Document Deliverables for InsurTech in 2020
The top InsurTech news for 2020? In a post-pandemic world, insurance technology offers “the prescription for safety.” In a world now dominated by worry around what’s currently happening, what will probably happen, and what could suddenly happen under the right (or wrong) circumstances, the agile and adaptable potential of InsurTech offerings paves the way for proactive service delivery that both boosts consumer piece of mind and reduces insurer risk.
For insurance companies to capitalize on evolving market conditions and outpace the competition, data-driven decision making is key. Even more critical is the need to convert critical information from standardized ACORD formats into actionable, accessible data. Here’s how Accusoft’s FormSuite for Structured Forms can help.
The InsurTech Innovation
As noted by research firm PWC, “What used to be a sign of success may not be anymore.” Now, clients want next-day decisions about insurance applications and claims along with detailed descriptions of cost assessments and timelines for action. What does this mean in practice?
That it’s no longer enough to rely on legacy solutions and applications to get the job done. Instead, companies need applications augmented by next-generation forms processing technology capable of integrating with internal assets while simultaneously delivering the data-driven decision-making inherently tied to quick, accurate, and complete insurance information capture.
Now more than ever, the fundamental value proposition for insurance companies is the ability to disrupt existing functional frameworks with new policies and practices that streamline document processing, improve decision timelines, and secure client data.
The ACORD Form Challenge
If building better applications was the only challenge facing InsurTech product managers and development teams, companies would have their hands full. There’s also a common form type that can be challenging for automation.
Since 1972, ACORD has been the source of standardized forms for the insurance industry. While these forms are standard, there is nothing standard about their format. Every year, ACORD changes the format of its forms, leaving insurance organizations with a challenge for automation.
Despite generalized standardization which sees consistency in the type of data recorded by specific forms — including client information, claim details, and policy requirements — how this data is structured and displayed within the form itself can vary from provider to provider and even agent to agent. Forms used for identical purposes are often close in format, but not quite the same when it comes to placement of critical data. This compels insurance agencies to manually process common forms, in turn increasing both the risk of human error and the time required for completion.
For insurance application developers looking to create applications that can process ACORD forms more efficiently and deliver on customer expectations around speed and accuracy, FormSuite for Structured Forms provides the capability to create a standard form library for easy form recognition and data capture.
The FormSuite Solution: Document Delivery Done Right
FormSuite for Structured Forms can help insurance companies get the best of both worlds. With an Agile framework, this SDK is capable of streamlining the standardization of ACORD-compliant forms with a little help from developers.
Key benefits of this solution include:
- Complete Forms Recognition — Manual data entry and capture both reduces forms processing speed and can introduce the potential for significant errors. Form recognition toolkits allow developers to create form libraries for their users to scan and recognize forms for data capture. In practice, this means developers only need to update the library when a new ACORD form is released to ensure reliable and robust recognition.
- Accurate Data Capture — With forms continually arriving from multiple sources, document standardization is often lacking. But no matter how forms are scanned into the system — upside down, sideways, or at differing resolutions — FormSuite uses its image cleanup functionality to deliver accurate forms processing.
- Form Field Detection — FormSuite uses the application’s form library to identify form fields on standard forms and capture the data within each form field.
- Optical Character Recognition — From optical character recognition (OCR) to intelligent character recognition (ICR) and optical mark recognition (OMR), FormSuite offers it all. Advanced OCR ensures your application can easily capture everything from legible hand printed names to check boxes and dollar amounts.
- Confidence and Accuracy Reporting — Data confidence matters for insurance documents. If uncertainty about data translates to errors in evaluation or decision-making, the results could be disastrous for ongoing ROI. That’s why FormSuite for Structured Forms generates customized confidence and accuracy values for all data captured. Firms then send all document OCR capture for confidence evaluation; if results meet or exceed confidence thresholds, document processing can continue automatically. If confidence levels are too low, meanwhile, your app can trigger employee review to ensure data entered matches captured results.
Embracing the InsurTech Advantage
Just as other industries have faced significant disruption this year, insurance companies now find themselves at an operational crossroads. While augmenting familiar forms and functions with application overlays offers the potential to improve on existing processes, firms must also build out apps and services capable of delivering accessible, actionable, and accurate ACORD forms data to staff. When they commit to doing this, insurance companies can deliver on the proactive promise of digital-first insurance with policies and processes capable of keeping pace with evolving client expectations.
Ready to improve insurance processes? Discover FormSuite for Structured Forms and deliver on document potential.