Submission Intake Process Digitization and Enrichment of Submission Documents
InsuranceBusiness Impacts
~85%
Classification Accuracy
~70%
Extraction Accuracy
5
Types of Document Classified and 13 Fields Extracted
Customer Key Facts
- Industry : Insurance
- Country : United States
- Size : 30000+
Problem Context
The customer is one of the largest commercial insurers (property and casualty) in the world. They wanted to classify Submission Documents, extract required and relevant Information and enhance extracted data using third-party APIs.
Challenges
- Extensive time spent by underwriters on a low value, repetitive work
- Low quality and transparency of broker quotes
- High error rate due to manual processing
Technologies Used
Pub/ Sub
Cloud Function
Vertex AI
Cloud SQL
API Gateway
AutoML
Cloud Scheduler
Cloud Storage
Virtual Machine
Solution
Quantiphi re-engineered the submission intake process from ingestion, classification, and extraction to data enrichment with third-party APIs.
- Email ingestion: Real-time email ingestion system for ingesting submission documents
- Document Classification: Classify document to determine document type and content
- Extraction: Extract multiple fields, values, and embedded objects from emails and submission documents
- Data Enhancement: Leverage Dun & Bradstreet API to correlate and enhance extracted information
- Automated Submission Triage: Application triage based on submission and its size, complexity, horizon, and application completeness for scoring/routing
Result
- Industry-leading classification and document extraction accuracy
- Streamlining and standardizing underwriting workflows
- Dashboard for increased visibility and resolution speed
