Elevate Insurance Customer Experiences with Intelligent Document Processing

October 19, 2021

6 minute read

Everyone wins when insurance companies can deliver richer, more efficient customer experiences. Clients get the support they need when they need it most, and insurance companies can gain market share through more efficient workflows and more vital brand relevance. Intelligent Document Processing (IDP) is one compelling way businesses can engage customers more meaningfully.

What makes IDP indispensable in this industry is that leaders are often bogged down with vast volumes of documents and information locked away in inaccessible formats. To make strategic business decisions and improve customer-facing processes, they need reliable access to this unstructured data. Manual attempts at finding and utilizing data are laborious and expensive. 

AI-Driven IDP is a cost-effective, scalable way to capture data from multiple sources and transform it, so a person or team has the clout to elevate customer experiences.

Between the rise in natural disasters and COVID-19, insurers certainly have their work cut out for them. Furthermore, several savvy digital-born companies have surfaced, leaving traditional insurance entities struggling to retain customers and gain new ones.
The future of insurance is digital, but customer experience remains a battleground worth fighting for.
Read on to learn how IDP powered by a robust Document Transformation Platform will enable insurers to become fast, agile, and responsive to deliver winning customer experiences.

Unstructured Data is a Burden

Insurance companies manage vast volumes of customer data, including onboarding documents, policy claims, and billing correspondences. However, with 80 percent of these documents and information locked away in Unstructured Data, residing in disparate systems, alchemizing it into a more robust customer experience is an undertaking.
To make things even more challenging, COVID-19 has accelerated the need to free up and leverage unstructured data to remain agile and resilient as the pandemic drags on and to compete with nimble digital-only carriers.

What Role Does IDP Play in Customer Satisfaction?

Typically, there is a sense of urgency when insurers hear from customers. Understandably, clients expect immediate responses to their requests for support when things have gone wrong. If insurance carriers struggle to gather the necessary information to process claims promptly, they jeopardize accuracy and loyalty.
With IDP, insurers have the tools at their fingertips to automatically process a high volume of documents, dramatically reducing the amount of time it takes to complete a claim and issues a payment. IDP captures data from multiple sources in any format, including email, PDFs, and other text. It categorizes and extracts that information before making it available to the correct person or business process.
Similarly, when securing new business, IDP enables carriers to streamline the customer onboarding experience. IDP improves efficiencies by reducing the volume of human error and efforts spent fixing mistakes, which positively affect retaining existing clients and attracting new ones.
 "When most employees are required to get data to make a business decision, only 3% can do it in seconds. For 60%, it takes hours or days" — MicroStrategy.

Challenges Facing Insurance Companies 

  • Compete with a rich customer experience
  • Assess risk and set appropriate pricing
  • Deliver new and higher-value products and services to remain competitive
  • Cope with the pace of change in the industry
  • Digitally transform or acquire digital assets and technology

A Field of Obstacles 

There are three unique obstacles challenging insurance companies like no other time in history. First, 2020 experienced over two and a half times more wildfires, floods, and other natural disasters than previous years, amounting to billions of dollars paid out in insurance claims. Second, during the same period, COVID-19 struck, and the industry experienced a massive influx of pandemic-related claims. Everyone was caught off guard, and even the savviest companies struggled to navigate these unchartered waters.
The final hurdle facing traditional insurance companies is the rapid growth of digital-born carriers. For instance, Lemonade is a start-up offering homeowner, renters, and pet insurance. The company operates on a fully AI-powered platform and can process claims in seconds. Older insurers must leverage technology to bring an elevated level of value to customers or risk becoming obsolete.

Customer Experience Benefits of Going Digital in Insurance 

  • Dramatically increase customer response times.
  • Process claims faster while employees prioritize higher-value tasks.
  • Utilize AI to compete with digital upstarts.

Document Transformation Fuels IDP

The intelligent insurance enterprise of the future needs to think beyond document management to solutions that bring significantly higher value to the customer experience. Document Transformation, an opportunity to augment agility and growth, is the next evolution of IDP.
Adlib's Document Transformation solution is a scalable platform that leverages artificial intelligence (AI), machine learning (ML), and natural language processing (NLP). It elaborates on IDP with discovery analysis, duplicate detection and removal, more advanced classification, and other capabilities like signature detection. The platform reviews, sorts, filters, validates, classifies content, and delivers it to multiple ecosystems, including CLM, RPA systems, BPOs, Data Lakes, Insight Engines, and Content Services. Companies are better equipped to spark innovation, gain market share, and deepen customer loyalty.

Insurance Leaders in the Real World 

By automating their high-volume claims filing processes with IDP, insurers can free up their inspectors to resolve exceptions and accomplish higher-value tasks that lead to happier customers.
Let's explore three use cases of traditional insurers implementing Adlib's Document Transformation platform:

Faster Policy Onboarding:

A U.S. insurance parent automated the processing of thousands of new policies per month from partners by finding and surfacing essential data elements from complex, inconsistent documents to drive automated review and approval. The result: processed 24,000 new policies per month.

Increase Touchless Claims Processing:

A national insurance leader efficiently dealt with massive and fluctuating claims volumes due to major catastrophic events, ensuring consistent, accurate, and timely responses to thousands of customers in need. The result: processed 90,000 claims per day, most of which were touchless.

Faster Claims Processing: 

A major insurer reduced claims processing from days to minutes by recognizing and surfacing critical data from complex claims documents before facilitating automated approval and routing of excepts to customer service experts. The result: 95 percent faster claims processing.
Only 15% of business leaders surveyed consider themselves very effective in delivering relevant and reliable customer experiences. Harvard Business Review

The Final Verdict

Many insurance leaders are overly involved with daily processes to see the forest for the trees; they cannot see the efficiencies that IDP can deliver. Ultimately, a robust solution will provide insight into a customer from end to end. When companies have immediate access to relevant client data, they can consistently and reliably serve them well and stand out in a highly competitive environment Adlib's Document Transformation platform empowers insurers to deal head-on with their unstructured data to meet customer expectations with confidence and agility. After all, nothing bolsters brand loyalty like being there when your customers need you most.
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