The document problem hiding inside your claims operation

The extensive use of manual document handling in the insurance industry significantly slows down operations, consuming up to 70% of the insurance claim cycle and costing large carriers over $100 million annually. This inefficiency stems from the need to process unstructured data, which constitutes 90% of enterprise data, including essential documents like loss runs, broker statements, and medical records. AI-powered claims processing offers a solution by automating the classification, extraction, and formatting of document data, allowing skilled adjusters to focus on more critical evaluations rather than mundane data entry tasks. Companies like Shelter Insurance have successfully implemented AI tools, such as Box, to streamline their document processing workflow, reducing payout times from weeks to hours and recovering substantial adjuster hours. Moreover, the integration of AI into systems like Guidewire ensures secure and compliant document handling, while maintaining the necessary human oversight for complex cases. AI automation not only improves efficiency and reduces costs but also enhances competitive advantage by enabling faster, more accurate decision-making in both claims and underwriting processes.

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