Smart KYC Verification System
As AI impact is becoming more significant in the industry, insurance providers are positioning themselves in response to the changing business landscape. With the understanding on how AI can reshape claims and underwriting to reduce cost with automation, Insurance executives can embrace emerging technology and create skilled teams to become one of the successful players in the insurance industry
Client is one of an Indian Insurtech companies that has provided claims processing and approval solutions to insurance companies. One of the important modules of the product was to process multiple unstructured documents from multiple sources and create a customer risk profile.
Currently associated vendors and customers submit a lot of unstructured documents like KYCs, RC, filled form, driving license and repaired bills etc for claim processing. All these documents require manual verification and processing which is time consuming and prone to human error. Sometimes due to delay in processing, it leads to customer dissatisfaction as well.
Documents are of multiple structure formats varying across different states.
Presence of handwritten notes and tables of multiple formats makes it difficult.
Due to lack of any standard, images are not captured or scanned properly.
Sometimes all the images and PDF are uploaded together in the same folder with repetition and no categorisation on the type of document.
Document classification and processing module integrated with claim processing & risk profiling system where all documents including scanned images and pdf files are first classified as type of document and then processed to extract useful information. OCR and NLP techniques are used to address all the challenges and improve the extraction accuracy.
Document classification is also applied at mobile application level to ensure that right documents are uploaded by the customer/vendor to streamline processing and improve accuracy.
Document processing and verification time reduced from 20 minutes to 1 minute.
Unstructured and distorted documents are prevented from entering the system with automated checks while document upload reduces claims closure time. This also improved customer satisfaction and made claims processing efficient.