When faced with a business dilemma, what is your immediate reaction? How to solve the problem alone or how to create a system that eliminates the root cause of the problem and minimizes the changes of its re-emergence in future?
With the advancements in technology, Insurance companies are inching towards finding solutions for one of the main struggles they encounter. You guessed it right; we are talking about management of the heaps of incoming documents they have to process daily! Those that are received, primarily.
A mid-sized insurer receives thousands of documents each year. While the large ones struggle to manage tens of thousands of documents annually. Documents that are received in different forms via multiple channels, like a driving license image through WhatsApp, a Loss Assessment Report mailed by an adjustor, or a Signed Web Form coming in an email.
The traditional approach to Document handling involves categorizing, scanning, manually extracting, reviewing, and filing it.
Let’s go deeper into the 3 scenarios in which traditional approach operates-
- Need Analysis+ Process Design+
System Building= Inefficient solution
- Need Analysis+
Process Design+ System Building= Unresolved problem exists Need Analysis+ Process Design+ System Building= Process Failure
These signify that either you are unable to understand the business requirements, or the current process design is not in alignment with the need and system or the system that is adopted is not sufficient to meet the process objectives. The outcome of which is reoccurring hassles, low productivity, high operational costs, unstructured working, human dependency and what not!
But what if we told you that you can overcome most or all of these challenges with one simple solution?
Identification– It instantly identifies whenever new documents come in, sorting them based on the diverse forms that data takes (handwritten invoices, scanned images, online forms, forms with structured and unstructured data, etc.) Extraction– It then deciphers it with precision by using the latest technologies like NLP, OCR, and Image Processing, etc. and extracts all the wealth of information it carries so companies can make sense of all the data to make impactful decisions. Templatization– Since it is also a non-template tool you don’t have to worry about creating a template for every type of document each time. It auto-recognizes and intelligently extracts data (thanks to its Deep Learning and BERT algorithm training) from tables, tables within tables, checkboxes, radio buttons, etc. Correction– In case of any discrepancies, it allows Manual Interventions & Corrections through Workflows & Approvals, for the data that’s not extracted right. Compatibility– Designed to suit all, it automatically uploads the data extracted to I.T systems that your organization uses and enables download based on requirements. Dashboard View– And finally, it provides you with an Overall view of Status of Extraction and Uploads so that you can keep track of everything!
Once a form is submitted by a customer via email, DECS automatically detects it. It then Extracts and Processes the data and inputs it directly into a MS Form (to depict an IT system). And you are done!
So, if you are looking at optimizing your key processes to offer a more streamlined, competitive, and customer-friendly experience DECS is the way to go!
And it just doesn’t end here. We also have some exciting new features like the self-serve capability that are part of our road map, because the future is in front of us and it’s a journey that never ends 🙂
Biz Tech Insights Team Manomay
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