Business Impacts
~50%
Reduction in Manual Efforts
~96.8%
Average Extraction Accuracy
~98.7%
Average Classification Accuracy
Improved Efficiency with less time spent on Manual Input
Customer Key Facts
- Country : India
- Industry : BFSI
- About : The company is a leading general insurance provider in India. It offers a comprehensive range of general insurance products and services, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance solutions. With a strong presence across the country is known for its customer-centric approach, innovative product offerings, and efficient claims settlement process.
Problem Context
Resource allocation issues stemming from multiple touch points led to inefficiencies, compounded by labor-intensive workflows including Quotes and Policy creation. Additionally, unlogged communications hindered transparency and documentation.
Challenges
- Labor intensive workflows including Quotes and Policy creation
- Resource allocation issues stemmed from multiple touch points, leading to inefficiencies
- Unlogged communications hindered transparency and documentation
Technologies Used
DocAI OCR
DocAI Warehouse
Kubenetes Engine
Vertex AI
Terraform
UI/UX Unqork
Solution
Policy Creation :
- Assist in lead generation by automating client/broker document ingestion via e-mail, classification and data extraction
- Automatically generates a quote and shares it with Client/Broker for approval
- Underwriting workbench for faster time to quote and ability to alter/modify premium rating
- Policy creation and issuance after quote acceptance
Certificates and endorsements :
- Real time ingestion of client documents followed by automated rule based underwriter review
- Intelligent rule based endorsement creation by Sales, Underwriters and Operations
Claims Processing :
- Monitor mail inbox for claim request rule based automated review of claims approval and closure
Results
- Reduction in Manual Efforts
- Gain Operational Efficency
- Faster Time to Quote
