The Challenges with Document Processing in the Insurance Industry
In insurance companies worldwide, millions of documents are processed daily across the value chain. From benefits configuration and enrollment in Health Insurance to First Notice of Loss (FNOL) in P&C, documents need to be sorted, read, comprehended and processed quickly. However, the industry faces challenges in efficiently dealing with the large volume of documents, many containing unstructured data. With customers demanding near real-time response on every request, it is very important for insurers to quickly process and make swift decisions with utmost accuracy.
Capgemini can solve this problem through our Cognitive Document Processing (CDP) Services for Insurance which allows insurers to make faster and more accurate decisions, drive greater straight through processing (STP), and ultimately reduce costs. By adding a cognitive component to it, document processing can be intuitively enhanced, freeing up valuable employees for more complex tasks.
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Automate Document Processing Rapidly and at Decreased Cost
CDP is an end-to-end solution that automates the ingestion, organization and evaluation of documents rapidly, securely and at reduced cost. It consists of best-of-breed technology based on machine learning and artificial intelligence bundled with highly optimized business processes to provide expected outcomes for our clients. The solution can comprehend different types of print, including machine print and cursive handwriting, as well as unstructured or structured documents. Documents are scanned and classified, followed by data extraction and validation. Information is then moved via APIs or RPA into downstream systems like Business Process Management or Core Policy Administration, Claims and Billing systems to enable STP.
CDP delivers a range of benefits that include:
• Enhanced operational efficiency and Cost Savings
• Improved customer experience
• Increased quality & compliance
• Enhanced agility
Capgemini is a global leader in Intelligent Automation for insurance. We partner with leading document extraction, recognition and robotic processing vendors to enable the CDP solution for our insurance clients. With CDP we bring enhanced recognition, machine learning and artificial intelligence capabilities for accelerating document processing to meet business objectives for our clients.
For more details or to schedule a meeting for a live demonstration, email email@example.com