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.
From underwriting, policy renewal, onboarding, claims processing, and more, RPA is changing the way insurers work and streamlining core business processes. Industry analysis reveals that businesses can speed up claims processing by up to 75% by using RPA technology. Paper-based claims processing slows down workflows and poses a risk of losing documents, which RPA automation is not prone to. The implementation of RPA makes it easier for companies to do credit profile analysis, identify exceptions, process transactions, and reduce time taken for claims processing.
RPA solutions help insurers automate manual data entry, generate profit and loss reports, move data across different applications, and integrate Artificial Intelligence add-ons for enhancing document analysis. Companies are improving their backend office operations using claims automation tools and employees don’t have to be stuck reviewing customer data manually for every application. With just a single click, insurance staff can move data, speed up customer onboarding and policy cancellations, process refunds, and improve productivity, thus driving revenue growth and higher rates of customer satisfaction.
Modern businesses have to ensure faster processing times, quick responses, and answer customer queries based on their varying requirements. Automation in insurance makes it possible to meet rising customer demands, segregate queries into appropriate categories, and route clients to the right agents using several rule-based workflows. Automation tools can be integrated at various levels of IT infrastructures and there are several ways to use software in insurance processing. Some of the most popular use cases and applications of automation in the insurance industry are:
OCR technology used with insurance automation can help customers scan different documents automatically and enter into systems. Customer data gets verified, validated, and checked instantly, making it convenient to do a credit analysis of their financial profiles. Insurance companies can make better recommendations about which policies suit them after a risk assessment and give reasonable quotes.
Underwriting is a process where customer credentials get verified and a risk assessment is made by analyzing data from multiple sources. The whole process is time-consuming and the average time taken can last anywhere between 3 to 6 weeks. RPA in insurance is used to save time processing underwriting documents, boost response times, and manage emerging risks with issuing new policies.
Policy administration involves making updates to insurance policies and notifying customers about new changes. Many companies claim to be fast at this but lag behind due to manual processing. Insurance automation speeds up policy issuance and provides better policy administration in the long-term.
Regulatory agencies and legislative bodies issue guidelines every year for insurance policies which companies have to comply with. Failure to do so can lead to policy breaches, law suites, and other legal implications. Processing insurance policies using automation lets bots reconfigure existing applications and ensure they follow the latest mandates. Artificial Intelligence models do not require any training to make changes automatically and are able to review, consolidate, and do invoice reconciliation on its own thanks to automation technology.
Claims processing involves nuances related to data extraction and must ensure data is read in specific formats. Depending on the structure and layout of documents, it can be difficult to process them fast. Automation software in insurance helps companies upload electronic records of claims and use “matching rules,” to verify insurance policies. RPA can exceed the limits of manual data processing for insurance claims by being able to take in huge volumes of data from internal and external websites, and process them efficiently.
The insurance industry has seen a surge in operational efficiency after adopting automation solutions in its workflows. Insurers have a tough time processing multiple claims manually and this is where automation proves to be very effective.
The benefits of robotic process automation in insurance are:
Insurance automation enables agents to find prospective leads and make lucrative offers to potential clients. Users can collect, import, and manage customer data on a singular platform and process it seamlessly.
RPA solutions are exceptionally fast and accurate when it comes to document processing. Insurance automation software does not make mistakes when scanning and interpreting data from application forms and other document types. A negligible to zero error margin means companies don’t face delays or downtimes in claims processing.
Insurance companies have to follow stringent standards when it comes to meeting legal and regulatory compliance. Using automation software ensures that data gets validated. Integrated RPA solutions streamlines risk management and enhances all processes.
Claims processing can sometimes take weeks since it involves gathering information about customers, doing background checks, and verifying data. Companies can save time and route customers to the right agents using insurance automation processes. Faster claims processing also means an improved customer experience overall.
The best insurance automation platforms are able to integrate newer technologies with underlying systems and update legacy software. Intelligent bots in RPA solutions can scale up with businesses anytime and are capable of reducing the time taken for doing form registrations. RPA can eliminate redundant processes in insurance operations, remove data redundancy, lower operating costs, and reduce agents’ workloads, all without compromising on data quality, security, or integrity.
There is an ongoing shift in the dynamics of business decision making as automated workflows are streamlining communications between vendors, suppliers, brokers, agents, and insurance companies, thus optimizing insurance processes and customer experiences. Artificial Intelligence and Deep Learning are the top two trends revolutionizing this sector and companies will change the way they process applications by integrating them into their core business functions.
If you are to automate insurance processing and adopt intelligent document processing in your system, talk to us. By using a blend of intelligent OCR, AI, and automated data extraction, the software speeds up insurance processes for large corporations. To see how insurance automation works firsthand, sign up for a free demo today!