Afto's Intelligent Document Processing (IDP) is a next-generation solution for extracting data from complex, unstructured documents, such as the forms required for an insurance claim.
Unstructured Insurance Documents Create Roadblocks to Automation
The processes using complex, unstructured data are problematic because they are extremely difficult to automate. Extracting and making sense of the data received in documents from customers has traditionally been a human-intensive effort.
This creates a manual process bottleneck:
1. Fully digitized back-office processes are needed
2. Processes using unstructured, complex documents are a transformation roadblock
3. The complexity of these documents has required a manual processing step which blocks efforts to automate
Afto's IDP solution, however, can process insurance documents that are complex and unstructured. Afto can remove this manual processing bottleneck and enable insurance firms to transform business processes.
The result is a better, smarter claims process that is innovative and competitive.
1. With this solution: The complex claims processing time is reduced from days to hours.
2. The process provides a better CX with faster response time and reduced rework.
3. The manual workload is significantly reduced, allowing staff to be repurposed.
4. System management is reduced, since there is no OCR template management.
5. The solution eliminates legacy systems that were needed to support the manual effort.
Afto's IDP Solution for Insurance
Our IDP automates the extraction of data from structured and unstructured documents, eliminating the need for manually gathering, entering, and validating data. Unlike the technologies that came before it, IDP can handle document complexity and variation using multiple AI technologies and machine learning. Insurance firms are deploying IDP to increase process automation, which is otherwise hindered by manual data entry bottlenecks and OCR limitations.
Afto's IDP solutions also integrate with the insurer’s legacy, backend, and digital applications reducing the cost of integration, enhancements, and changes required in existing systems.
Suited for all Insurance Document Types
Afto's IDP platform can process a broad set of insurance document types that are complex and unstructured. Example insurance document types are listed below.
P&C Workflow Documents - claim form, police report, accident scene and vehicle damage pictures, vehicle operator driver's license, insurance copy, bills, invoices, receipts, etc.
Life Insurance Workflow Documents - claimant completed form, death certificate, obituary, original contract, HIPPA authorization, etc.
When New Document Types Enter the Process - Our solution can not only the process documents listed above but it can handle new documents and documents it has never seen before. This is accomplished using machine learning and other adaptive technologies.
Solutions for Insurance Back-Office Processes
Each insurance line of business has unique back-office processes that need to be optimized and transformed. Each process area has its own flow, business rules, steps, and requirements.
Afto IDP understands how to optimize these processes and how best to apply its technology to ensure business success. We has solutions to help optimize:
- Claims Submission
- Claims Triage
- Policy Submissions
- Policy Triage
Improve Process KPIs and SLAs
The impact of removing these bottlenecks can have an outsized impact on business operations. By automating data extraction from complex documents, Afto allows you to transform the end-to-end insurance process.
Afto can improve KPIs and SLAs performance for these insurance process metrics:
Cost - Automation significantly reduces the manual input need to run a process smoothly. OpEx costs can be reduced.
Processing Time - Automation can process 8x faster than humans.
Rework - Less rework is needed with better-than-human accuracy and predictive analytics provided by IDP.
CX - Afto IDP helps create a better customer experience as the process is faster, requires less effort, and is more predictable.
Scalability - The automated process allows you to add or decrease capability on-demand, without adding headcount.
Process Efficiencies - IDP can improve process efficiency by improving agility, speed, cost, time, manual effort.
