IDP is one of the revolutionary technologies designed to lower costs and increase productivity and revenue. This article looks at how IDP can help your insurance business scale new heights.
Document processing is one of the vital activities for any document-heavy business. And companies in the insurance industry are no different. But what separates a good business from an average is the automation it leverages to increase productivity and revenue.
This is where intelligent document processing (IDP) technology comes into the picture. Automated document processing can help you work faster, lower costs, and generate more revenue.
This article looks at IDP insurance automation solutions and how they can help you grow your business.
Traditional systems like OCR do not offer comprehensive solutions to process documents faster. Here are some challenges associated with dated technologies like OCR.
Manual processing can often be cumbersome for your operations. It relies on your staff to read through hundreds and thousands of forms and manually add information. This can take hours or days, depending on the number of forms and the time it takes for each.
Manual processing is prone to human error. Forms can get filled incorrectly or incompletely, which creates delays in processing. It also leaves gaps in claims history that cause further issues.
Manual processing costs extra than computerized systems because it requires more personnel to operate at once. With manual processing, there are always people working overtime or on weekends to get claims processed quickly. Those costs add up quickly and hamper your revenue.
According to research, 46% of insurance claims activities will get automated in the US by 2030. Thus, here are several reasons why AI-backed IDP solutions are ideal for your insurance business.
Optical Character Recognition (OCR) has, over the years, helped extract texts from images. However, AI-enabled advanced tools like IDP have fast made it obsolete. When we specifically talk about the insurance industry, OCR may extract text but not generate insights. IDP is thus beneficial as it can capture data accurately and offer meaningful insights for underwriters.
IDP solutions improve customer experience by automating manual processes that are time-consuming and prone to errors. This allows you to provide your customers with faster and more accurate responses, which will improve their overall impression of your brand.
IDP is a powerful tool that helps you increase your efficiency and productivity at work. You can use IDP systems to automate and streamline the process of handling documents, which means less time spent on repetitive tasks. It leads to increased worker satisfaction and productivity gains for your insurance business.
It's no secret that the insurance industry is highly competitive. Succeeding in your efforts will require you to scale your operations quickly and efficiently. IDP helps you do just that. When you implement IDP, your business will become agile and efficient by automating manual processes and freeing up resources for other essential tasks.
You can also process documents faster than ever before, which means fewer errors and less time spent on administrative tasks.
Insurance businesses need to meet several compliances as part of their daily operations. IDP allows you to organize and maintain your records in one place for seamless future reference. You can also meet all the relevant compliances necessary to be on the right side of the law.
Here are a few considerations you need to keep in mind when choosing an IDP solution.
VisionERA is the proprietary AI and ML-backed IDP solution offered by AmyGB. We help insurance businesses across life, health, and general insurance verticals seamlessly automate document processing.
You can process every document from client onboarding to supporting documentation and closed-loop communication. VisionERA comes with a 100% performance guarantee and allows you to scale your insurance business like no other.
VisionERA is uniquely placed to revolutionize your document-heavy insurance business through its smart HI-AI collaborative platform. The powerful fraud detection module will prove to be an asset that will help accelerate the document processing activity. VisionERA is your ideal plug-and-play document processing software with advanced drag-and-drop functions for seamless operations.
Want to know more details about this sophisticated tool specially crafted for your insurance business? Click on the CTA below and schedule a free product demo.