human validation is required.
The platform’s multi-tenant capabilities facilitate cross-organizational collaboration, enabling the addition of teams and groups for specific validation steps and thereby enhancing the organization of collaborative efforts.
Step 6: Data Integration
Integrating Parashift into your existing business application landscape is fairly easy. You can so by using a pre-built integration, integrate via an ESB or create your own integration via our API.
Parashift has been integrated into all kinds of leading business applications: Check here.
Compliance and Security
Ensuring compliance and security is paramount in the insurance sector, where sensitive customer data is involved. Parashift prioritizes compliance with industry regulations such as GDPR, HIPAA, etc, as well as adhering to stringent security protocols. The platform employs robust encryption techniques to safeguard data both at rest and in transit, ensuring that sensitive information remains protected from unauthorized access.
Additionally, Parashift provides comprehensive audit trails and access controls, allowing insurance companies to maintain accountability and meet regulatory requirements with ease.
Conclusion: The Parashift advantage
Parashift ensures that insurance policies are accurately identified, classified, processed, and secured, leading to enhanced efficiency and accuracy in document management. With Parashift, you can transform your policy processing workflow, ensuring accuracy, compliance, and customer satisfaction.
Leading insurances already working with Parashift:
If you’re looking for a document processing solution to use in your Insurance company, contact us! We will be happy to help, discuss about your project and give you a free demo of our Platform.
