Insurance Forms

Applica categorizes forms automatically, down to the smallest details.

The SItuation

Insurance and reinsurance companies often receive paper-based applications and supporting documents from clients/policyholders, agents, and brokers. These contain data that must be rekeyed from the source documents for operational processing. Such data may be structured, semi structured (e.g.: loss reports, insurance contracts) or unstructured (e.g.: emails, property inspections), and it is typically either in PDF format (not always “selectable”) and/or in Excel (not always correctly formatted). For underwriting, data for a rated entity may need to be extracted, identified, and aggregated from multiple forms or sources for the same submission.

The Problem

The manual process is expensive as is executed by a qualified risk assessment employee. Manual extraction of information is also slow, error prone, and requires significant human effort.

The Solution

Applica categorizes all of the insurance forms/documents into independent baskets. Each basket represents a different type of insurance group (buildings, vehicles, companies, etc.). Each category requires a unique type of documentation, which Applica automatically categorizes into the correct basket. Furthermore, Applica creates any required subcategories as needed and transfers the extracted information to select domain systems (CRM, risk assessment, etc.) in a clear, organized manner.

The Results

With the implementation of Applica, all data from various insurance forms were structured into a standard, searchable format. This not only decreased errors innate to human work, but also decreased the time required to QA the documents and sped up the end-to-endprocessing. Employees who were once stuck keying in information were redeployed to more valuable tasks.

More Use cases

Loss Runs
Applica eliminates the need for data labeling and requires less time, effort, and fewer document samples than other solutions.
Lab Reports
Applica can automatically process thousands of forms in minutes.
Financial Services
Applica can process documents quicker, cheaper, and with more accuracy than human lawyers.

Curious how Applica can support your business?

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