Insurance Document Processing and Automation

Understanding Structured vs. Unstructured Data

Detroy emphasizes distinguishing structured and unstructured data in the insurance landscape. Structured documents, such as standardized forms, exhibit consistent formats (e.g., Accord 125), facilitating easier data extraction. 

Conversely, unstructured or semi-structured documents, prevalent in insurance for loss run statements or policy forms, pose extraction challenges due to varying formats. 

OpenBots’ technology, like Documents with GPT, excels in extracting accurate information, even from unstructured documents, achieving up to 98% accuracy, which is significant for insurance firms grappling with diverse document formats.

Reshaping Processes with Successful Use Cases

Exploring a successful use case with a property and casualty (P&C) company, Detroy illustrates how OpenBots transformed their laborious process of handling new policy applications. The firm, burdened by repetitive manual tasks, processed Accord 125 forms regularly. 

OpenBots seamlessly automated data extraction, liberating the team from manually inputting fields like insured names, policy origins, and agency details. 

Integrating AI-driven tools and bot technology streamlined the workflow, yielding a substantial return on investment for the P&C company boosting underwriters’ efficiency and financial gains.

Impact on Work Culture and Future Endeavors

This innovative approach didn’t just enhance productivity; it shifted the work culture. Employees found relief from mundane tasks, leading to a more balanced work-life dynamic. 

Moreover, it ignited curiosity and enthusiasm about exploring further avenues for automation and optimization within the company’s processes.

Collaboration and Tailored Solutions

Detroy emphasizes the need for collaboration and customization in adopting these transformative solutions. OpenBots offers cutting-edge tools, comprehensive support, and services to tailor solutions to each client’s needs. 

For mid-level insurance firms lacking technical expertise, OpenBots becomes an integral partner, guiding them through their digital transformation journey.

Initiating Change and Engaging with OpenBots

Detroy offers a straightforward approach for insurance underwriters seeking innovation: identify repetitive tasks causing bottlenecks or inefficiencies and initiate a conversation with OpenBots. 

By showcasing your daily workflow challenges, OpenBots can demonstrate how their technology can revolutionize your processes, leading to potential quick wins and significant ROI within weeks.

Embrace the Future of Insurance with OpenBots

OpenBots’ technology seamlessly extracts and interacts with insurance documents. The tool’s ability to extract data accurately and facilitate interactive querying underscores its transformative potential for insurance firms seeking streamlined document processing.

Embracing technological advancements is necessary for sustainable growth. OpenBots offers a gateway to a future where automation revolutionizes traditional insurance processes, paving the way for unparalleled efficiency, innovation, and success.

Need help automating your data with IT systems? Contact our team.