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Insurance Giant Slashes Life & Retirement Forms Handling Times

July 21 2022

With operations in more than 80 countries and jurisdictions, this global insurance giant receives millions of documents for processing every year, totalling around 16 million pages annually within their life, individual retirement, and retirement services alone.

With increasing demand, the company’s manual approach to processing life insurance and individual retirement forms inhibited its ability to respond quickly to customer requests. Their existing OCR solution could not handle handwritten forms, which they encountered often, only yielding around 10% accuracy rates. The technology’s inaccuracy was leading to high manual review and validation times that interfered with their ability to provide the best customer experience.

Why Hyperscience

Hyperscience offered the firm the ability to have intelligent, ML-driven software quickly and accurately read even the most imperfect of documents, reducing the amount of manual effort involved in processing life insurance and retirement forms.

The Hyperscience Platform was able to be integrated into the firm’s workflows to reduce the time it took to manually review and validate incoming documents and also to improve overall accuracy and data quality.

Results Delivered

Today, Hyperscience successfully delivers high levels of accuracy on even the messiest of documents because the platform was trained on real-world imperfections.

The firm has seen as much as a 70% reduction in data entry time when processing forms; eliminating on average almost 30 minutes of data entry time in each transaction.

This has enabled a significantly smoother process for brokers and customers, resulting in happy customers and more business for the firm.

Watch this demo to see how the Hyperscience Platform automates the account opening process.

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