Seamlessly process all insurance forms with Applica RTA

Unlock the limits on team productivity

As access to offices where original processes were designed remain sporadic, it’s never been more important to evaluate how your dispersed teams manage the wide variety of insurance data that is submitted on a daily basis. Applica RTA is unique in the automation space because there are no limits on document structure or language, giving insurance organizations a one size fits all tool to precisely process the litany of document types that are currently managed in unique ways.

Insurance forms

Situation:

Insurance and reinsurance companies often receive applications and supporting documents from clients/policyholders, agents, and brokers that are paper based, with data that must be rekeyed from the source documents for operational processing. Data may be structured, semi structured (e.g.: loss reports, insurance contracts) or unstructured (e.g.: emails, property inspections), provided in a PDF format (either “selectable” or scanned image PDF) and/or Excel. For underwriting, data for a rated entity may need to be extracted, identified, and aggregated from multiple forms or sources for the same submission.

Problem:

The manual process is expensive as is executed by a qualified risk assessment employee. Manual extraction of information is also slow, error prone, and requires significant human effort.

Solution:

Applica RTA categorizes all of the insurance forms/documents into independent baskets. Each basket represents a different type of insurance group (buildings and vehicles and companies, etc.). Each category requires a unique type of documentation, which Applica RTA will automatically categorize into the correct basket. Furthermore, Applica RTA will create a subcategory of each basket and extract the required information from the different categories and passed extracted information to domain systems (CRM, risk assessment, etc.).

Results:

With the implementation of Applica RTA, all data from various insurance forms were structured into a standard, searchable format. This not only decreased errors innate with human work, but also decreased the time required to QA the documents and sped up the end to end processing. Employees that were once stuck keying in information to systems were redeployed to more valuable tasks.

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