We understand that insurance tracking for millions of borrowers can be complex and tedious due to the fluctuating volume and complexity of the documents involved. Traditional insurance tracking methods often rely on manual processes, where data entry teams must review, verify, and update information from each document in data management systems. This approach is not only lengthy and labor-intensive but also prone to errors. Moreover, manual handling of data hampers one of the most crucial aspects of insurance tracking: instant data reporting and monitoring. Many businesses turn to Optical Character Recognition (OCR) technology to address these challenges. However, given the diverse formats and layouts of insurance policy documents, traditional OCR solutions often need human assistance to provide the adaptability and precision required for effective data extraction.
In this blog, we explore the major challenges faced by insurance trackers and introduce our next-gen automation solution designed to enhance data tracking in insurance-specific domains.
What’s Slowing Down the Insurance Trackers?
Volume and Format Fluctuations of Insurance Documents
While some insurance carriers provide information in easy-to-consume formats like EDI/XML, most still send it in paper formats such as PDFs, JPEGs, and TIFFs. These varied formats, including text-based PDFs, scanned images, Word documents, Excel spreadsheets, and text files, present unique challenges for data extraction. Scanned PDFs and images often suffer from issues like poor resolution or distortion, while Word documents may have inconsistent layouts. Fillable forms and online forms can vary widely in structure. This complexity means Mortgage Servicers and Insurance Trackers often need large teams to manually analyze and extract information from these documents. They must then decide whether to force-place insurance or notify borrowers to ensure proper coverage.
Multiple Data Reviews
The diverse and complex formats of insurance documents often compel insurance trackers to rely heavily on manual processing or significant human intervention. Manual processing in addition to being time-consuming and labor-intensive, increases the likelihood of mistakes and inefficiencies. As a result, insurance trackers must implement multiple checks and validations to catch and correct errors, slowing down the whole process.
Rehiring and Training Data Entry Candidates
The challenge of finding and retaining data entry workers has intensified, especially with the pandemic causing high turnover in these roles. When experienced workers leave, they take accumulated wealth of knowledge with them, and new hires need to be trained from scratch. This ongoing cycle of hiring, training, and replacing staff, coupled with the risk of losing current team members, disrupts the ability to maintain proper insurance coverage efficiently.
Read More: Where did all the data entry candidates go?
AI-Powered IDP Solution for Insurance Tracking
Statistics show that 98.67% of insurance companies still rely on manual data entry, making now the perfect time to explore the transformative power of AI-driven Intelligent Document Processing (IDP). This next-gen solution is set to revolutionize insurance tracking, offering a clear first-mover advantage to the trailblazers.
What’s Behind the Closed Doors?
Insurance tracking solutions currently available in the market often offer generic IDP platforms that require additional training and development, significantly consuming your time and budget. In addition to the budget that’s been spent to purchase the software, insurance trackers spend around 3 months of their working time and people costs to integrate the software into their systems after customizing it for industry-specific requirements. We understand the challenges this poses and how frustrating it can be.
That's why Infrrd developed iTrackPro, an advanced data extraction automation solution specifically trained for insurance tracking. By combining the power of our home-grown Gen-AI and industry expertise near a decade, iTrackPro offers ready-to-use custom document models for swift data extraction, helping you with real-time data accuracy and tracking.
iTrackPro: The Ultimate Insurance Tracking Solution
iTrackPro is designed to overcome the limitations of manual extraction and traditional and address gaps in current IDP solutions specific to insurance tracking. It comes with 60+ relevant extraction form fields and industry-specific documentation capabilities, enabling highly accurate and fast data extraction. It’s designed to function as a data extraction and management solution for insurance trackers.
Accurate Corrections with Profile-Based Routing
iTrackPro optimizes document correction efficiency with profile-based routing. Users or teams receive documents aligned with their expertise, leading to faster and more accurate corrections and a 10-15% performance improvement. Infrrd IDP simplifies profile creation and assignment, ensuring users access only relevant documents within their designated queue, streamlining workflow effectively.
SLA Enabled Document Prioritization
iTrackPro lets businesses set SLA (Service Level Agreement) parameters for documents and specify the duration in hours. The system automatically prioritizes documents nearing deadlines and moves them to the front of the queue for user access. This way you don’t miss out on top-priority files, and the team can finish tasks in predicted processing times. With SLA promises as low as 15 minutes, you can now guarantee turnaround times for your customers and win more deals.
Ready-to-Use Document Models
Save at least 3 months of customization time /12-16 person-months of customization effort with ready-to-use document models pre-trained with millions of LIST documents, specifically for insurance. These ready-to-use document models are extensively pre-trained for mortgage, thus helping to reduce errors that appear due to document formats.
