Lockdowns and social-distancing protocols due to Covid-19 reinforce the need to rethink underwriting and claim processing. Risk assessment shifts toward remote and data-driven for faster decisions. Hence izDOX AI platform plays an important role for quick go no-go decisions.
Business Need
Insurance underwriting is time critical and important to ensure excellent customer experience right from the beginning. Insurance claims processing is slow and painful, both for the customers and employees.
Challenges are: (a) processing of large number of document types (b) meeting increasing and changing regulations (c) addressing higher customer expectations and (d) at the same time identifying frauds, if any.
Business process challenges are:
- Approximately, 80% of data in unstructured / semi-structured.
- Investment in RPA is not solving document processing problems.
- Customer and operational SLAs need to be met consistently; at the same time document regulatory compliance is equally important.
- Manual entry of data from documents is expensive and time consuming. Errors during data entry results in customer dissatisfaction and repetitive tasks lead to employee attrition.
Solution
Technologies like machine learning, neural networks, natural language processing are used to get meaningful information from different document types having variations in the formats from printed, hand-printed and handwritten documents for underwriting and claims processing.
- Discover information from documents (paper, images and PDFs) during initiation of processes such as customer on-boarding, underwriting, claims and regulatory compliance.
- izDOX AI platform identifies and classifies document types, processes unstructured, scanned documents and improves productivity by over 4 times while mitigating risks of missing critical data during review.
- Output data from izDOX AI platform integrates with core systems like CRM, underwriting, and claim processing systems.
- izDOX AI platform overall improves process efficiency to exceed SLAs and to scale business significantly.
Benefits
Improved Process
Business process improvement for faster decision making
Fast Decisions
Quicker, faster underwriting, claims and billing for go no-go decisions
Automation
Compliance risk management automation
Easy Integration
Seamless integration with core business workflows