ACORD forms are a headache for every insurance company — but automation technology can cut back on the time and money you spend on manual processes.
If you’re in the insurance industry, ACORD forms are the bane of your existence. ACORD forms, governed by the Association for Cooperative Operations Research and Development, capture customer information, which must be entered into your system of record. It’s a monotonous, time consuming activity that sucks up a lot of man hours and, ultimately, money.
The insurance industry has historically dealt with voluminous amounts of paper, but that has a downside. Humans are slow, error prone and expensive. While the industry has been slow in instances to adopt new technologies, the insurance industry stands to benefit greatly from automation. According to Gartner’s 2021 CIO Survey, more than 40 percent of insurance CIOs plan to increase automation investments in 2021.
We’re about to get deeper into different automation technologies so brush up on those technologies here.
Optical Character Recognition (OCR) alone is not a powerful enough technology to manage the data extraction from ACORD forms. Insurance agents receive these documents in every form imaginable — email, fax, snail mail — that then have to be entered into the computer. OCR, which alone doesn’t have the computing power to read the handwritten notes and scribbles of customers on the documents, creates so many errors that agencies revert back to doing things by hand.
Enter automated machine learning (AutoML), which allows you to use machine learning on your documents without a single line of code. With Impira, you can easily turn your ACORD forms into business ready data in seconds.
Impira AutoML technology paired with OCR allows you to train a machine learning model with any ACORD form or any other kind of document used by your business in just a few clicks. How? Impira's easy-to-use interface lets users upload a few document samples and highlight the text they’d like to extract. Impira’s technology does not rely on pre-trained machine learning models. The platform learns from your interactions and immediately outputs the results.
We’ve detailed how to use Impira AutoML technology to automate data extraction from an ACORD 25 Certificate of Liability Insurance form. This detailed guide takes you through the following steps: