“I assume different forms; I come in different ways; I manifest multiple times… I have a wealth of information – I’m a collector’s item. I’m pursued, curated, and sometimes stored in a dusty old cabinet.
For some, I’m a routine. If harnessed right – I’m a pulverizing machine!”
As an insurance company, are you making the best use of all data available? Especially when it comes in document form?
We are a document-intense industry – day in & out receiving a lot of documents – coming in different forms through multiple channels. Like a driving license image shared via WhatsApp, a loss assessment report mailed by an adjustor, an application from a walk-in prospect, or a signed web form coming through an email.
Now, what do you generally do with the information from such documents?
Scenario 1: You receive a printed document. Type the information into the IT System & process it. Then scan the document and store it (not as simple as it sounds though, documents need categorization, distribution for scanning, pick the scanned doc, manually key in or extract the data, and finally file it).
Scenario 2: You receive a document via email or as a web form. Just repeat the same process, excluding the scanning effort may be.
Scenario 3: You receive documents with one-time use for decision-making or proof of validation for a specific instance (like survey reports or vehicle fitness/ registration certificates and loss images). You review and file them.
Possible that you do it all and some more!
So, what are the challenges that you generally face in this process?
- The prolonged time between the receipt of the documents and action.
- Difficulty in the retrieval of documents – irrespective of the type of storage: physical or electronic
- Issues around data quality, data loss, and data access – more pronounced now on account of pandemic
- Data protection & security: A Herculean task to set up or define
And all of these impacting your efficiencies and service standards?? And, you have not even touched the data in the documents for better insights yet. Is there a way that you can get rid of these problems? Use the data from the incoming docs for efficient decision-making?
Let us see what Undisclosed Insurance Company (UIC) did differently with their document intelligence – making them the pioneers in their market. – Always nice and engaging to read through someone’s experiences and stories 😊.
UIC implemented DECS (Data Extraction & Curation Software) and made a few changes to their business processes. This apparently, fixed all the issues discussed so far.
What did they do? More importantly, how did DECS help them? They say DECS does all of the following and a lot more!
- Sorting of incoming docs (received in any form).
- Extraction of data (handwritten/printed) – as is needed in a given context
- Digitizing & templatizing the documents.
- Manual Interventions & Corrections through Workflows & Approvals, for the data that’s not extracted right.
- Automatic Upload of the data into backend IT Platforms.
- Dashboard Views for Statuses of Extraction and Upload.
Looks like DECS took over everything – right from the receipt of the docs, to putting them to right use!
UIC now vouch on their ability to deliver better customer experience with their improved operational efficiency – Faster information capture, touchless document processing, complete data availability, ease of access, improved insights – the list just goes on…
Do you connect with all of this? Want to know more about DECS?
You got it right – DECS is Manomay’s proprietary software – a tool that leveraged new gen technologies like OCR, AI, ML, Deep Learning, NLP, Image Processing etc., in it’s becoming!
By digitizing a traditionally analog business model or process, we’re effectively turning it into bits and atoms and enabling an infinite variety of possibilities. – Nicholas D. Evans
Biz Tech Insights Team Manomay
Disclaimer: The views and findings expressed in this material are for informational and educational purposes only. It is not intended as a guideline, recommendation or a substitute to any form of Professional (Consulting or Technology) advice. Under no circumstance shall we bear a legal responsibility for the use or reliance of any information mentioned in this article.Unless otherwise specified, the views, case studies and findings expressed herein are our own. The content displayed here is the Intellectual Property of Manomay Consultancy Services (India) Pvt Ltd. You may not reuse, republish or reprint any of the aforementioned content without our written consent.