Among the top U.S. commercial property casualty and personal insurance companies in the United States, this insurance company has been around for more than 160 years. They have a reputation as one of the best property & casualty insurers in the industry. A leader in personal, business and specialty insurance and the only property casualty company in the Dow Jones Industrial Average. They employ approximately 30,000 FTEs and 13,500 independent agents and brokers in the United States, Canada, the United Kingdom and Ireland.
The company’s Canadian claims operation was using 100% manual tasks to process claims. With the large volume of transactions being processed daily, this was not scalable. The staff that was on hand to perform these operations were not sufficient for to volume of transaction. This caused them to have to pull in additional individuals from other departments to help. The result was poor performance, slow turnaround times and an inability to complete assigned tasks.
DIG implemented intelligent automation and document management to automate this end-to-end process and reduce the manual effort significantly. The solution was able to extract information from 13 claim forms and enter that information into the appropriate system of record with little to no human interaction beyond simple validation. DIG used Optical Character Recognition (OCR), classification and Robotic Process Automation (RPA) technologies to identify a document that comes into a client’s system, extract the necessary information and automatically entered it into the system of record.
This increased productivity and speed of claims processing. The solution deployed was able to achieve 95% accuracy in extraction and allow for straight-through processing. As a result, the claims operation was able to reduce manual labor by over 60%. Not only was the claims operation able to become self-sustained without the need to pull staff from other departments, but their claims are now more accurate and staff is able to concentrate on higher level tasks, such as customer interactions.