Application processing requires extracting information from a high volume of documents. While performing this task manually can take too long and prone to errors, document capture technologies enable insurance companies to automatically extract relevant data from application documents and accelerate insurance application processes with fewer errors and improved customer satisfaction.AI can assess customers’ risk profiles based on lab testing, biometric data, claims data, patient-generated health data, and identify the optimal prices to quote with the right insurance plan. This would decrease the workflow in business operations and reduce costs while improving customer satisfaction. Insurance companies need to generate high volumes of documents, including specific information about the insurer. While creating these documents manually consume time and prone to errors, using AI and automation technologies can generate policy statements without mistakes.
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