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Back office automation for insurance companies: A success story
- The Indian motor insurance market is projected to reach $21.48 billion by 2030, with regulators pushing insurers to improve processes and customer experiences.
- One of India’s biggest private insurers faced challenges with manual claim processing for over 350,000 cases annually.
- Regulatory guidelines issued in June 2024 aimed at improving motor insurance claim settlement processes forced a re-evaluation of operations.
- Challenges included meeting IRDAI's timelines, customer dissatisfaction, and operational inefficiencies due to manual processes.
- The insurer formerly had 40 data entry clerks manually inputting details from various documents, causing delays and errors.
- To improve efficiency, the insurer automated its claim processing workflow using Nanonets’ Intelligent Document Processing solution.
- The automated workflow included OCR, model configurations, line item extraction, data validation, and seamless integration with existing systems.
- By automating claims processing, the insurer processed 1.5 million pages in three months, standardized naming conventions, and improved efficiency.
- Future plans entail expanding automation to include other document types and collaborating with Nanonets for medical claims processing.
- The insurer's success story showcases the benefits of automation in improving operational efficiency, meeting regulatory demands, and enhancing customer service.
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