The insurance industry seeks to deploy the benefits of automation to flourish its daily operations and build efficient models. The industry caters to numerous data sets, such as claims processing, new customer applications, and underwriting – to name a few. The insurance sector encompasses heavy volumes of data entries, making it vulnerable to errors.
Automation has become a necessity to enhance data quality. Here is a brief overview of how the elements in automation change the data entry process for insurers.
Intelligent Document Processing (IDP)
IDP is a tool that converts scattered data into a structured format. Like a human, the IDP reads through the data and provides solutions for automation.
Data Extraction
It can become very problematic if one has to go through hundreds of documents in search of a specific entry. Efficient claims processing requires backtracking data to obtain various details such as relevant data such as claim number, policy number, date and time of loss, and coverage limits. Keyword and rule-based approaches allow users to obtain their desired data location.
Intelligent Process Automation (IPA)
IPA, which is closely used with data extraction, is now being used vastly in the insurance sector, a few examples of which are given below:
- Numerous sectors, such as healthcare, which are large and data-intensive, benefit from this process, as the IPA rearranges data meaningfully and systematically.
- The loan appraisal process can become a long and tedious procedure. An initial appraisal of a property value may require numerous documents, such as purchase and sale agreements and receipts. The IPA efficiently handles the entire document data set and yields the required data.
- IPA helps in providing a prompt response to any regulatory queries, thereby saving labor costs and reducing the turnaround time.
Optical Character Recognition (OCR)
An OCR works to convert pdfs into platforms that the computer can easily read. This facilitates streamlining of documents in a hassle-free way.
Robotic Process Automation (RPA)
RPA eliminates the redundant tasks of sending emails, populating spreadsheets, and laying out data in forms. This facilitates better resource allocation, quicker turnaround time and precision. Insurance companies use RPA to build and enhance the quality of new products and services, such as policy management apps, customer portals, and on-demand quotes.
Simplifying the Enrolment Process
While insurance providers prosper by acquiring a large client base, manually onboarding a client becomes a long and tedious process. Automation ensures that entries are made systematically.
Business Process outsourcing companies use data entry automation to populate and manage large data sets, thereby restoring efficiency and productivity. ARDEM uses a flexible automation platform, where solutions are tailored according to clients’ needs. Each client is served with a unique state-of-the-art digitalized platform most suitable to their business model.
With the best-in-class data extraction services, AEDEM serves its client’s well-structured data with actionable insight. ARDEM provides fully managed end-to-end insurance outsourcing services to its clients, from processing insurance applications to filing claims meticulously. ARDEM also provides scalability across all its processes. The impeccable automation process is designed to excel at providing the best quality data for clients, driving higher ROIs.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at pricing@ardem.com or call us at 908-359-2600.
