ACORD Form processing for TPA Of Insurance Carrier
23
Processors
35+
Document Types
4
days
99.99%
Accuracy
Client
Third Party Administrator to a Large North American Insurance Carrier
Goal
Reduce growing costs, improve the remote employee experience and eliminate mundane tasks while reducing errors in data extraction from ACORD forms to integrate into their business workflow.
CHALlENGE Overview
Third-Party administrator for a Tier 1 North American insurance carrier needed to support digital operations for their remote workers. 23 full time employees processed information from a set of forms which included ACORD-type forms.
The team aimed to reduce growing costs, improve the remote employee experience and eliminate mundane tasks while reducing errors in data extraction from ACORD forms to integrate into their business workflow.
WHAT WE DID
- SingularityAI platform used to extract all key data from the semi-structured ACORD forms.
- Trained the AI model with a handful of document forms within days with the ability to understand the numerous variations of ACORD forms.
- Transfer learning used to create models to automate document processing
- To increase accuracy in value extraction, SingularityAI assigns data types through Advanced Deep Learning, Computer
- Gave users the ability to download extracted data in CSV, SQL, or JSON formats based upon their need at the time.
IMPACT
- Supported remote workers with 99.99% accurate extraction
- 50% Reduction in claims processing costs
- 95% STP - Automated ACORD scan/image processing into ACORD XML that passed into the carrier’s portal, submission and policy system