Handle Multiple Document Categories
Categorise and extract information from any individual policy documents, including top-level categories like Auto and Mortgage, and second-level categories such as Declaration, Cancellation, or Reinstatement.
Extract Multi-Collateral and Multi-Policy Documents
iTrackPro uses patented list-splitting technology to manage multi-policy and multi-collateral documents, ensuring accurate data extraction from unstructured content. For multi-policy documents, iTrackPro leverages proprietary machine learning-based pagination algorithms and automatically separates individual policy documents for further processing. Additionally, you can also review policies on a single page. It identifies each policy with a distinct green box and delineates clear boundaries around them, as demonstrated in the accompanying screenshot.
After identifying all the policies, data from each one is extracted. The user interface highlights each individual policy with a green box and a guiding line to show where the extraction takes place.
For LIST documents, Infrrd’s unique list separation algorithms extract and isolate individual policy sections, sending each snippet for processing. Additionally, intuitive tools help review and identify each policy within multi-policy documents, enhancing document comprehension and optimizing data extraction.
Specialized Document Auditing to Evaluate Team Performance
Our specialized auditing module lets your auditors compare the system-extracted data side by side with the correction to check the validity of corrections: This way you can easily track and evaluate team performance, focusing on work quality and SLA adherence.
Key features include:
- Searching by date range
- Filtering by document type
- Viewing extracted documents
- Conducting detailed audits
- Adding comments
- Approving or rejecting changes at the field level
Highest Accuracy in the First Go - No Multiple Checks Required
Allow technology to handle the bulk of the workload, ensuring exceptional accuracy rates. Additionally, leverage our maker checker functionality to decrease error rates by involving human review only for exceptional cases. Additionally, avoid multiple checks and revisions with a smart confidence score feature that bypasses documents that don’t require any corrections. Prevent missing information and inconsistencies that lead to delays and rework, and achieve the highest accuracy with iTrackPro. Here is a summary of the minimum accuracy of our current models for these document types:
Live-Chat with Your Document with Questions About Policy Coverage
Directly ask questions to your documents like ‘Does this policy have flood coverage?’ and extract contextual answers from policy documents automatically. Detect gaps in insurance coverage by directly asking pre-configured questions about all policy documents with Infrrd’s DocQ&A feature, powered by Large Language Models and generative AI. No coding is necessary. This way you easily identify gaps or deficiencies in insurance coverage and be ready with the steps to manage them, such as purchasing additional coverage or adjusting policy limits.
Built-in Data Security and Compliance
Ensure compliance and data security with iTrackPro, featuring built-in checks for regulatory adherence, intuitive audit capabilities, and configurable process deviations to mitigate compliance risks.
Break Out of the Hiring Cycle
No longer need to worry about team stability or the constant cycle of rehiring and retraining. All the knowledge is automatically integrated into the system and remains intact until you choose to update it, ensuring continuity and efficiency.
Enable Post-Extraction Custom Features
Activate additional business rules for data integrity checks and transformations as needed. External lookups can also be enabled to refine information extraction or enhance fields with supplementary data.
Yield High Returns for Your Investments
By automating high-accuracy data extraction from complex volumes, SLA quality checks, and audits, iTrackPro reduces manual intervention by up to 90% while ensuring reliable accuracy for your document data. This allows you to free up bandwidth to onboard more lenders with larger loan portfolios using your existing team. This opens up the spot for your data processing teams to shift their focus from routine tasks to strategic, value-adding activities, maximizing.
Priyanka Joy is a product writer at Infrrd who approaches automation tech like a curious detective. With a love for research and storytelling, she turns technical depth into clarity. When not writing, she’s immersed in dance, theatre, or crafting her next narrative.
FAQs
A pre-fund QC checklist is helpful because it ensures that a mortgage loan meets all regulatory and internal requirements before funding. Catching errors, inconsistencies, or compliance issues early reduces the risk of loan defects, fraud, and potential legal problems. This proactive approach enhances loan quality, minimizes costly delays, and improves investor confidence.
A pre-fund QC checklist is a set of guidelines and criteria used to review and verify the accuracy, compliance, and completeness of a mortgage loan before funds are disbursed. It ensures that the loan meets regulatory requirements and internal standards, reducing the risk of errors and fraud.
IDP uses machine learning to constantly improve data extraction accuracy, reducing errors and ensuring reliable outputs.
Yes, IDP can fully automate document workflows, from scanning to data extraction, validation, and integration with other business systems.
IDP automates the document processing workflow, from data extraction to classification and validation, reducing manual labor and speeding up operations.
IDP automates the extraction and categorization of data from financial documents, emails, and contracts, helping auditors quickly identify discrepancies and potential fraud.
