Document intake is at the core of the insurance landscape. Carriers require a myriad of forms, letters, PDFs, emails and other correspondence from a variety of stakeholders to enable functions such as underwriting, claims and policy administration.
One of the key problems in the industry is ‘intake’ of data from business partners. When brokers send data to carriers or when carriers send data to reinsurers, they send data in variety of formats in the form of excel or PDF files. A large number of people, often in the hundreds are required to map this data and process it manually. There are several opportunities for the streamlining and removal of human error during this intake process:
The first is in the digitisation of information from PDFs and scanned documents. OCR (Optical Character Recognition) is a technology that has been trained to take image based files, recognise the information within and then covert this into digital data. This can save thousands of hours of retyping.
The next big opportunity for automation comes in the gathering and extracting of information. RPA (Robotic Process Automation) is a technology that records desktop actions done by people, replicates them at a much faster rate and adds simple logic. The great advantage of RPA is it works with the software and systems you already have.
So RPA can go into files no matter their type, where they are located or the format of that file and extract the relevant information needed. This makes the gathering of information and the matching and verification of data significantly quicker. Where information is missing or where there are discrepancies are flagged up, a bot can automatically email the relevant team member, for them to action.
56% of the time, the first responder to a submission wins the business. By automating the submission intake process, insurers can acknowledge and quote thousands of submissions in one day. With the ability to identify the right submissions faster, commercial insurance carriers can reduce the time it takes to triage a submission from several weeks to seconds.