Insurance Document Processing (IDP) Solution
Transform Document-Intensive Operations for Reduced Costs and More Resilient Business
Insurers, brokers and TPAs are inundated with massive correspondence. Countless emails, attachments, mailed documents, handwritten texts and faxes containing policy contracts, claim reports, KYC documents, etc.- which are unstructured data formats and require thorough review, relevant data extraction, and indexing into the document management system – all prerequisites before any action can be taken. Relying on manual data entry, extraction and processing for such a vast volume of paperwork can substantially inflate operational costs while hampering efficiencies of claims, underwriting, customer services and policy administration functions. Furthermore, conventional automation technology such as RPA require well-formatted datasets to achieve end-to-end automation spanning claims, underwriting, and policy management processes.
To meet these challenges, Damco has developed Intelligent Document Processing Solution (IDP)- an AI-powered workflow automation technology that processes large volumes of unstructured data in various document formats quickly, accurately, and efficiently to structured and well-formatted data, paving the way for the next level of business transformation. IDP addresses crucial challenges in the life cycle of insurance documents and inefficient data entry tasks enhancing operational efficiency across functions and customer satisfaction.
How Does IDP Works to Help Your Core Insurance Process?
Harnessing the power of AI technologies including Natural Language Processing (NLP), Deep Learning, and Machine Learning (ML), IDP employs advanced techniques to classify, categorize, extract, and verify relevant data from unstructured documents, thereby enhancing efficiencies in labor-intensive processes such as claim triaging, validation, submission intake, quoting, underwriting, and more.
How Has Intelligent Document Processing Helped Our Clients?
80%
Reduction in Handling Time
85%
Reduction in Manual Work
95%
Average Data Accuracy Rate
4x
Increase in Process Capacity
Achieve The Pinnacle Of AI-powered Business Transformation with IDP
Leverage the combined power of artificial intelligence and automation to unlock many benefits from myriad of unstructured data types including customer forms, policy contracts, claim documents and invoices, etc.
Error-free & Fast Document Capture
Capture and process documents at any insurance process, such as customer onboarding, underwriting, policy analysis, claims, and subrogation, in an automated manner.
High-volume, Searchable Archive
Transform large volumes of paper or image-based documents into searchable archives and repositories.
Seamless Document Conversion
Effectively and accurately convert both physical paper and digital documents into editable formats, optimizing data for smooth integration into subsequent processes.
High-volume Document Processing
Automate and expedite the categorization and processing of extensive volumes of forms, invoices, and other documents while exporting them as searchable files suitable for business applications or archives.
Process Intelligence
Monitor the movement of documents and their associated data within processes, pinpointing precisely where automation can have the most significant impact.
True RPA Improvements
Convert both unstructured and semi-structured data into structured, usable information for RPA projects and drive end-to-end automation to document-centric insurance business processes.
Automate Your Insurance Document Handling with IDP Solution
Request Free ConsultationWhy Intelligent Document Processing Solution for Your Business?
Accelerated Customer Onboarding
Analyze, categorize, and extract required data from different documents necessary for new customer onboarding and accurately enter it into the digital management system.
Responsive Quote & Policy Management
Extract relevant data from quotations sent by brokers to create clients and add policy details into the core system for accelerated process of issuing new insurance policies and renewing existing ones.
Faster Claims Processing
Categorize and annotate the new incoming claims, extract relevant data from unstructured data and informal notes from insurance adjusters and direct them to the relevant team for speedy processing and closure of claims.
Efficient Underwriting Function
Develop models for swift classification and extraction of data from extensive document sets, freeing the underwriters to focus on the customer and actual risk assessment while enhancing the insurance underwriting process.
Fraud Detection & Risk Assessment
Identify anomalies and patterns in documents during customer onboarding to detect frauds, while improving risk assessment accuracy, and mitigating legal and regulatory compliance breaches risk.
End-to-end Automated Insurance Processes
Leverage Intelligent Document Processing (IDP) solution to extract structured data which can drive true automation of insurance business processes through RPA like technologies.
