Insurance Policy OCR

How To Extract Data From Insurance Policies Using KlearStack

Leverage KlearStack AI to extract, interpret, classify, and analyze any unstructured data from insurance document policies, policy declaration forms, accord forms, claims, invoices, pdfs, images, etc. with superior accuracy and 500x faster than a human. With KlearStack’s AI-powered insurance policy OCR, save time and increase efficiency in your policy management workflows.

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Insurance Policy OCR

Challenges of Data Capture from Insurance Policies

Complex policy structures: Insurance policies can have complex structures with nested fields, tables, and sub-sections that can be challenging to extract data from.
Inconsistent formatting: Policies from different insurance providers may have varying formats, making it difficult for automation software to consistently capture the necessary data.
Handwritten entries: Some policies may have handwritten entries or annotations, which can be difficult for automation software to accurately recognize and extract.
Lack of standardization: The lack of standardized data fields across the insurance industry can make it difficult to capture and extract the necessary data in a consistent and accurate manner.
Language barriers: Insurance policies may be written in different languages, which can pose challenges for an automation software that is not equipped to handle multilingual data capture.
Security concerns: Insurance policies often contain sensitive information, and enterprises must ensure the automation software is secure and compliant with data privacy regulations.
Integration challenges: Integrating automation software with existing enterprise systems and workflows can be challenging and may require additional resources and expertise.
Cost considerations: Investing in necessary hardware and infrastructure can be costly, and enterprises must weigh the benefits against the potential costs before committing to implementation.
PRE-TRAINED INSURANCE APIS AND CUSTOM MODELS

Transforming Insurance Policy Management
with KlearStack's AI-powered Insurance Policy OCR Solution

99% Accurate Data Extraction

Day Zero  Accuracy

The advanced machine learning and artificial intelligence algorithms of KlearStack’s solution enable it to understand and learn from the unique data points of each Insurance Policy document, resulting in highly accurate data extraction on day zero itself. Day Zero Accuracy not only saves time but also prevents costly errors and reduces the need for manual intervention. With KlearStack’s Insurance Policy OCR solution, users can trust that their data is accurate and reliable from the very first day.

Day Zero Accuracy Insurance Policy
Straight Through Processing Insurance Policy OCR
End-to-end document processing

Straight through  Processing

Straight Through Processing (STP) is a game-changer for insurance companies as it reduces processing time, minimizes errors, and improves efficiency. KlearStack’s Automated Insurance Policy Processing solution offers Straight Through Processing capabilities, enabling businesses to achieve faster turnaround times and increased productivity. With KlearStack’s advanced AI and Machine Learning algorithms, the system can automatically extract data from various documents, including insurance policies, with high accuracy and efficiency.

Data extraction and Validation

Document and Third-Party  Verification

Insurance claims must be verified from multiple sources by fetching relevant documents. Insurance companies can use RPA bots to fetch third-party information via document chasing. KlearStack IDP solution can auto-read the same, process and classify them. Moreover, insurance companies can verify information on licenses, registrations, etc., by extracting data from them using KlearStack AI. The extracted information can conduct third-party verification from databases and public websites.

Document Verification and Data Validation
99% Accuracy
Data Extraction Accuracy with end-to-end automation.
5x faster
Processing Time for all types of Insurance documents.
Data security
KlearStack offers several levels of security to keep your crucial information secure.
Chain Efficiency
Out-of-the-box Integrations

Seamless  Integration

Klearstack makes it easy for businesses to integrate its software into their existing workflows. With KlearStack’s seamless integration capabilities, businesses can streamline their insurance policy processing workflows and eliminate the need for manual data entry. KlearStack can integrate with various ERPs, CRMs using APIs, making it easy for businesses to leverage the power of KlearStack’s advanced features without any hassle.

Flexible Deployment

Cloud & On-Prem  Support

KlearStack provides both cloud and on-premises support to businesses looking to automate their insurance policy workflows. With cloud support, businesses can leverage KlearStack’s fully managed service, while on-premises support enables businesses to utilize KlearStack’s powerful document processing capabilities. This flexibility allows businesses to choose the deployment option that best suits their unique requirements without the need for additional infrastructure or resources.

Cloud and On-premise Support

Frequently Asked Questions

KlearStack uses machine learning algorithms and natural language processing to recognize and extract data from documents. It also employs a three-way match system to ensure that the data extracted from an insurance policy document or other document matches information from other sources like purchase orders and delivery receipts. In addition, the software can be trained to recognize specific fields and document types, increasing the accuracy of data extraction over time.

 

Yes, KlearStack can be easily integrated with other software applications through its APIs (Application Programming Interfaces). This allows for seamless data transfer between KlearStack and other systems like ERP software, accounting software, and more.

Yes, KlearStack is suitable for businesses of all sizes, from small startups to large corporations. The software can be customized to meet the specific needs of each business and can scale as the business grows and changes.

KlearStack takes document security seriously and uses industry-standard encryption protocols to transmit data between the software and the user’s systems. The software also complies with data privacy regulations like GDPR and CCPA and limits access to data to essential personnel only.

KlearStack offers a variety of support options for users, including email support, phone support, and a knowledge base with helpful articles and tutorials. Additionally, the software can be customized to meet the specific needs of each business and can scale as the business grows and changes.

Revolutionize Insurance Policy Management with KlearStack AI

Try KlearStack’s Insurance Policy OCR powered by AI to accurately extract and digitize critical information from insurance policies, enabling efficient data processing and streamlined policy management.
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