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Acord 27 forms are required to provide evidence of private and commercial property insurance. From manual-intensive tasks like underwriting, customer onboarding, adjudication, and fulfillment, the insurance industry processes huge volumes of information. Moving away from manual data extraction, insurance sector is adopting automation in document processing and data extraction. Artificial Intelligence (AI) and Robotic Process Automation (RPA) are at core of this change. The insurance sector is reported to experience a CAGR growth of 6.9% between 2020 and 2027, owing to the adoption of these emerging automation solutions.
What is Acord 27?
Acord 27 is defined as an ‘Evidence of Property Insurance’ that gives proof of property coverage to parties who show interest in commercial premises and their associated contents within.
It also documents information about loss payees, mortgagees, and allows them to trademark names in commercial property insurance policies. The State Department of Insurance collects Acord 27 forms from agencies before approving new insurance policies.
Most lenders pay a premium for this type of policy which is communicated to payors via an invoice. If you are trying to get a loan against your property or business, you will need to submit an Acord 27.
Importance of Acord 27
Acord 27 is an important document used by agencies to prove proof of ownership of commercial and private residences. The form is usually requested by mortgagees to show how much coverage a property has. If there are any existing loans against the property, Acord 27 mentions the details on it.
1. Settling Disputes and Filing Claims
There are cases when proof of ownership has to be furnished regarding properties. The Acord 27 is an insurance policy that is invaluable in this aspect.
2. Applying for Loans and Mortgages
Acord 27 is an insurance policy used when applying for loans or mortgages against properties. If the business owner is leasing his premises or mortgaging his assets for money, it becomes required by agencies.
3. Legal Liability
Acord 27 works together with the Acord 125 form and is forwarded to government regulatory authorities for legal record-keeping. Insurance agency representatives request this before registering new policies and it is mandatory for commercial businesses.
How to read Acord 27?
Acord 27 has four important sections that are to be filled up:-
· Property Information
· Coverage Information
· Additional Information
Property information writes down the details of the building’s location, description, assets, and other accessories contained within the premises. The Customer ID, Agency details, Policy number, and loan information are fields which are mandatory on the form.
Brokers and agencies include additional remarks about the property in the remarks section and the additional interest section contains names of loss payees, mortgagees, or additional insured, whichever of them are applicable.
How to automate Acord 27 Processing?
Acord 27 is used to provide proof of the building and get insurance coverage for all its assets. Companies prefer to automate their Acord 27 processing using intelligent OCR data capture solutions and AI. Every Acord 27 form has a specific structure that has to be followed when entering information and Machine Learning algorithms are designed to interpret them intelligently.
Platforms like Docsumo use predictive text analytics and cognitive learning to scan Acord 27 forms, read information, and input automatically into database. When dealing with thousands of Acord 27 applications, features like smart filters and batch uploads helps insurance agencies process enormous volumes in minutes.
Docsumo enables businesses to seamlessly manage and document Acord 27 forms without having to spend time doing routine tasks. The processed Acord 27 forms can be converted to Excel spreadsheets, JSON format, or any other file types (including images) for usage convenience. These digitized forms are then forwarded to agencies or carriers for getting approved for insurance coverages. You can also find out about your coverage limits and eligibility by simply filing your Acord 27 to agencies.
Benefits of Automation
Docsumo seamlessly automated Acord 127 forms processing and helps businesses save precious time in managing documentation. Intelligent document extraction and storage using Docsumo has numerous benefits for organizations such as:
1. Fast Turnaround Times
Pre-trained APIs are designed to read and interpret Acord 27 forms and input key-value pairs automatically. Once the initial data capture preferences are set using the first form, the rest get taken care of!
2. High accuracy
There are no mistakes when scanning and reading Acord 27 forms using Docsumo. No fields are left blank and details aren’t missed. The information gets proof-read as well for added accuracy and precision
3. Data Validation
All the fields entered aren’t just passed off or approved directly. Machine learning models carefully fact-check key information by taking reference from previous entries.
4. Multiple Formats
Whether you need to extract data from an image file type or a PDF document, Docsumo supports a variety of file formats when digitizing Acord 27 applications.
So, what are you waiting for? Sign up for a free demo with Docsumo and see how easy it is to get approved for your desired insurance coverage today!