Intelligent document processing for insurance and banking industry
June 9, 2023
The banking and insurance industry has always relied on data, and there’s a ton of it flowing through those financial institutions every single day. The day-to-day work of employees involves spending a significant amount of time poring over documents, interpreting them, and extracting pertinent information.
With AI and ML technologies, financial institutions can wave goodbye to mind-numbing tasks like manual data processing, analytics, and forecasting. They can streamline operations and automate tedious processes, leaving more time for making smarter decisions and serving their customers with a big smile.
The adoption of AI technologies paves the way for generating more revenue by enhancing operational efficiency, automating processes, and improving customer experiences through data analysis and predictive capabilities.
Intelligent Document Processing (IDP) has emerged as a revolutionary technology in the field of document processing. This transformative approach integrates a harmonious fusion of Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Computer Vision (CV). Distinguishing itself from conventional Optical Character Recognition (OCR) systems, automated document processing surpasses simple text extraction and instead optimizes the entire workflow, spanning from intelligent data extraction, categorization, processing, andverification. In fact, the potential benefits of IDP, when combined with the broader benefits of AI in the banking and insurance sectors, are truly staggering. Automating tasks that previously required hours or even weeks to complete manually are now completed within minutes and seconds.
Banks can now save their valuable time and resources, allowing employees to focus on more strategic and high-value tasks. In addition to improving efficiency, IDP can also reduce the risk of errors and delays, leading to better decision-making and improved risk management.
Role of AI & ML-infused IDP solutions in banking
AI-based IDP swoops in to automate document identification, making the vital task of Know Your Customer (KYC) compliance a breeze while reducing the workload for employees. With IDP’s end-to-end automation, banks effortlessly achieve their business goals while giving their employees a boost in efficiency and overall satisfaction.
Moreover, IDP solutions come to the rescue by tackling a wide range of operational challenges in banking such as
The IDP solutions for banks bring efficiency and automation to the table, making sure that these tasks are handled seamlessly. So, no more headaches and time-consuming processes. Also, by automating laborious tasks such as loan origination, credit applications, and bank account opening, IDP not only improves the accuracy of data input and output but also elevates the overall customer experience. Just imagine the time saved and the frustration avoided when forms are filled out seamlessly, with minimal errors. With mundane tasks taken care of, employees are given that extra boost to focus on reaching their targets and minimizing errors. The result is increased productivity, happier customers, and a more efficient banking system powered by IDP.
How IDP is transforming the insurance industry?
Before the arrival of smart document processing systems, underwriters, and insurance brokers had to do manual extraction of important data from the documents. But the manual extraction of unstructured data is time-consuming, costly, and error-prone. And when you’re dealing with large insurance companies that have millions of customers, manual extraction becomes practically impossible. The old OCR systems struggle with the complexity of insurance documents and their variability. The world of advanced automation and AI-powered Intelligent Document Processing systems for insurance operations opened a whole new world of possibilities for automating insurance workflows, saving costs, and speeding up claims processing.
Areas in the insurance industry that will experience the most advantage.
Processing of contract and claims forms
First Notice of Loss (FNOL)
Deed of Trust
Policy Terms and Contracts
Form 1008 (Mortgage underwriting)
Benefits of implementing IDP for BFSI operations
Better Operational efficiency
IDP empowers financial institutions to achieve scalable operations by eliminating manual document processing. By streamlining document handling processes and avoiding bottlenecks, IDP facilitates seamless operations, allowing for unhindered business growth and expansion.
Scalability and Growth
IDP can take the burden off humans, allowing them to focus on more important tasks like analyzing claims, credit applications, etc. It’s like having a helping hand that streamlines operations and boosts productivity.
IDP has the power to transform unstructured documents into structured formats that seamlessly fit into a company’s digital platform. It’s like turning chaos into order and offering a fully digitized operation. With IDP by their side, financial institutions can embrace the digital revolution and open a world of possibilities.
Enhanced Customer Experience
Customer dissatisfaction due to delays in manual data extraction complexities can be forgotten. By leveraging IDP, financial institutions experience accelerated data extraction and processing, leading to expedited turnaround times for customer requests. This seamless and efficient operation enhances overall customer satisfaction and ensures smooth business operations.
Revolutionize BFSI Operations with Marvel.ai
Marvel.ai is an AI-based, intelligent document data processor, that streamlines document-based critical and time-consuming processes of the BFSI operations. Marvel.ai reduces document processing time from hours and days to just seconds resulting in faster SLAs, better straight-through processing with higher accuracy and improved employee and customer experiences. This versatile IDP solution allows its application across various infrastructures, including legacy systems, as it offers a solution that is adaptable to any industry or use case. Book a demo today and experience the power of AI in document processing.