One of the primary goals of life insurance companies is to increase the straight-through processing (STP) rates, reduce dependencies on manual documentation tasks, and reinvent workflows to improve employee and customer experiences alike. Automation has already been adopted widely, and AI is now prominently entering the digital transformation conversation. In this blog, we explore how insurers can explore opportunities to efficiently integrate AI-powered automation into their document workflows.

Information Overload in Insurance Workflows

For insurers, every workflow has a lot of unstructured data in various formats. Policies, loss runs, medical reports, identity documents, and more are presented via emails, PDFs, scanned images, etc. Parsing the right information, and processing all this data with a quick turnaround time is a must. Manual processing and legacy technology do not have the capabilities needed to accomplish this at scale.

That’s where AI-infused intelligent automation comes in. Not only does it increase customer satisfaction, it also reduces the burden of manual effort for employees.

AI and IDP - How Do They Work in Tandem?

Intelligent Document Processing (IDP) revolutionizes how insurers handle documents by extracting, classifying, and interpreting data to turn it into organized, actionable insights. For instance, extracting data from claims forms, verifying policy documents, or automating renewals have all become simpler.

AI adds a layer of intelligence that makes this IDP even more advanced. IDP systems that use AI and ML models not only help speed up data extraction, but also give it context. With large language models (LLMs), insurers can generate report summaries, analyze data, and create risk prediction models. For instance, let us consider medical underwriting. After extracting key medical data from the customer’s discharge summaries, one can use this contextual data to trigger another set of AI/ML models and generate risk predictions for the customer’s health.

Key Features of AI-powered IDP

• AI-Powered Workflow Automation: Leverage AI to automate complex tasks and streamline your processes
• Intelligent Document Analysis: Utilize IDP to extract, classify, and process information from various document types
• Adaptive Learning Algorithms: Benefit from systems that learn and improve over time, optimizing your workflows
• Smart Data Integration: Seamlessly connect disparate data sources for comprehensive insights and power systems to understand human language
• Predictive Analytics: Harness the power of AI to forecast trends and make data-driven decisions

Reimagining Insurance Workflows

How best can insurers extract the potential of automation? Let us explore some use cases.

• Making sense of unstructured data: Handling large volumes of unstructured data in different formats and mediums becomes easier. AI can identify patterns to improve customer experience and streamline the policy lifecycle. AI enables faster decision-making and enhances the accuracy of risk assessments and claims processing.

  For instance, insurers can rapidly parse and extract pertinent data from complex documents such as detailed actuarial reports, multifaceted claims submissions, and nuanced policy endorsements. Another example can be to interpret and categorize unstructured data from customer interactions and supplementary documentation, enabling more precise risk assessment and personalized policy recommendations.

• Agent intervention only when needed: Agents are often overburdened with a number of pending tasks. With AI and IDP, you can customize rules for different scenarios (pricing of policies, conditions for STP, flagging of risks), and ensure that agents need to intervene only when absolutely necessary. Manual tasks can be reduced by up to 80%, enabling faster, more accurate services to elevate customer satisfaction.

  For example, one can dynamically classify and prioritize incoming claims based on severity and coverage requirements, allowing for immediate triage and response. Another example is the automated verification of policyholder information against external databases. AI can flag discrepancies or potential issues for agent review, ensuring that only critical anomalies are escalated for manual intervention. Simpler and repetitive tasks such as task assignments, renewal follow-ups, and more can be completely automated. This approach streamlines workflows, removes redundant tasks, and also empowers agents to focus on complex cases that require their expertise.

This swift and accurate IDP system, along with AI, ML, and LLMs, streamlines the underwriting process, accelerates claims settlements, decreases operational costs, and also supports proactive compliance and strategic insights, driving a more robust and data-driven approach to insurance operations.

Looking for a strategic and experienced partner to help you deliver these outcomes? Look no further than Neutrinos. Speak to us and learn more about our IDP and intelligent automation offerings.