Client onboarding is often the first impression a customer has with an insurance provider and is critical to setting the tone for the insurance company’s ongoing broker experience. It is also a critical compliance step for gathering Know Your Customer (KYC) data that will be critical for the ongoing maintenance and management of the relationship. When considering the automation, opportunities offered through AI, many insurance companies have identified onboarding and know your customer (KYC) processes as the priority area. Traditionally a paper-intensive and full-time employees (FTE)-heavy operation, insurance companies are being called upon to provide their brokers with the ability to pre-populate insurance applications and digitize their businesses.
Synechron’s AI Accelerator uses Robotic Process Automation (RPA), Optical Character Recognition (OCR), and Natural Language Processing (NLP) in an integrated module that enables banks to deliver a more frictionless experience by allowing brokers to easily upload documents with drag and drop functionality. The accelerator uses ACORD forms which can be scanned and recognized by OCR and NLP to automatically populate the insurance application for commercial insurance companies. Synechron’s RPA module focuses on automation of structured, semi-structured and unstructured documents, allowing brokers to extract key information and automatically give a quote, on demand without the need to type in any information.
Key Features and Benefits:
- Data Extraction via a Zero Key Solution – to vastly improve the insurance broker experience and removes lengthy form filling exercises.
- Linguistic Analysis – The combination of OCR and NLP provides a powerful platform where key values can be extracted and then used to pre-fill fields in the form filing process.
To learn more about our Synechron’s InsurTech Accelerators built on Cognitive Machine Learning and the work we’re doing email us at firstname.lastname@example.org