The success of the insurance business relies heavily on the accurate processing of multiple documents. However, manually entering data from forms is time-consuming, error-prone, and expensive; it also leads to slower turn-around time. In addition, constant changes to insurance forms like ACORD form changes necessitates changes to document processing soluitons. In addition, process modernization efforts have not yielded positive results as expected, owing to legacy in-house technology and complex solutions.
Kanverse Insurance Document Processing solution automates the ingestion, classification, and data extraction of ACORD and Supplemental forms with 99.5% extraction accuracy. Kanverse powered by AI adapts to form changes from time to time without need for fine tuning or compromising extraction accuracy. In addition, it transforms the experience of managing the forms - making it faster, easier, and more accurate than manual data entry, powered by an integrated business rules framework that does validations and lookups and automates filing of these documents in Insurance software systems.