The Buyer’s Guide to AI-Powered Document Processing in Underwriting and Claims
A resource for evaluating available document processing options. Read this guide for vital insights and information.
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"AI helps insurers accelerate underwriting and claims processing by analyzing historical data to evaluate risk. As a result, the effective use of AI can improve claims accuracy by up to 99% and increase efficiency by around 60%. That means customers get policies settled and claims approved faster, resulting in a greatly improved customer experience.” –DIGITAL INSURANCE
Few things can positively impact your bottom line as having the right decision data at the right time.
Every day, insurance companies receive enormous volumes of documents, each affecting underwriting and claims operations, the vast majority of which are unstructured. Unlocking valuable information from this data is the greatest challenge facing modern insurers.
It’s not uncommon for U.S.-based P&C carriers to misread or misinterpret data when ingesting and processing documents. This leads to premium leakage of approximately $0.08 per premium dollar. In claims, leakage averages $0.06 for every dollar paid out to policyholders.
Together, this represents a 14-point hit to the combined ratio.
Historically, there have been three paths to extracting data from critical documents – each having drawbacks and limitations:
Manual processing (by underwriting/claims SMEs and assistants or via BPO), which can yield poor results, is not cost-effective and cannot scale to meet demand spikes.
Internally built document processing solutions, which bring inflexibility, can overburden IT teams and require additional resources to build, train and fine-tune.
Publicly available AI, which lacks contextual insurance awareness, requires continuous training and fine-tuning and can be a non-starter for compliance with privacy laws.
Today, there is a fourth option: Generative AI document processing systems built specifically for insurance documents, data and processes.
Our latest publication, The Buyer’s Guide to AI-Powered Document Processing in Underwriting and Claims, offers a resource for evaluating available document processing options.
Read this guide for vital insights and information, including:
Use the form to download your copy of the whitepaper today.
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