Document processing in insurance faces numerous challenges, with operations teams handling over 100 types of ACORD forms, custom forms, SOVs, loss run reports, quotation slips, and claims images. These documents come in various formats, such as PDFs, Excel, Word, and images (jpg/tiff/png), and range from structured to unstructured. Additionally, documents for the same application or claim often arrive at different times, sometimes days apart.
Artificial Intelligence, including advancements in generative AI, is driving a major shift in insurance document processing. According to a Genpact study, 87% of surveyed insurers already invest $5 million or more annually in AI technology, and 74% of insurance executives plan to increase their AI investments.
