Digitization of Submission Intake Process
InsuranceBusiness Impacts
~85%
Classification Accuracy
~80%
Extraction Accuracy
7
Types of Document Classified and 30+Fields Extracted
Customer Key Facts
- Industry : Insurance
- Country : United States
- Size : 1000+ Employees
Problem Context
The customer is a top US insurer who wanted to automate the underwriting process for its New Business Applications, Childcare, and Worker Compensation Applications.
Challenges
- Time-consuming manual repetitive work
- Long training time to onboard new document experts for re-ordering
- No automated system to classify, extract and segregate documents
Solution
Quantiphi has deployed a sandbox that ingests the emails automatically and processes the attachments as required by the business. The solution performs the following functions:
Email ingestion: Real-time email ingestion system for ingesting attachments along with details of the sender, subject line, and timestamp
Document Classification: Classify documents based on the type and content of ACORD forms, loss runs, WC forms, CC forms, supplemental documents, or unknown
Extraction: Extract multiple fields and values from ACORD form 125, 126, 127, 130, 131, 140, Workers Compensation forms, and Child care forms
Transaction Definition: Based on the fields extracted from the documents, each submission is broken down into separate transactions
Output: The extracted output is then converted into IDX and XML formats to support the downstream applications
Result
- Industry leading classification and extraction accuracy for submission intake digitization
- Extraction Support for handwritten scanned WC and CC forms
- Streamlining and standardizing of underwriting workflows
