Acord Form Processing: All You Need to Know
A quick guide to all the major Acord forms, their importance, processing, and automation. Learn how you can automate data extraction from different Acord form with Docsumo's intelligent OCR API.
Businesses have to process a plethora of digitally typed, printed, or handwritten papers. To deal with it, businesses require efficient and flexible automated document processing solutions that produce accurate results - this is where Intelligent Document Processing can help your business. An IDP solution incorporates the powerful features of Artificial Intelligence and Machine Learning technologies to automate the tasks that once required human intervention, thereby making document processing scalable, robust, and credible.
This blog gives you an insight into IDP solutions and how they can be used in your business processes for hassle-free document processing.
So, let's jump right into it:-
Intelligent Document Processing is an Artificial Intelligence based template-agnostic document processing technology that performs segregation of data from structured, sem-structured, and unstructured documents. Its capabilities involve transforming all types of documents into digitally accessible formats and storing them for reference in the company’s database.
While Intelligent Document Processing is the technology that helps regulate document processing, an IDP solution is the business ready tool packaged with an interactive user interface and features to fit industry-specific requirements.
IDP solutions use Artificial Intelligence and Machine Learning to automate document processing. The key focus of using IDP solutions is to transform your business documents into actionable digital records that maintain high-end quality and accuracy and provide insights into your business that were not otherwise apparent.
IDP incorporates Artificial Intelligence, transfer learning, and Machine Learning to convert structured, unstructured, and semi-structured documents into insightful information that aids company processes.
Consider a situation where a bank employee processes a credit request and inputs the income of a client as, say, $50,000 P.A instead of $5,000. The client would now get entitled to additional credit that they can pay back. This creates a long-term burden to the client and the reputation of the bank is at risk. However, when you auto-process the applications with IDP solutions, the accuracy of the data output increases, thereby scaling up the instrument processing.
IDP solutions can also elevate the customer experience in the lending operations by lessening turnaround time for the loan petitions using a touchless automation process. Additionally, the processes like Mortgage applications, Account opening forms, Tax forms, KYC, etc. can be revolutionized with the IDP solutions.
The insurance claims comprise a heap of data that companies find impossible to tackle manually. These paper documents signed by the claimants are significant sources of data that insurance officers use to verify the claims for eligibility and coverage against the policy documents. Nevertheless, the relevant documents like receipts and invoices also need verification. IDP solutions benefit insurance companies with automated document processing and improved accuracy. IDP solutions can be deployed in the processing of accident claims, beneficiary forms, life insurance applications, disability forms, annuity account forms, and so on.
Patient onboarding, test reports, medical results, etc. involve the generation of a huge volume of data. With intelligent document processing, the data is auto-extracted from the unstructured paper documents and integrated with the core systems. The hospital information systems including customer record management, medical record management, financial systems, personal management, and support systems can be automated with IDP solutions. The healthcare documents are converted into a structured format and integrated into the enterprise ERP with IDP solutions.
Most of the legal forms and government-related documents are paper-based. Even though the digital transformation has induced change in most industries, Government organizations find it difficult to completely switch over, since paper-based signed documents play a significant role in authorizing and staying away from fraudulent activities. Nevertheless, the process of archiving these documents poses a great challenge. However, the IDP solutions can help in the processing of Tax forms, Employment applications, and Social Security documentation.
IDP solutions bring transformational efficiencies to business operations. Here are the gains you can expect from the IDP solutions.
The IDP solutions help in the reduction of process cycle times and enhance customer fulfillment by helping you comprehend faster time to market.
You can scale up the critical business processes without increasing the expenses, to integrate back-office functions.
You can use IDP solutions to free up human intervention and repurpose the employees for high-value and strategy-driven projects.
Since you need no data science expertise, it is easy to transform the business processes and automate the document processing effectively.
With the automation of the document-specific workflows, you can choose to process the unstructured or semi-structured data to insightful documents for powerful business decisions.
Docsumo offers versatile IDP solutions to the users to facilitate efficient integration with business operations and document workflows, suitable for every industry. The IDP solution can perform various tasks, such as processing invoices, IRS forms, licenses, bank statements, personal records, and many other types of documents with pre-trained APIs.
Even more so, pre-trained APIs facilitate the elimination of redundancies with the detection of missing values, duplicate entries, and missing fields quickly. The users can evaluate and authorize the changes once the data extraction is complete. The documents can also be uploaded in one go and processed to use later.
To know about the more intelligent way of processing your documents, schedule a free demo.