How Insurance Companies Benefit from Using Intelligent Document Processing

by Gabriel Skelton - January 3, 2023

Intelligent document processing is a technology that uses artificial intelligence (AI) and machine learning (ML) to automate the process of extracting data from documents. Insurance companies have been benefiting from the use of intelligent document processing in a variety of ways, including improving efficiency, reducing errors, and improving customer satisfaction.

In this article, we will explore how insurance companies are benefiting from the use of intelligent document processing and provide two examples of known insurance companies that are using this technology.

One way in which insurance companies are benefiting from the use of intelligent document processing is by improving efficiency. By automating the process of extracting data from documents, insurance companies can save time and reduce the risk of errors. This can lead to faster turnaround times and improved customer satisfaction. For example, an insurance company might use intelligent document processing to automate the process of extracting data from claims documents, freeing up staff to focus on more complex tasks such as risk assessment or customer service.

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Another way in which insurance companies are benefiting from the use of intelligent document processing is by reducing errors. By using AI and ML algorithms to extract data from documents, insurance companies can reduce the risk of errors caused by human mistakes. This is especially important in industries where accuracy is critical, such as insurance. For example, an insurance company might use intelligent document processing to extract data from policy documents, reducing the risk of errors caused by manual data entry.

Two examples of known insurance companies that are using intelligent document processing are Allstate and MetLife.

Allstate, a leading insurance company, has been using intelligent document processing to automate the process of extracting data from claims documents. This has helped the company improve efficiency and reduce the risk of errors, leading to increased customer satisfaction.

MetLife, another leading insurance company, has also been using intelligent document processing to automate the process of extracting data from policy documents. This has helped the company improve efficiency and accuracy, leading to increased customer satisfaction.

Insurance companies are benefiting from the use of intelligent document processing in a variety of ways, including improving efficiency, reducing errors, and improving customer satisfaction. By automating the process of extracting data from documents, insurance companies can save time and reduce the risk of errors, leading to increased customer satisfaction and improved profits.

References: Use of intelligent document processing in the insurance industry: https://www.openbots.com/blog/how-intelligent-document-processing-is-transforming-the-insurance-industry/

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About Gabriel Skelton

As the Director of Banking & Mortgage Automation Solutions, Gabriel is responsible for creating pre-packaged and customized automation solutions to enable digital transformation for banks, credit unions, and mortgage lenders.

Certified in process discovery & analysis, Gabriel specializes in pairing firms with scalable workflow automation. He has over five years of experience spanning financial services, enterprise technology, and digital transformation.

Gabriel resides in Coral Springs, Florida, with his wife and son.