The fact that documents are an integral part of daily business processes is by no means new. However, for insurance companies, this has taken on a completely different dimension. Document-heavy use cases with unstructured documents are the rule rather than the exception. This is true for insurance policies as well. The combination of volume and complexity means slow processes with lots of manual intervention.
This is now changing: By automating with a modern data extraction solution, insurance companies process all of their documents, including complex insurance policies, automatically. This enables insurance companies to transform their workflows, increase efficiency and improve customer satisfaction.
Key learnings: Volume and Complexity. These two characteristics unite insurance documents. For insurance companies, this means one thing above all: conventional automation solutions are not good enough for the efficient processing of insurance policies and the like. Intelligent Document Processing (IDP) provides the remedy. With the AI-supported solution, insurance companies can automate essential use cases, shorten processing times and satisfy customers.
Insurance Policies: Accurate data extraction required
Insurance companies face challenges in processing various documents for which traditional automation solutions are unsuitable. Traditional automation solutions usually rely on rule-based algorithms that do not do justice to the complexity of insurance documents.
In addition to use cases such as underwriting or claims processing, the management of insurance policies in particular is also a time-consuming process for insurance companies. This is due to the extensive form of these documents as well as the format. It is unstructured, which means that accurate extraction of essential data is not possible with a traditional automation solution.
To illustrate the limitations of an outdated automation solution:
- suitable only for structured documents,
- does not understand the context in insurance policies,
- extraction rate drops dramatically for even the smallest changes in format,
- costly configuration and training for new document variation is inevitable.
Efficient management of insurance policies with ongoing queries, changes and other matters is essential for insurance companies. Accurate data extraction from insurance policies is crucial for comprehensive process automation. Thanks to an innovative technology for intelligent data extraction solution, this becomes a reality for insurance companies.
No-Code and Document Swarm Learning: A powerful combination
Parashift takes an innovative approach with its Intelligent Document Processing (IDP) solution, combining Document Swarm Learning with No-Code.
Document Swarm Learning: Swarm Learning is the core concept of the Parashift IDP platform. Document Swarm Learning is driven by Machine Learning algorithms trained on billions of data points. This is possible because document types are separated into individual fields and the learnings are shared across all customers, industries and document types worldwide. This unique approach and global data network creates unprecedented accuracy in data extraction.
No-code platform: Because the Parashift IDP platform is not a template-based extraction platform, dealing with diverse and ever-changing document layouts is at the heart of its capabilities. The Parashift platform supports any type of document type, either through preconfigured standard document types or as custom document types. If custom document types are needed in addition to the hundreds of standard document types, they can be easily clicked together thanks to the no-code platform.
Based on the Document Swarm Learning approach in combination with the no-code platform, high setup and operating costs are a thing of the past.
IDP: Significant advantages for insurance companies
So instead of conventional automation solutions, the name of the game for insurance companies is innovative Intelligent Document Processing. This is the only way to ensure the accuracy of data extraction necessary to process insurance policies, claims and other relevant documents in an automated manner.
These are some of the positive implications for insurance companies:
- Improved efficiency: With the comprehensive automation of document processing, throughput times can be reduced and business processes optimized.
- Reduced costs: Manual work around insurance policies can be minimized, reducing costs in the processing procedures.
- One solution: With the Parashift IDP platform, insurance companies get a comprehensive solution for data extraction, enabling the simplification of key business processes.
- No-Code: With the no-code platform and out-of-the-box capabilities, additional document types can be easily configured.
- Highest recognition rates: With Document Swarm Learning, high recognition rates, even for completely unknown documents, become a reality.
View on the platform: processing insurance policies automatically
So, with the Parashift IDP platform, a real transformation of insurance processes is possible. Let’s take a look at the platform for a better understanding. Here, you can see the neat user interface.
- an insurance policy (in this example here it is a car insurance) in the extraction mode of the platform.
- a correspondence (in this example it is a cancellation letter) in DocGenius, the Generative AI on the platform.
The essential data for the process is automatically read from insurance policies. No more and no less. Thanks to the exact extraction of the individual line item data, the following data, for example, can be extracted in the case of the insurance policy (in this case, a car insurance policy):
- Insuree address: Name, address, zip code, city, etc.
- General Information: Insurance Company, Insuree, Policy Number, Policy Type, Contract Date, Contract Number, Start of Contract, End of Contract, Premium Due Date, Payment Cycle, Policy Number (Previous), Currency, Gross Premium, Net Premium, etc.
By accurately extracting the data that really matters, the process is kept as lean as possible. As seen in the second screenshot, however, the Parashift IDP solution can do much more.
Powered by its unique Document Swarm Learning technology, Parashift has integrated Large Language Models (LLMs), another important document processing feature, into the IDP solution. Generative AI makes text interpretation fundamentally easier. Thus, in the case of insurance policies, employees can use Generative AI, for example, to check whether policies meet certain legal requirements. Document summarization and context interpretation is also readily possible thanks to the linking of IDP with Generative AI. To do this, employees can ask questions about the document in a chat-like format:
- “What kind of document is it?” You will immediately receive information about what kind of document it is. In this case, it is a cancellation letter.
- “Give me a summary of the document.”As you can see on the screenshot, in a few seconds you will receive a written summary of the cancellation letter.
The Parashift team is focused on leveraging innovative technologies along with the rapidly growing data network while maintaining high standards for information security and compliance. It is this focus that enables insurance companies to leverage the Intelligent Document Processing cloud platform for their customer-identifying data (CID).
Conclusion: Reduce turnaround times, increase customer satisfaction
Parashift’s IDP solution is the key to unlocking the potential of data extraction from complex documents such as insurance policies. For insurance companies, this translates into significantly improved core processes and reduced turnaround times. This in turn benefits customers, who enjoy fast turnaround times and positive interactions.
Talk to one of our experts about your requirements and desires. Or test the intuitive Intelligent Document Processing platform yourself right now for 14 days, free of charge and with no obligation.
Follow us on LinkedIn to get the latest IDP News.
