Document Automation For Insurance

Applica categorizes forms automatically, down to the smallest details.

The SItuation

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

The Problem

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

The Solution

Applica’s insurancedocument management capabilities categorize all of the insuranceforms/documents into independent baskets. Each basket represents a differenttype of insurance group (buildings, vehicles, companies, etc.). Each categoryrequires a unique type of documentation, which Applica automaticallycategorizes into the correct basket. Furthermore, Applica creates any requiredsubcategories as needed and transfers the extracted information to selectdomain systems (CRM, risk assessment, etc.) in a clear, organized manner.

The Results

With the implementation of Applica, all data from variousinsurance forms were structured into a standard, searchable format. This notonly decreased errors innate to human work, but also decreased the time requiredto QA the documents and sped up the end-to-endprocessing. Employees who wereonce stuck keying in information were redeployed to more valuable tasks.

Why Choose Applica?

This is the most powerful document automation for insurance for severalreasons. The innovative deep-learning AI is more effective at capturing datafrom documents than any other insurance document management software on the market. It is alsothe only solution currently available that has the capabilities to process alllayouts and formats.

Our team’s focus on this technology means our attention isconcentrated squarely on developing insurance document automation that addresses the unique demandsand requirements of the industry. To learn more about Applica and what we cando for you, get in touch with us today.

More Use cases

Financial Services
Mortgage Origination
Comprehend and extract information from nearly all document types involved in the mortgage life cycle–resulting in greater speed, scalability, and profitability.
Insurance
Loss Runs
Applica eliminates the need for data labeling and requires less time, effort, and fewer document samples than other solutions, giving you more control over loss run reports and data lake analysis.
Healthcare
Lab Reports
Applica can automatically process thousands of forms in minutes, regardless of complexity or variability.

Curious how Applica can support your business?

Schedule a Demo