Though there have been many strides in digitizing processes and touch points in the insurance industry, one key aspect still lags behind: how can we handle massive amounts of data received in unstructured formats?
Since insurance carriers receive and churn out millions of documents daily, the benefit of automating manual data entry has a profound effect on the company – and their bottom line. By addressing the challenges of tedious manual data entry, these pitfalls can be made into opportunities that offer a competitive edge, such as faster customer service and turnaround, reduced cost, and more satisfied customers and employees.
The technology that can enable this is our very own AI-based information extraction tool: AutoExtract.ai
So, How Does AI Solve the Document Problem?
Short for Artificial Intelligence, AI is an area of computer science focused on simulating intelligence to solve problems and aid in decision-making using complex algorithms. The advancements in this space over the past few years have revolutionized the possibilities for solving tedious and repetitive tasks, such as extracting claims numbers, names, dates, and other details to excel or csv.
Information extraction systems, powered by AI, can automate data how is captured, transforming a tiresome, expensive manual process into an afterthought.
With AutoExtract.ai, you can train your own AI Agent to identify, index, and classify data from pdfs or images, simply by doing the paperwork you were going to do anyways. Our software, AutoExtract.ai learns by example and quickly takes over the process. This data can be exported in any standard format – export as csv, export as excel, or export as json. Your data can even be integrated directly with your enterprise software for a seamless workflow. Furthermore, employees can validate the output with the help of its streamlined user interface, ensuring perfect data extraction, every time. This makes it a more reliable and affordable alternative to the processes of past years.
How Can AI Impact the Insurance Industry?
Streamline Customer Onboarding Process
A number of documents need to be verified by the insurer when onboarding new customers, and customers may have to wait days for employees to handle the data entry, underwriting, and complete processing of their application. This processing time can be a burden to the customer, leaving them temporarily without insurance, or even giving them time to consider switching to a competing insurance company.
By getting the customer’s information from the provided documents and into the insurance company’s enterprise software quickly and accurately, your company can provide better service to the customer while simultaneously saving your employees the time and hassle of manual data entry and processing. When these tasks can be automated, everyone in the process benefits, and insurers can serve new customers in record time.
Reduce the Financial and Opportunity Cost of Data Entry
Manual data entry is quite expensive, while also being prone to errors. For instance, in a study pertaining to legal documents, it was found that AI was more accurate than the lawyers themselves at reviewing legal contracts, at 95% and 85% average accuracy, respectively. Now, a 10% increase in accuracy is all well and good, but where AI truly shines is in efficiency. One contract review took only 26 seconds for AI, compared 92 minutes for the average lawyer.
Imagine all the things those lawyers can accomplish with the extra 91 minutes and 34 seconds in their day! Now, imagine how the same process could be applied to the massive amount of documentation in insurance policies, claims filing, and underwriting. For a deeper dive into the idea of saving both time and money while maintaining quality, read about redefining the product trade-off triangle.
There is no question that time and money can be saved using an AI Agent to process and extract data. Add to that the cost, inconvenience, and overhead expenses of paper, file cabinets, and office space to store documents, and the winner is clear.
Improved Customer Experience for Claims Filing
AI-powered information extraction helps improve the client experience by minimizing delays in processing a claim. The average turnaround time of verifying a single claim is believed to be around 90 minutes. This can be sped up massively with the help of automated data extraction, resulting in claims processed in seconds rather than hours. AutoExtract.ai can be used to train your personal AI Agent to process UB-o4, CMS-1500, and other commonly used claim forms.
Since customers are usually already going through a rough patch when the need arises to file and insurance claim, faster processing and turnaround significantly boosts their faith, solidifying your customer relationships and improving customer retention and loyalty in the long run.
How AutoExtract.ai can help Insurers digitize their data
AutoExtract.ai is a state-of-the-art information extraction software that uses AI to capture data and transform it into standard formats such as csv, excel, or json which can be sent programmatically to your software, emailed, or trigger a new workflow.
AutoExtract.ai is more than just Robotic Process Automation or OCR (Optical Character Recognition). Our AI Agents are trained on examples of your documents, using precisely the fields you care about, and learn to identify the fields from the full context of the document. By allowing for a human-in-the-loop validation step for every field, we ensure that you will never need to question the accuracy of you AI Agent.
With AutoExtract.ai, machines do the work, humans validate - saving everybody’s time, money and effort without sacrificing accuracy.
The image above was generated by Dall-E 2, an AI artist.