Intelligent Document Processing (IDP) for Insurance
Easily process unstructured and complex forms, increase data accuracy, and speed up claims processing with an intelligent automation solution that continually learns and grows.
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Why IDP is better than legacy automation
Legacy solutions are great for processing structured information but fall short when faced with complex and unstructured documents. Unable to extract accurate data or understand context from increasingly complex forms, legacy solutions have become a roadblock to end-to-end automation for the insurance industry.
IDP harnesses AI and ML to make sense of unstructured insurance data, enabling full end-to-end document automation. Capable of accurately drawing details and context from handwritten information, IDP opens up a new world of opportunity for insurance firms.
99% of claim documents
Processed first time
Increase data accuracy while reducing exceptions and human intervention with the power of IDP. Machine learning boosts accuracy and performance as the system continually adds to its algorithm.
70% reduction in
claims processing time
IDP’s lower error and exceptions rate ensures most insurance documents are correctly processed the first time around. Combined with end-to-end automation, document bottlenecks will be a thing of the past.
Continual improvement
By learning from people
Harnessing Machine Learning, IDP is designed to continually improve over time. Freed from manual handling, your people can focus on higher-value tasks and work with the system to improve its knowledge base.
Automate critical document processing
Harness the power of IDP to streamline processes and automate these labor-intensive tasks
Claims
Underwriting
Enrollment
Account Servicing
QBE reduced claims processing times by 80% using IDP
QBE spent significant amounts of time processing and reconciling data from legacy forms and systems. Armed with Hyperscience’s IDP solution, QBE decreased claims processing times by 80%, increased accuracy to 95% and improved overall client responsiveness.
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How to upgrade your
Customer Experience with Automation
In the super-competitive insurance market, delivering an enhanced customer experience is key to getting an edge on the competition - but what role can automation play?
Discover how intelligent automation can help your insurance firm deliver the fast, seamless and highly personalized experience your customers expect to boost your business.
IDP solutions for Insurance
The insurance industry is constantly evolving which means insurance firms must be able to adapt quickly to stay competitive. To help you get the edge in your market, take advantage of intelligent automation solutions tailored to meet the unique needs of insurance companies.
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Claims processing automation
Using AI and ML algorithms, easily automate data extraction from various documents, such as invoices, receipts, and forms. Streamline claims processing workflows, automate data entry, and reduce processing time to boost accuracy and increase responsiveness.
Underwriting automation
Automate data analysis from multiple sources, including financial statements, credit scores, and public records. Leverage AI and ML algorithms to improve underwriting accuracy and efficiency by automating manual processes to make faster, more informed decisions.
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Fraud detection
Detect fraudulent claims or applications with ease by harnessing AI and ML algorithms to analyze patterns and anomalies in data. With access to more detailed insights and trend analysis, preventing fraud, reducing losses, and improving compliance is a breeze.
Customer service automation
Streamline customer service and complaints management by using AI and ML algorithms to analyze customer data and provide personalized responses. Automate customer interactions to improve satisfaction, reduce response times, and deliver a better customer experience.
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Regulatory compliance
Harness AI and ML algorithms to automate compliance monitoring by analyzing documents and data for issues. Reduce your non-compliance risk and improve your overall compliance posture to avoid penalties, reduce compliance costs, and improve risk management.
Data analysis and reporting
Quickly gather and analyze data, and generate various stakeholder reports, thanks to powerful AI and ML algorithms. Streamline your Data Warehouse and ETL processes and access detailed insights to identify potential opportunities and mitigate possible threats.
Safeguard your firm and ensure growth with IDP for insurance
Position your insurance firm for growth, whatever the future holds, with scalable, flexible and customizable intelligent automation solutions.