A well-known insurance technology company handles ACORD 25 Certificate of Insurance (COI) forms that specifies the insurance types and the coverage amounts. ACORD forms and certificates are used regularly by property and casualty insurance carriers in the U.S. This form is essential for risk management between suppliers and their partners, and processing them accurately in a timely manner is critical.
CHALLENGE
The sheer number of ACORD 25 forms (hundreds of thousands per month) that this company needed to process made the task daunting for the client’s risk management team. The team had been meticulously reviewing every form manually for accuracy, which took a considerable amount of time and effort. Being a technology innovator, the client sought a breakthrough in automation that would simplify and streamline its process, while also lowering overhead costs for their clients and themselves.
VENDOR SELECTION
Most OCR solutions cannot handle complex documents, especially ACORD 25 forms, which have 93 unique fields on a single page. The task of manually inputting and verifying 93 unique fields into databases or spreadsheets is even more cumbersome. Base64.ai was chosen to automate this workflow with a powerful machine learning solution to rapidly and accurately process the documents.
SOLUTION
With the low code capability of Base64.ai, the customer completed an API integration that allowed them to send ACORD 25 documents and the requirements directly to Base64.ai’s OCR engine for document classification and data extraction. Base64.ai’s proprietary method of translating documents into key-value pairs enables this automation for all document types.
Base64.ai automatically recognizes ACORD 25 forms, extracts all 93 fields, compares the extracted data against the operator’s requirements, and highlights fields that do not match in just a few seconds. This is an indispensable tool for any company processing COI forms, saving thousands of FTE hours.
All data was effortlessly extracted and passed through securely into the client’s existing workflow for processing, ensuring that forms were completed quickly and accurately. The end-to-end automation cut down on time and eliminated human error for the client. This breakthrough enabled the client to deliver comprehensive COI verification faster than ever before, speeding up their response time to clients.
BUSINESS IMPACT
• Thousands of ACORD 25 forms are processed in real-time per day
• Improved customer experience with 99.7% accuracy rate
• ACORD 25 form processing time reduced to 5 seconds, saving thousands of FTE hours
