Automating Underwriting in Insurance Using Python-Based Optical Character Recognition
About Automating Insurance Underwriting with Python OCR
Industry: Finance
Business Type: Fintech
The underwirting services are used to validate the authenticity of client’s insurance documents which contains personal & financial information.This was done manually which is to be automated using AI-based technologies such as NLP,Machine Learning & Cognitive computing. Given the surge in customer demand, implementing automation to enhance customer engagement and reduce manual tasks has become crucial.
Our Process
1
Conceptualization
Competition Analysis
Customer Data Analysis
Customer Data Analysis
2
Design
User Journey Mapping
App Design Improvement
App Design Improvement
3
Development
Android App Development
iOS App Development
iOS App Development
4
Deployment
App Store & Play Store Deployment
Post-Deployment Support
Post-Deployment Support
Our Project Challenges
1
The traditional method of underwriting is tedious as it involves manual verification of various documents & proofs.The assessment has to be carried cautiously by the professional as it is vital to safeguard the company’s risk.Such a process result in large verification cycle and possess room for errors resulting in churn of customers.
2
The client’s prerequisite was to develop an OCR model to scan these documents,transcribe them & render a digitized copy.The client was looking for an experienced partner to be their AI Solution Partner who can craft tailored solutions for insurance industry.
Tools and Technologies Used
The Results
Enhanced Data Accuracy: By leveraging document classification, our OCR model improved data accuracy and minimized the risk of duplication. Time Savings: Automated underwriting tasks led to a 40% reduction in processing time, allowing more focus on critical activities Strengthened Security: Risk scoring and fraud insights bolstered security measures.Improved Customer Experience: A streamlined end-to-end claims processing workflow enhanced the overall customer journey