case study

End to End Automation of Insurance Policy Creation

Insurance

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 OCR

DocAI Warehouse

DocAI Warehouse

Kubenetes Engine

Kubenetes Engine

Vertex AI

Vertex AI

Terraform

Terraform

UI/UX Unqork

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

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