IDP Use Cases in Insurance Services

20+ IDP USE CASES FOR INSURANCE SERVICES

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Intelligent Document Processing - IDP Use Case in Insurance Service
Contract and Claims Form Processing

Contract and Claims Form Processing

Reduce the number of times a document is handled resulting in messing it up at the best or losing it at the worst. Auto-extract details from contracts and claim submissions and store them in contract management systems for cloud-based ECM for a centralized online access. Digitize documents received in fax and snail mail and line them for further access and processing.

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Claims Processing

Claims Processing

Digitize, auto-review, auto-categorize documents and hard copies received as claims and store them digitally for further processing.

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Data Collation

Data Collation

Data collection is an important part of insurance business which faces hurdles due to manual processing, reduces accuracy and speed. Use intelligent document processing to improve accuracy, consistency, and compliance during data collection and collation in a secure digital environment. Increase speed of execution and hence the customer satisfaction by manifolds.

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Customer Onboarding

Customer Onboarding

Extract data, such as insured name, company, industry, beneficiaries, etc., by using intelligent document capture and expedite the on-boarding process.

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Support Document Processing

Support Document Processing

Onboarding and claim processing is associated with high volumes of support documents for verification and validation. Using intelligent document processing, expedite the process of data ingestion and integration with core systems.

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Medical Examination Questionnaires

Medical Examination Questionnaires

Healthcare Insurance policies need to assess the medical status of the insured in order to assign the premium and hence are associated with lengthy questionnaires to assess the true health status. Use intelligent document processing to capture the answers to the questions and expedite the medical policy processing.

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Medical Examination Questionnaires

Mailroom Automation

Manage the mailroom traffic through automation. Use intelligent document processing to ingest the incoming snail mail and route it to the relevant department for quick action.

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Periodic Policy Communication

Periodic Policy Communication

Extract data from more than one source documents with intelligent document processing and store it on a staging server along with contacts database. Merge them using RPA and trigger policy email communication.

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Invoice Creation

Invoice Creation

Auto-ingest the data from Excel file stored in a central location and integrate the data in the enterprise ERP system. Execute this step for all the records in the Excel file. Auto-generate invoices and email to the concerned parties.

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Endorsement Processing

Endorsement Processing

Download the change requests to policies received from customers through email and CRM. Extract the required details from the change requests with intelligent document processing and put it on a staging server. Integrate with the main policies with RPA and issue the new policy document. Send the new policy document through email and courier to the customer.

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Life Insurance Claims Validation

Life Insurance Claims Validation

Capture the claim data from the claim application form with intelligent document processing. Validate the data, such as date of death and reason from third party sites such as government sites. Improve the speed and efficiency of the claim validation process and fast-track payment release.

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Document Chasing

Document Chasing

Use intelligent document processing to extract data from policies and claims to match the same. In case of any missing information required for claim processing, set document chasing trigger to the insured customer and assign an executive by using RPA bots according to the executive workload. The document chaser can be used for chasing information from third parties as well.

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Third Party Verification

Third Party Verification

Verify information on licenses, registrations, etc. by extracting data from them with intelligent document processing. Use the extracted information to conduct third party verification from public websites and databases.

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Contract Review

Contract Review

Use intelligent document processing and RPA to identify repeating clauses in contracts. Reduce review time and improve efficiency and accuracy by manifolds.

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Document Verification

Document Verification

Claims usually need to be verified from multiple sources by fetching relevant documents. Use RPA bots to fetch third party information through document chasing. On receiving the documents auto-read the document with intelligent document processing and classify them. Thereafter, take incomplete claim processing to closure with RPA bots.

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New Business Bulk Data Entry

New Business Bulk Data Entry

Use intelligent document processing and RPA bots to read data from Excel sheet application for group insurance and make bulk data entry in the core systems in case of institutional customers.

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Data Collation and AML Check

Data Collation and AML Check

Use intelligent document processing and RPA to extract details from different sources including paper-based ones for conducting KYC checks and AML exercise for new customer onboarding and insurance claim processing.

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Identity Document Processing

Identity Document Processing

Use intelligent document processing to read identification documents submitted by customers and execute onboarding as well as claim applications.

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Premium Due Date Chasers

Premium Due Date Chasers

Use intelligent document processing to extract policy details and policy payment dates. Match the dates with the last policy premium paid dates using RPA and trigger periodic premium reminders till it is received.

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Regulatory Compliances

Regulatory Compliances

Use intelligent document processing and RPA to retrieve data from internal and external sites and generate complete 360 degree view of the case for due diligence and regulatory compliance.

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Risk Profiling

Risk Profiling

Generate customer risk score for retail and institutional customers by using intelligent document processing and RPA to collate data from internal databases and third party websites.

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What you get:

  • List of use cases across different industries and functions that can be applied in various processes.
  • Real-life case studies on Intelligent Document Processing across different industries.
  • Customer testimonials and additional resources for IDP.

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