IDP Transforms Insurance Data Processing
by Karen Schwartz, on February 25, 2021 6:55:16 AM PST
Intelligent document intake for insurance companies
Document intake is often the last mile of automation for companies that need to extract data from forms with multiple sources and endless variations.
Technologies like OCR can do some of the job, some of the time, but for document-heavy industries like insurance, even the most skilled workforce gets stuck with time-consuming corrections and validation.
State National had a highly trained team in place to extract data. For years, the company had been searching for a way to accelerate digital transformation of this key step in its document-processing.
Looking for a way to edge out competition with an innovation that would provide more accurate real-time information to its customers, State National turned to Intelligent Document Processing (IDP) from Infrrd to optimize the way it captures vital data.
| . The leader in collateral protection insurance
. Serves over 2,100 insurance companies
. Known for highest NPS and customer experience
. Document intake with massive variation and complexity
Intelligent document processing takes on document variations
With 2.1 million potential document variations to manage, State National needed a way to more quickly and efficiently extract the data that fuels its downstream business processes for providing collateral-protection insurance to 2,100 companies.
State National needed an automation solution that was able to learn and adapt from the diverse documents coming in from its clients, and found that only IDP can adjust on the fly.
Using IDP to embrace document variation, State National is able to reinforce its industry-leading NPS and elevate its customer experience by:
- Eliminating manual-processing bottlenecks
- Reducing rework and errors
- Providing real-time data and greater transparency for customers.
By cutting processing costs while speeding up cycle time, the new IDP solution sets State National up for scalability going forward, accommodating its growing business with a new degree of future-proofing.
And because Infrrd specializes in document variation that is specific to the insurance industry, State National is able to achieve a positive ROI within months, while minimizing the risks that can accompany innovation.
Achieving straight-through processing
Teaming up with Infrrd allowed State National to realize the full potential of applied AI technologies like machine learning, natural language processing, and computer vision.
By orchestrating an ensemble of AI techniques, Infrrd’s IDP platform is enabling State National to predict data extraction points and maintain context, to deliver better-than-human extraction accuracy. This innovation is bringing the company closer than previously imagined possible to achieving straight-through processing.
Intelligent automation creates business value
An extensive proof-of-concept (POC) proved the business value that Infrrd could deliver. And now that State National has an innovation partner to collaborate with, the company is able to focus on expanding and evolving its capabilities across the enterprise.
Infrrd’s intelligent document intake solution:
Handles document variation. State National is frequently challenged by changing document formats. Infrrd’s proprietary platform embraces this variation to continuously improve.
Overcomes templates. Templates require maintenance and management, whereas Infrrd’s approach gives State National the ability to scale without adding staff.
Delivers accuracy. Infrrd’s powerful AI-native platform comes with an accuracy guarantee unmatched by other vendors.
Automates document classification. Infrrd showed how it could automate classification to any document level and any page level.
Easy to use and manage. Infrrd's integrated corrections workflow offers usability across the enterprise without additional IT support. Business users can add, modify, and delete use cases as well as extraction points.
Partnering with Infrrd delivers immediate business value State National sought while building a roadmap for the future.
State National's competitive advantage
Generating business value with AI depends on having access to accurate, consumable data. Now that State National is on an infinitely adaptable automation pathway, the company can finally overcome its document-variation challenges and shift valuable resources to larger strategic goals.
Download the ebook to learn more about State National's automation journey.