ACORD Form processing for TPA Of Insurance Carrier
23
Processors
35+
Document Types
4
days
100%
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
ACORD forms act as a passport for policy information in the global insurance ecosystem by allowing companies around the world to seamlessly share their data.
A 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
- SinguIarityAI 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.
Business value
- Reduced processing costs by 50%
- Supported remote workers with 100% accurate extraction
- Automated ACORD scan/image processing into ACORD XML that passed into the carrier’s portal, submission and policy system
