AI for Commercial Insurance Data Extraction
The commercial insurance sector is inherently document-intensive, with critical data embedded in documents and ACORD forms: Loss Runs, Schedules of Values (SOVs), Endorsements, Certificates of Insurance (COIs), and Policies.
Traditionally, extracting and processing this information has been a manual, error-prone, and time-consuming endeavor. Docugami's AI-powered Document Engineering transforms this landscape by automating the extraction of essential data, thereby enhancing efficiency, accuracy, and strategic insight for both brokers and carriers.
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Uses of Document AI in Insurance
Let's face it. Documents are the foundation of your business: PDF files, Word files, scanned files. They require extensive, expensive human labor to read what's there, to get the data that your organization requires, to engage with customers across the range of commercial insurance types. Here are a few ways to improve the documents-to-data process:
- Loss Run Analysis: Extract and normalize claims history from diverse loss run documents to generate comprehensive summaries and identify trends, enhancing risk assessment and underwriting processes.
- SOV Parsing: Efficiently parse complex Schedules of Values to extract and standardize key data points, aiding underwriters in assessing property risks accurately.
- Policy Comparison: Compare expiring and proposed policies to identify differences in coverage, exclusions, and endorsements, facilitating informed renewal discussions and optimal client terms.
- Automated COI Management: Streamline the generation and tracking of Certificates of Insurance by extracting and validating critical data, triggering alerts for expirations or non-compliance.
There is more. Docugami can extract the data you need from chaotic, complex documents, automatically, connecting the data to your existing systems, bringing structure and order to your business.
Here is an example for Loss Runs and risk analysis.
Automate the extraction of vital information from carrier documents, eliminating the need for manual data entry and allowing seamless integration into CRM and quoting systems.
Reduce errors associated with manual data handling by automatically populating spreadsheets and other systems, ensuring compliance and minimizing risk.
Efficiently compare insurance plans for clients by quickly accessing and analyzing data, facilitating the identification of optimal coverage options.
Free up valuable time by reducing document-related tasks, allowing teams to focus on client relationships and strategic initiatives, leading to increased consistency and reduced operational risks.
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