The insurance industry is strictly regulated. Failure to adhere to compliance standards can have serious legal, financial or even reputational consequences. At the same time, insurance companies rely on efficient processes to retain existing customers and attract new ones. The combination of strict regulations and the need to make document-heavy business processes efficient means that insurance companies must be able to rely on secure and powerful systems.
With a cloud-based Intelligent Document Processing solution, this is exactly what is possible. It enables insurance companies to automate the processing of both high-volume documents and those with comparatively low volumes not only in an efficient but, above all, secure manner.
Key takeaways: Although concerns about the security of cloud solutions are still pervasive, particularly in highly regulated sectors such as insurance, this mistrust can now be largely disproved. Modern cloud-based software solutions, in this case Intelligent Document Processing (IDP) for the comprehensive processing of insurance documents containing sensitive customer data, provide all the capabilities needed to guarantee compliance for insurance companies.
Complex insurance documents
Many insurance companies are still skeptical about many software solutions, mainly due to strict regulations. Particularly when it comes to integrating new solutions for processing insurance documents with sensitive customer data, a certain amount of caution can be observed. And rightly so. The consequences of non-compliance are simply too dire. And insurance documents present a number of difficulties:
- Complexity of documents: Insurance documents are known for their complexity. Different structures, forms and unstructured data make processing difficult. Depending on the capacity of the automation solution, this can cause bottlenecks that can only be solved by manual typing or complex and expensive configurations.
- Variability of formats: Insurance documents come in different formats. In addition to documents in electronic and paper form, this also includes digital scans and photos uploaded by customers. Handling this variability is a problem for conventional automation solutions. The result is yet more manual intervention.
The end of security myths: the secure transition to cloud IDP
However, decision-makers in insurance companies who have concerns about implementing cloud-based systems can now be largely reassured. Thanks to major advances, data stored in the cloud is now more secure than ever. In addition, compliance standards, data protection and data security are among the top priorities for reputable cloud solution providers. In fact, intelligent cloud software such as Parashift’s Intelligent Document Processing (IDP) solution helps insurance companies optimize their document processes as well as ensure data security and compliance with industry regulations.
Parashift’s IDP solution runs on a state-of-the-art cloud infrastructure. The software was built specifically to enable insurance companies to process sensitive customer identification data (CID) in the cloud in a secure and compliant manner. Parashift has developed its own training data format that represents the training data, but no longer allows any conclusions to be drawn about the original data. For this reason, documents with customer identification data can be processed and learned from without leaving the data in the cloud for an unnecessarily long time. At the same time, Parashift works in accordance with the EU General Data Protection Regulation (EU GDPR) and ensures that all data processing activities comply with the principles and requirements of the regulation. The Parashift IDP platform runs in ISO27001, ISO27017, ISO27110, ISO27018, SOC 1/2/3, PCI DSS, CSA STAR and HIPAA compliant data centers. Thus, the cloud solution guarantees a service with the highest level of security and continuous software improvements.
Furthermore, Parashift is taking an innovative approach with its Document Swarm Learning technology. Document Swarm Learning is the core concept of the Parashift IDP platform. Document Swarm Learning is powered by machine learning algorithms that are trained on billions of data points. This is possible because the document types are separated into individual fields and the learnings are shared across all customers, industries and document types globally (in a fully secure and compliant way). This unique approach and global data network provides unparalleled accuracy in data extraction. With just one solution, all insurance needs can be covered via a single platform. This also ensures greater data security.
Parashift has helped 50+ companies on their journey to process documents in the secure Parashift cloud.
Security, efficiency, customer satisfaction: IDP benefits for insurance companies
The benefits of Parashift’s cloud-based Intelligent Document Processing solution for insurance companies are manifold:
- Increased data accuracy: Thanks to the unique approach of Document Swarm Learning, the accuracy of data extraction increases continuously. This enables unprecedented recognition rates, even for completely unknown documents. The high data accuracy has a positive impact on information security.
- Improved efficiency: With unprecedented data accuracy, document processes in insurance companies become more efficient. This enables them to reduce throughput times and optimize their document-heavy business processes many times over.
- Reduced costs: Thanks to increased data accuracy and greater efficiency, manual work can be further reduced in all use cases. This also helps to reduce costs.
- Integration into existing systems: Insurance companies already have a more or less complex system landscape. With Parashift, this is no obstacle. The IDP solution can be seamlessly integrated into existing systems and applications.
- A single solution: The Parashift IDP platform provides insurance companies with one comprehensive solution for data extraction, enabling the simplification of key business processes.
- Infinitely scalable: Another advantage of Parashift’s cloud-based IDP solution is that insurance companies get more capacity whenever they need more capacity. As the number of documents processed increases, it scales seamlessly.
- Improved customer service: The above benefits enable insurance companies to massively improve one of their key priorities – customer satisfaction – by reducing turnaround and response times and further optimizing customer service thanks to IDP.
“Insurers can use our cloud IDP platform for their customer identifying data (CID) with confidence because we are 100% focused on compliance and information security.” – Alain Veuve, Founder and CEO at Parashift
User-friendly approach: a look inside the Parashift IDP platform
To better understand the user-friendly Parashift platform, the following four screenshots show three insurance-specific (and one additional) document types. The unstructured insurance data is automatically recognized from the insurance documents, captured, extracted and then passed on in structured form to subsequent systems for processing the specific use cases:
- an insurance policy (here a car insurance policy) in extraction mode.
- Insuree address: Name, address, postal 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.
- a correspondence (in this example it is a cancellation of a life insurance policy) in extraction mode.
- Receiver: Insurance company, name, address, postal code, city, etc.
- General information: Subject, document date, etc.
- an insurance invoice in extraction mode.
- Receiver: Name, address, postal code, city, etc.
- General information: Invoice date, invoice number, policy number, policy type, statement period from, statement period to, total amount, currency, etc.
- a correspondence (in this example, not an insurance-specific document, but a cancellation letter, which also helps to illustrate Parashift’s LLM feature) in DocGenius mode.
The data essential to the process (including all line item data) can be automatically extracted from each of these three insurance documents. In addition, Parashift, powered by Document Swarm Learning technology, has integrated another important feature for document processing into the IDP solution in the form of Large Language Models (LLMs). Generative AI facilitates text interpretation. For example, employees can use Generative AI to check whether insurance policies meet certain legal requirements. It is also easy to summarize documents and interpret the context thanks to the link between IDP and Generative AI. Such questions can be asked in a chat-like format, for example:
- “What type of document is this?” You will receive information on the spot about what type of document it is. In this example, a cancellation letter.
- “Summarize the document for me.” As you can see on the screenshot, you will receive a written summary of the cancellation letter in just a few seconds.
Thanks to the no-code approach, employees can set up additional insurance documents directly on the platform within minutes and without programming knowledge. This ensures maximum flexibility.
Conclusion: Cloud IDP for greater security and efficiency
Thanks to its state-of-the-art cloud infrastructure, unique Document Swarm Learning and high-precision data extraction, Parashift’s IDP solution adapts perfectly to insurance needs. This enables insurance companies to automate their document-heavy use cases securely and efficiently.
What data protection requirements do you need? Talk to one of our experts today about your specific requirements. Or test the Intelligent Document Processing platform yourself for 14 days free of charge and without obligation.
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