Data Extraction Tips That Matter

Data extraction is the entry point to insurance underwriting.

But this foundational process remains a bottleneck. This is thanks to large quantities of unstructured data. This includes policy documents, claim reports, and key financial information.

Most of this data is scattered. Manually sifting through various sources is time-consuming and inefficient.

According to Forage AI, human error rates in manual data entry typically range from 3% to 8% for complex financial documents. Add to that, a single data error can cost an average of $50-$150 to fix.

We all agree that the data extraction process remains a key aspect of this fragmented process. The only way to make the underwriting process streamlined is by automating the extraction aspect. 

Streamlined Data Extraction - An Absolute Need

According to Celent, automation within the underwriting process cuts underwriting times by up to 60%. This leads to quicker processing of applications and directly contributes to a reduction in operational costs.

Fragmented Data Hassles

Sometimes the data itself is the problem. Brokers are, after all, humans. Traditional systems required underwriters to navigate through data silos.

That’s because the valuable insurance details would remain isolated elsewhere. An intelligent automation system can prevent risk assessment due to siloed data. 

Manual Process Inefficiencies

Underwriters spend a large portion of their time sifting through data that’s sent by insurance brokers. Data is pulled manually from sources such as emails, PDFs, forms, or even spreadsheets. This consumes time and creates workflow bottlenecks.. 

Compliance Risks

What happens when critical insurance information falls into the wrong hands? There are numerous employees handling confidential insurer data. This leads to higher data exposure. The lack of an automated audit trail leads to insurance companies facing litigation and penalties.

Integration and Scalability

Working peak periods lead to insurance underwriting teams becoming overwhelmed. They are human after all. There’s more TAT with poor customer experiences.

An automated system can modify submissions as needed and assess risk through detailed analysis of claims history.

The solution to these? Underwrite.In!!!

But why Underwrite.In?

Automated Data Handling

You can automate every step of your data extraction process - from email initiation to actual extraction - with minimal manual intervention.

Quicker Decision-Making

You benefit from auto-generated summaries that are concise. This data also highlights critical submission details, enabling quick and informed decisions.

Comprehensive Submission Control

The platform allows you to monitor and manage every insurance claim submission directly within the system. This gives you complete oversight and alignment with your business strategy.

Advanced Risk Assessment

You get to analyze claims history and trends. This in turn, lets you make data-driven decisions about insurance coverage and premiums.

Full Document Access & Transparency

You get access to all insurance documents within a secure and centralized repository. This leads to enhanced traceability and reducing TAT.

Real-Time Performance Monitoring

You stay ahead with dynamic dashboards. They display key performance indicators (KPIs) and risk metrics in real time.

Want to see how this works in person? 

Underwrite.In’s Data Extraction Tips 

Being the good samaritan that we are, we are leaving you with four massive data extraction tips. 

1. Intelligent Document Processing Saves Time

Our AI-powered platform doesn’t sift through thousands of terabytes of insurance information, but scans it within seconds.

2. Automated Data Extraction Improves Accuracy

We do not misread complex finance-related formulas. Our intelligent AI-powered system achieves data accuracy up to 3x times.

KlearStack reiterates that intelligent extraction systems achieve accuracy rates by 95-98%.

Intelligent Extraction = Improved Risk Assessment Accuracy

3. Actionable Intelligence Leads to Better Decision-Making

With Underwrite.In, the data is extracted structurally, with underwriters receiving concise summaries to make quicker decisions. The benefit of this?

A quicker quote-to-bind cycle and improving the overall customer experience. ResearchGate claims that a U.S insurer cut claims adjustment time from 45 days to just 2 days using an intelligent document extraction system.

4. Structured Storage Initiates Better Scalability 

Our AI-powered system is built to handle large volumes of insurer data inside structured mailboxes. This scalability allows financial organizations to grow efficiently.

IDC states that financial organizations can handle up to 3x times more document volume without increasing their staff. 

Pursuing AI Adoption Towards Change Management

Underwrite.In tackles the biggest issues in data extraction head-on. It’s hard to adopt AI-powered automation when the dependency on traditional underwriting processes is large.

Our platform's core strength lies in transforming unstructured, messy insurance details into actionable insights via structured mailboxes, an intuitive user interface, clear indicators, and a dynamic dashboard.

All this ensures consistency and oversight. This allows leaders to identify bottlenecks and optimize workflows proactively.

Experience the benefits of automated data extraction at scale. 

Team Underwrite.In