VisionERA as a document processing platform can solve multiple document related problems. This article is dedicated to what all VisionERA can do for the insurance industry.
Insurance is one of the biggest industries globally. It serves millions of people on an annual basis and post covid-19 has become stronger than before. Yet with the increasing business, the industry is also witnessing new potential customers. Adding to it, the amount of data/documents processed by these organizations is huge in magnitude.
To handle this surge, multiple potential solutions and technologies are being introduced into the market. One such technology is Intelligent Document Processing (IDP). Among those IDP technologies, VisionERA is the latest entry that offers compelling features for its users for document automation.
About VisionERA: VisionERA is an end-to-end AI-based SaaS document automation platform with cloud capabilities. It has the capability to process structured, semi-structured, and unstructured documents for processed information. VisionERA provides automated capabilities for data extraction, validation, and storage. It also comes with features such as triangulation logic, custom DIY workflow, continuous feedback learning, industry beating table detection system, etc.
With VisionERA organizations can reinforce their transaction processing system for an automated experience. Our platform is proven to boost higher efficiency and effectiveness for document processing use cases. It can be applied in any infrastructure including legacy because it is an industry and use case agnostic solution. In insurance, it can help in removing redundant document processes, enhance standardization, remove manual errors, and a lot more.
Here are some of the top insurance industry use cases for document processing that VisionERA can handle for an automated experience. These are:
Every customer in the insurance sector is provided with both a contract and claims form. These documents bear a variety of data points that are important for an insurance company to record. Data points such as policy number, contract description, basic details, term purchased, etc.
By using VisionERA, each of these details can be recorded automatically. The platform would automatically extract all the relevant information setup for extraction in the workload. Upon doing so, it will extract those data points and store it in a format of spreadsheet of your choice. Also, this data can be directly fed to the CMS system used by your organization using APIs.
In a report, it is mentioned that the damages incurred due to false claims in the insurance consolidated to $3.1 billion in 2020. It is a huge number but huge piles of claims form being manually reviewed, the chances of error are imminent.
VisionERA allows cross-verification and validation of data filled in a form. The platform matches the information filled in the claims form by the documents submitted by the customer automatically and the internal database. On coming across data that is not matched by the system, it raises a flag. This makes the work of reviewing each and every datapoint in a claims form much faster and efficient.
Data collation is an important function performed across industries including insurance. Business data is collated into a single ledger or a central repository for data. From here, the data is accessible to each and every individual depending upon the hierarchy they fall in.
About $3.6 billion was spent by the insurance sector for big data handling in the USA. One can under the sheer magnitude of the data insurance industry is producing. Although another major problem with this data is its unstructured nature. With VisionERA i.e. an IDP (intelligent document processing) platform, this work of data collation can be made exponentially faster, efficient, and effective.
There are multiple reasons behind creating a seamless & faster customer onboarding experience. One of the major is that the traditional onboarding process is extremely lengthy that can take upto 35 days.
As mentioned by Deloitte, “Onboarding and ongoing learning provides the best method for carriers to generate brand loyalty and affinity”. A statement that we completely abide by since a faster onboarding process means faster procurement of a new customer.
However, it is a complicated process considering there are several prerequisites or documents that are required. These documents can be proof of identity, proof of age, SSN certificate, driver’s license, etc.
With the inclusion of so many documents, the process becomes layered and time consuming. The easiest way to achieve a faster onboarding process is to eliminate the redundant process of data extraction and validation using VisionERA IDP. It can easily do this task automatically without any manual intervention. Adding to it, the platform will also help in boosting customer experience and retention due to faster service.
Claims processing and claims submission are backed by multiple documents to verify the same. As we mentioned before, documents such as driver’s license, SSN certificate, health certificate, doctor’s prescription, etc are all supporting documents of a claim. To enhance the speed of document processing, one could use VisionERA.
