Document Processing in
Insurance

The insurance industry is a highly regulated and competitive business. As such, it requires intelligent document processing to improve efficiency and reduce costs. The intelligent document processing market size in the global insurance industry is forecast to grow from USD 0.74 billion in 2018 to USD 1.10 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.

There are multiple factors driving the intelligent document processing market in the global insurance industry. The increasing need for automating document management processes to achieve efficiency and reduce costs is expected to drive intelligent document processing market size in the global insurance industry. The gradual shift from paper-based to electronic recordkeeping is another factor that is projected to drive intelligent document processing market growth over the forecast period. Newly established businesses are using intelligent document processing systems as they feature easy maintenance, scalability, and integration.

Intelligent document processing has the potential to eliminate a number of hurdles for insurance companies. For instance, intelligent document processing seamlessly transforms unstructured or semi-structured data from critical documents into structured data that can be used by management decision makers in real-time. This takes care of the inherent problem associated with intelligent systems reading only structured data. Intelligent document processing eliminates the need for companies to separately process documents after they are scanned. As intelligent software is advanced enough to scan and read through any document, intelligent document processing avoids the extra step of scanning documents before they can be used for other purposes.

Companies already pay a fee to send documents through courier services or postal services. They also have to pay a document processing team to process them. intelligent document processing can eliminate the need for companies to send documents through couriers as intelligent document processing allows service providers to convert these documents into structured data and store that information digitally, allowing authorized users access when needed.

Not all documents are the same. In practice, the traditional IDP industry uses countless rules and templates to try to take into account every variation in the documents to be processed. But this rule-based approach is not enough to handle the insurance industry’s document processing needs. For IDP to improve efficiency in the insurance industry, there is a need for an intelligent document processing platform that can handle both structured and semi-structured data.