Reduce Manual Effort in New Policy Set Up by More Than 70%

100 %

Reduction in manual effort.

0 %

Straight-Through Processing.

The Process

The client is a long-established specialist in insurance and reinsurance business, and part of the Lloyds of London market. It underwrites a wide range of specialist Marine, Energy, Aero, and liability classes of commercial insurance. A large part of the Lloyds market work is manual in nature with large binder files for specific insurance cases. The underwriters then update the Policy Administration System (PAS) with the policy details.

A single cover might be insured by multiple insurers and has a very high transaction value. Onboarding the policy in PAS required updating numerous fields of data from a scanned image of the hard binders, resulting in a high Turn Around Time (TAT) and handle time.

The Solution

Intelligent Process Automation (IPA) was used as a solution for automating the data entry into the PAS. Aiwozo DocuBot’s AI features, such as Natural Language Processing (NLP) and Intelligent Character Recognition (ICR), were used to extract text from the scanned policy documents, and then the same was entered into the PAS using IPA. The cases where ICR was not able to detect, the text was marked as an exception and was handled manually.

See Aiwozo DocuBot in action: