Adlib Unlocks $100M in Revenue For a Fortune100 Insurer

Background

A Fortune 100 insurance provider faced significant challenges due to slow manual workflows and a lack of document searchability, which hindered the organization’s ability to process a higher volume of incoming policies. Unstructured and non-searchable data flowed into the organization in various formats from multiple sources, including scanned images, emails, SFTPs, and a digital dropbox.

Challenges

The organization encountered several issues:

• Manual Intervention: Heavy manual efforts were required to convert documents into a format suitable for downstream processing.
• Delays and Stoppages: The data capture process experienced 24,000 delays or stoppages per month, costing the organization roughly $100 million in revenue annually and causing inefficiencies.
• Error-Prone Processes: The manual workflow was prone to errors and took days for policy agents to prepare and review incoming claims, delaying responses to customers.

Adlib Solution

To achieve its goal of increasing policy ingestion and improving claims processing times, the insurer adopted Adlib’s document transformation platform. This platform is equipped with industry-leading capabilities in Data Capture, Enterprise Document Conversion, and Optical Character Recognition (OCR).

Outcomes

With Adlib’s document transformation platform in place, the insurance provider experienced transformative results:

• Reduced Claims Processing Time: The processing time for claims was reduced by 95%, significantly speeding up customer service.
• Increased Customer Response Time: Customer response times improved to a matter of hours.
• Eliminated Manual Efforts: Tedious data entry and error-prone manual tasks were eliminated.
• Boosted Revenue: The organization saw an increase in revenue due to improved efficiency.

The organization is now able to:

• Automate Document Capture: Automatically convert incoming documentation into high-definition PDFs.
• Optimize Workforce Allocation: Reassign knowledge workers to more critical tasks.
• Manage Data Effectively: Delete redundant, obsolete, and trivial (ROT) data using advanced de-duplication technology.
• Ensure Compliance: Maintain an audit trail to comply with regulatory demands and meet digital preservation objectives.

Expansion

Building on the efficiency of its new workflows, the organization has begun to roll out Adlib platform to other lines of business and divisions of the company. This expansion highlights the scalability and effectiveness of the Adlib solution in enhancing document processing and workflow automation across the enterprise.

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