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Commercial properties contain a huge variety of equipment, and are at risk of losing billions of dollars in the event of them sustaining damages. A commercial property insurance policy is obtained by organizations to insure their financial and property assets, which is where the Acord 140 form is used. 80% of the data extracted from these forms is unstructured and insurance brokers are turning towards automated data extraction software for this reason. Automated document extraction can make the process go up to 400 times faster for underwriting tasks and eliminates routine work involved in reviewing these documents.
What is Acord 140?
The Acord 140 is referred to as the Property Section of Commercial Insurance Policies and it is submitted in combination with the Acord 125 for getting quotes from carriers.
Businesses use Acord 140 to get sufficient insurance coverage for protecting their building assets and any contents located with them. The Acord 140 forms a part of commercial general liability insurance as well and helps companies in getting replacements from insurance agencies in the event of damages, theft, fires, and environmental hazards.
Importance of Acord 140
Commercial property insurance is used for getting coverage from unexpected damages and filing claims for any losses. Acord 140 is needed by businesses to insure their property assets and equipment, including all accessories used within the premises. Acord forms are designed by a non-profit organization which is responsible for setting guidelines of the insurance industry.
1. Legal Liability
Corporations are responsible for insuring their property assets and financial goods before they are able to conduct business operations seamlessly. An Acord 140 is invaluable from that aspect and works in conjunction with the Acord 125
2. Client Trustworthiness
Filing Acord 140 applications and registering them on AMS systems prove that businesses are credible and trustworthy. Most clients who approach insurance companies for filing their claims request proof of Acord 140 submission
3. Settling Disputes
For businesses that have suffered physical damages to property, have lost goods, or missing items, Acord 140 applications can be used for claiming Commercial General Liability Insurance. Cases like fires, storms, tsunamis, and natural disasters are also covered in Acord 140 insurance claim filings.
How to read Acord 140
Acord 140 is the Property Section of the application and covers details such as business location, expenses, and property asset information. The key areas to be filled up in these forms are:
- Agency Name and Carrier Info
- Named Insured
- Policy Number
- Blanket Summary
- Additional Coverages
- Additional Interest
The remarks section is usually filled up by the insurance agencies or brokers. It includes additional details about the premises. On the form, there are boxes for adding the expiration dates and the additional interests section has options for filling in information about existing loans, mortgages, and reference numbers.
Premises Information section is completely dedicated to providing information about the property and its various assets. Causes of loss, subject of insurance, coins%, inflation guard%, amount, and business income are the important areas here.
How to automate Acord 140 Processing
Information from accord 140 forms can be recorded and input into AMS systems using document extraction software like Docsumo. Data capture solutions like intelligent OCR scan Acord 140 forms, organize unstructured data, and digitize documents so that users are able to review them.
There is no need for manually entering information since everything is automated. Machine learning models containing historical data pull out past information and cross-check the details in these forms. Batch uploading is another feature that is exclusive to automating Acord 140 processing. This is where users can upload multiple Acord 140 forms and automatically get them filled out by systems.
The processed forms can be easily converted into PDF, JSON, XML, and other file formats. Users can export the data and forward it to their carriers afterwards. Pre-trained APIs get smarter and let users re-use data extraction models so that they don’t have to repeat the steps involved in automated data extraction next time files get uploaded.
Benefits of Automation
Insurance companies are doing Acord 140 form processing using automation workflows and document processing tools because of convenience. Countless hours are saved by eliminating routine tasks and pre-trained APIs yield a 99% accuracy rate over manual entry by humans.
Following is a list of the major benefits of Acord 140 processing using Docsumo:
1. High Precision
There are zero margins for error and users don’t have to worry about duplicate entries. The information entered is cross-referenced with existing Acord 140 database models.
2. No technical expertise needed
Pre-trained APIs do all the work for you. All it takes in the beginning is simply mapping out the key-value pair fields and data types for the first Acord 140 form. After that, the rest is taken care of
3. Batch Uploads and Processing
Users can upload thousands of Acord 140 forms at once and get them processed in minutes. This is a huge benefit of using automation workflows and intelligent OCR solutions
4. Multiple File Formats
Major file formats like PDF, PNG, JPEG, and different image types are supported by Docsumo. This makes it easier to digitize documents, convert them to excel/csv/json, and upload as email attachments.
Are you ready to automate your Acord 140 forms processing today and impress your clients? Sign up for a free demo with Docsumo and experience the difference!