Intelligent Document Processing

Significance and Importance of Acord Form 80 Automation

Pankaj Tripathi
Pankaj Tripathi
Jan 31, 2023
  /  
4
 min read
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Significance and Importance of Acord Form 80 Automation

Acord 80 is a homeowner application used in the process of underwriting for the homeowners line of business. Insurance is a sector that is still fairly paperwork intensive. Compared to manual acord form processing, an advanced data automation software solution can help you automate data extraction from Acord 80 in a matter of seconds. Benefits - you no longer have to worry about the inaccuracy, unending delays, inefficiency, and sluggish turnaround time, leading to a severe lack of customer service. 

What is Acord 80, and Why is it Important?

Acord 80 refers to the homeowner application. It is used in the process of underwriting for the homeowners. As such, it records the insurance coverage that the insured should receive if any unfortunate event takes place at home. It is the universal language and documentation that all insurance agencies utilize for homeowners' applications.

The form is essential because it is a legally binding document between the insurance broker and their clients, which makes it a legitimate resource when settling any dispute related to any damage to your home. The Acord 80 is the crucial document for the homeowners requesting insurance coverage. It offers legal assurance and peace of mind to the homeowners.

How to read Acord 80

The homeowner application has two main sections at the top, namely, Agency and Carrier. Carrier has sections for the name of the insured, policy number, plan, facility code, effective date, and expiration date. The status of the transaction comes right below this section. Acord 80 covers the following information:

  • Identification section
  • Status of transaction
  • Applicant information
  • Coverage/Limits of liability
  • Deductibles
  • Forms and endorsements
  • Payment plan
  • Rating/Underwriting
  • Location schedule
  • Prior coverage
  • Loss history
  • Optional coverage - Endorsements
  • General information
  • Additional interest
  • Attachments
  • Remarks

How to Automate Acord 80 Processing

An ideal automated system lets insurance organizations realize a significant portion of ROI through reduced data entry processing costs while also enhancing accuracy and processing speed. Advanced data capture solutions like Docsumo come with high-end data extraction and smart filters. You get the benefit of processing fifty documents for free, so the efficiency of data automation is pretty evident.

1. Upload Your Documents

The first step is uploading the necessary documents in PDF or image formats. You can also drag files from your mail or local computers.

2. Edit All The Entries

A combination of reverse image searches and neural networks helps in accurate and speedy data extraction. 

3. Validate The Fields and Access the Suggestions

Advanced Deep Learning and Natural Language Processing ensure that data extraction is as accurate as possible. The data extracted this way can be used directly by other software solutions. You can approve or disapprove the suggestions for key-value pairs at this stage.

4. Download the Document

Finally, download the document in Excel or JSON format. The former helps in faster analysis, while the latter is useful for data sharing.

Benefits of Automating Acord Form 80

Automation of Acord 80 comes with a host of benefits such as the ones given below:

1. Upload and process documents in bulk

You can get more work done from one platform

2. Fast processing time

Ten times faster processing time for all documents due to advanced software application

3. Goodbye to manual errors

Smart data extraction and processing models eliminates human errors and ensures more than 99 percent accuracy

4. Multiple formats

Download the document in multiple forms like XML, JSON, PDF, PNG, and more formats.

5. No field left blank

Intelligent OCR verifies and fills each field to make sure there is no scope of rejection.

So, do not delay anymore! Get in touch with us and see how we make your work easier!

Suggested Case Study
Automating Portfolio Management for Westland Real Estate Group
The portfolio includes 14,000 units across all divisions across Los Angeles County, Orange County, and Inland Empire.
Thank you! You will shortly receive an email
Oops! Something went wrong while submitting the form.
Pankaj Tripathi
Written by
Pankaj Tripathi

Helping enterprises capture data for analytics and decisioning

Heading

Get detailed automation stories & case studies to expand your process automation knowledge

Given the immense benefits it has to offer, more and more companies are inclined towards automating their accounts payable (AP) processes.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.