OCR Insurance Claims Processing Software

Client

Insurance companies are facing the challenge of data management today. Collecting, extracting and analyzing data has always been a major hurdle in the insurance industry.

Insurance companies deal with large volumes of data and now are looking for ways to streamline data workflow and help employees work efficiently as well as to implement solutions for mitigating business risks with fraud claims detection, high loss claims prediction, and others. Digitizing data analysis and processing means enabling smooth workflow, reducing extra hours of operations, and making data-driven decisions.

The Client is SCI 360, a service provider to the Financial Service Vertical and, specifically, Insurance Sector. They consult businesses on the optimization of Salesforce solutions. To enable further business growth the company needed to digitize data management and enable an effective work environment for their insurance agents with the help of the development of insurance claims processing software.

The Client contacted the InData Labs team for data science consulting and introduction to their business a data-driven solution for claim management. The solution had to enable easier data collection, data extraction, and analysis.

Challenge: develop a claims processing app to increase efficiency of insurance claims departments

The InData Labs and SCI 360 teams faced the challenge of developing a claims management solution that captures all relevant information according to certain insurance cases – recognizes keywords related to car incidents, for instance, extracts them and groups them, and finally, generates a report for an insurer. Claims management processing software is a very helpful tool for insurance industry workers because it assists insurers in prioritizing certain claims and significantly saves time, money, and resources.

From the technical point of view, our team was challenged with developing a robust OCR solution capable of recognizing dozens of keywords related to the processing of bodily injury & personal injury protection claims.

The solution had to be seamlessly integrated into the Salesforce Financial Services Cloud and Salesforce Force.com Cloud management system.

Solution: simple & easy app to automate the claims handlings process for time-sensitive demands

The InData Labs engineers have applied their OCR expertise to develop a robust optical character recognition insurance app for claims processing and management.

The claim gets scanned or received via email. Then it gets into the data management system.

In seconds, the insurer gets a summary of keywords in the claim that can describe certain circumstances of the accident.

In addition, the insurer can review where and in what context keywords are used – thus eliminating the need to study the entire claim.

Result: reduced claim processing time & improved overall work efficiency

As a result of the collaboration, the Client has received a custom OCR solution that has automated the routine tasks and improved the overall performance.

InData Labs and the Client collaborated on developing OCR insurance claim processing software that automates the Demand Review process, enabling insurance carriers to make data-driven decisions. Disrupting the company processes, will improve decision-making and ensure sustainable business growth.

The product works hand in hand AWS, Google Vision and Salesforce.com

The solution has the following advantages for business:

• Business processes automation
• Improved decision making
• Advanced risk management
• Effective data management
• Accurate claims processing
• Manual error reduction
• Absolute data privacy: data is processed on the Client’s side.