Cognizant Insurance Intake Automation
Document intake is core to the insurance business. Myriad forms, letters, faxes, emails and other correspondence need to be brought into the carrier from a variety of stakeholders to enable functions such as underwriting, claims and policy administration. Until now, document intake has been a largely manual task, requiring in most cases hundreds of staff to process. Cognizant Insurance Intake Automation is designed to help accelerate the information intake process. It’s a cognitive software-as-a-service product that powers document identification, classification, sorting and routing so your business functions have more rapid access to the details they need to facilitate decisions. Insurance Intake Automation is designed from the ground up for the insurance industry. It deploys quickly so you can onboard on day one. Dashboards provide business operations with easy-to-read reports that identify key metrics such as transaction volume, document type, origin, work queue and optical character recognition (OCR) confidence. Because it’s a cognitive system, Insurance Intake Automation learns continuously. The result is nonstop improvement of information provided to help your vital functions succeed.
Insurance Intake Automation supports data extraction from the most common structured and unstructured data sources your organization relies on from stakeholders such as brokers, agents, medical providers, policyholders and claimants. The product then takes the document through a
• Labeling: Identify the type of document
• Splitting: Group and order related pages together
• Indexing: Extract information and link to a policy or claim number
• Alerting: Notify where OCR confidence indicates the need for manual review
• Routing: Deliver to appropriate internal stakeholders
• Reporting: Provide insights on routing and usage in an intuitive dashboard
• Accelerate key processes. Carriers have achieved up to 60% operational cost savings in processes such as underwriting, claims and policy administration through faster access to data.
• Gain visibility and insight. With the dashboard’s view of document and data flow usage, business operations leaders gain insight into operational, quality and turnaround metrics to improve management of internal customer service-level agreements and further support regulatory compliance.
• Automation that evolves and understands your business. Machine learning enables Insurance Intake Automation to train itself in the patterns and nuances of your processes, so you’re able to complete them faster and more accurately over time.
• Improve customer experience. Faster turnaround time for policy quotes and claim notifications, so both internal and external customers can realize a better overall experience.