Insurance Policy Checking Automation

Overview

Manual policy checking consumes 40% of a typical employee's day and still results in an increase in E&O claims.

Before the breakthrough of automation, and even after that, policy checking has been a manual process. If you are familiar with the task, you must also know how much time and effort this process consumes. A regular policy document or binder consists of around 30 to 250 pages or even more!

Going through the exhaustive policy documents, verifying their details with the management systems, and then manually taking notes of differences or matching information to create a checklist sounds quite intimidating. You can only imagine doing it repeatedly for each policy!

An average of 45 minutes is spent on checking a single policy document manually, whereas with our automated solution, it only takes 2.5 minutes to complete the process.

Key Features & Functionality

Our AI & RPA based solution extracts, reads and understands unstructured data in property and casualty insurance binders and policies.

Functionality:

• Using AppianIDP, we analyze and extract relevant data points from the policy/binder document within minutes.
• Using AppianRPA, we verify the extracted data against the Agency Management System's Policy Page.
• Using Appian's low-code capabilities, we prepare the checklist with differences/matching information and a consolidated report of the E&O Summary.

Key Features:

1. Data Extraction
2. Predefined Checklist
3. Color-Coded Errors and Omissions
4. E&O Summary
5. On-Screen Visualization
6. Audit Trail

Benefits & Business Impact

Statistical Benefits:

• 400x times faster than a human at reading unstructured insurance data.
• 50% Increase in underwriting capacity by automating routine tasks.
• 152% ROI per year.

Our Automated Solution Process Time:a Avg. 2.5 Minutes vs Manual Traditional Process Time: Avg. 45 Minutes

Tech Tammina's Insurance Policy Checking Automation solution is both efficient and cost-effective. With rapid setup, accurate extraction, powerful automation, and the goodness of machine learning, our automation solution will simplify the policy check process.

Compared to competing solutions, our solution provides user reconciliation, allowing users to modify/select the missing information from the auto-extracted data. We also offer a highly customizable checklist, verification with AMS, custom workflow, and many more features. On top of that, our solution costs just $3 per policy, compared to competing solutions that cost about $20 per policy!

Benefits of the Solution:

1. Cost Saving
2. Quick Turnaround
3. Improved Accuracy
4. Elimination of Human Errors
5. Reduced Operational Costs
6. Accelerated Policy Closure

With the help of automation, we are able to:

1. Digitally Standardize the Policy Validation Processes
2. Mitigate Risk
3. Reduce E&O Exposure
4. Strengthen Contract Certainty
5. Improve Data Hygiene
6. Increase Profit Margins
7. Boost Staff Productivity
8. Enhance Operational Efficiency.