Life insurance is another very prominent product sold by insurance companies. In 2021, the amount of premium paid by life insurance customers closed at an amount of $159.5 billion by the end of the year. The shift between this figure and 2020 is 11.5% which is huge. In fact, a variety of different sectors in insurance are seeing surges in the demand for similar products post Covid-19.
Yet, the validation of claims processing in life insurance can be a cumbersome task. It requires validation of multiple documents such as age proof, government certified IDs, death certificate, etc. Easier and faster validation of these services would mean better word of mouth for the insurance company. Making this process faster using VisionERA would attract more customers that would be interested in buying from your company in this fast growing industry.
Another important use case that is omnipresent across multiple industries including insurance. Insurance companies are required to create and extract data from invoices periodically. It happens whenever a customer pays his/her premium. This data is then recorded in a digital ledger or a central repository.
Using VisionERA for invoices not only helps in extraction of data but also its creation. The data extracted from the invoices can be easily fed to the ERP. This data can also be recorded in the form of spreadsheets that can be used automatically for creating invoices using the ERP systems.
By extracting data using Intelligent Document Processing and using RPA in collaboration, this function can be achieved. The data can be used to trigger a function in the RPA that will automatically send the customers an update on the policy.
Insurance industry was amongst the first to adopt the use of a mailroom. They used the service for periodically communicating with their customers. Using VisionERA, the emails from the mailroom can be automatically ingested for important data. This data can be sent automatically to the concerned departments using RPA.
There can be multiple times when a customer might request in their existing ongoing policy. Ideally, these requests are either forwarded through an email or the CRM system. VisionERA can extract those requests and help you make necessary changes in the terms.
Several times insurance companies have to reprocess their information because of new regulations. Many times, these regulations are in effect because of new AML (Anti-money laundering) policies. Post this requirement, VisionERA is capable of using its triangulation logic to reprocess the existing data applying AML policy filters, and produce information with ease automatically.
Risk profiling is one of the most effective assessment techniques used in insurance. A firm that provides profiling services were effectively able to reduce the cost of insurance premiums by 60%. It is an essential metric because it allows the administration to take decisions that allows them to strategize the amount of risk a company can take.
Post implementation, policies are created to profile every customer for plausible risk. It includes report generation from internal historical data and customer risk scores. With traditional processing methodologies, this work would take a whole lot more time but not with VisionERA.
A majority of insurance policies are aggregated by policy agents. This gives rise to multiple third party verification checks because a majority of applicants aggregated by agents are not eligible for it. It includes checking of licenses, registrations, etc that can be extracted by VisionERA. This data can be used to check credibility of an application using public websites and databases. It is essential to do so because there has been an upsurge in the rise of fraudulent activities in the insurance sector.
As per a Globenewswire report, the health insurance sector is growing with a CAGR of 9.50%. The industry will be worth $3.619 trillion by 2028. The data shows that sectors such as health insurance are aggregating new potential customers by a huge margin every year. It makes up for huge volumes of unstructured data in bulk that requires data entry to the CMS system. VisionERA can do that and a lot more, automatically.
In order to provide a relevant cover to the customer, the insurance companies are required to assess their current health. It requires going through medical examination questionnaires submitted by the customers. Although, this work could easily be expedited to VisionERA. The platform would simply extract all the important information for assessment.
During various processes such as customer onboarding, claims processing, third party assessment, etc. the most common type of document that surfaces is identity. These documents can be easily processed using VisionERA and can also be verified with an external database post processing if required.
Oftentimes, the contracts of the customers are updated that require dire review. For instance, change in terms of the policy could lead to change in the amount of benefits enjoyed by the customers. To do this task efficiently, and assess the data carefully, VisionERA can be used.
Capabilities of VisionERA are not limited to the use cases mentioned here. There will be several other use cases in the insurance industry that we may have missed. Although with a platform like VisionERA, it is possible to handle each and every one of them because of its custom DIY workflow features. VisionERA is an industry and use cases agnostic solution because of that feature, thereby, helping its user to mold it as per the requirements. With VisionERA, our clients are able to witness 3x productivity gain and high levels of accuracy ranging upto 99%.
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