Globally, the supplemental health insurance market handles millions of documents every year but faces challenges in efficiently processing the large volume of documents, many containing unstructured data.
Several critical functions in the insurance value chain are still managed through paper, including policy submission with proof of eligibility, benefits enrollment, claims and updates to policy for changes in coverage. These unstructured documents are received in several variations like machine-printed, handwritten, with or without signatures and have different compliance needs to validate information.
In North America, within claims processing alone, carriers process on an average of 12 to 15 documents per claim. Most of these documents are in paper form or electronic images of paper documents coming from different channels like mail room, web and mobile upload spanning across the entire customer journey.