For decades, the insurance industry is burdened with a tedious claims process solely based on stacks and stacks of documents. All the information required to process a claim is present in documentation, and the time and resources essential in extracting that data are long and susceptible to errors. Each insurance company handles thousands of customers and deals with volumes of data and documents each day.
Due to manual processing, the entire process is delayed, and customers do not get what they expect in time. Other than these challenges, the insurance industry also faces more challenges. Let’s consider a few to get an overall picture.
1. Growing Demand: Customers nowadays expect claims processing to be quick and reliable. Many are not willing to spend hours at insurer’s offices submitting documents and checking about the process. Customers now prefer rapid digital solutions.
2. Core System Limitation: Many insurance companies continue to use legacy systems that have severe limitations. All these legacy systems require manual data processing to complete the process that is not helping both the insurers and customers.
3. Verification Delay: Delay in verifying claims requests is also due to manual processing as it will take a human a long time to substantiate the details of each request.
4. Authentication Delay: Delay in documents authentication is again a side-effect of manual processing. Customers have to submit complete and relevant documentation, and someone has to check and authenticate them.
5. Error-prone Data Processing: Manual data processing is subject to human errors for multiple reasons, such as incomplete documentation, fraudulent details, damaged documents, and even a tired person doing the job.
6. Potential Fraud and Litigation: A big concern in the industry, fraud is more prevalent in manual processing due to the inability to detect newer and innovative methods used by fraudsters.
7. Failing Customer Expectations: Situations, such as a delayed claim, incomplete settlement due to inadequate or error-prone processing, and longer wait times, are opposite to what customers expect from insurance companies.
8. Pressure from Competition: There is heavy pressure as there are many players in the insurance market. With many new players opting for advanced and intelligent solutions, there is pressure for insurance companies with legacy systems to maintain their business in a dynamic market.
9. Loss of Business: With all the challenges, insurance companies struggle hard to retain customers and maintain their business.
After considering the multiple challenges insurers face to start, maintain, or grow the business, the ideal solution is to eliminate the root of all these problems. The main problem is manual processing, and removing it means changing to intelligent processing.
The Need of the Hour — Intelligent Document Processing
Intelligent Document Processing (IDP) uses advanced technology, such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and other subsets to digitally extract data from documents and process it, thereby automating the entire process. IDP can also extract relevant information from unstructured documents, such as images and handwritten forms and documents. Intelligent document automation can transform unstructured data into structured data to drive business value.
Neutrinos’ contribution to combat insurance business challenges is AI-powered Intelligent Document Processing (IDP). This advanced solution can capture data from multiple document formats and intelligently extract and process the data. It can also be easily integrated with existing systems. Neutrinos’ AI-powered IDP is easily customizable for insurance companies based on their needs and preferences.
Neutrinos’ contribution to combat insurance business challenges is AI-powered Intelligent Document Processing (IDP). This advanced solution can capture data from multiple document formats and intelligently extract and process the data. It can also be easily integrated with existing systems. Neutrinos’ AI-powered IDP is easily customizable for insurance companies based on their needs and preferences.