Appraising and approving mortgages is a highly detailed process that can benefit from the extraction of relevant unstructured data and image analysis. Loan underwriting can become much more efficient with IDP.
Title & deeds
The format of titles and deeds can vary dramatically. Every county has its forms, and they are all different. Traditionally, banks have had to manually extract data from these forms and manually enter the information into error-prone spreadsheets. Without question, IDP would be a game-changer.
Traditionally, mortgage origination is a painfully slow process. For banks stuck with manual processes, meeting tech-savvy customer expectations might not appear feasible. Yet, banks are also dealing with up-and-coming Fintech superstars competing for the same customers. Traditional banks can use IDP to play catch up and retain a competitive edge.
Processing and maintaining sensitive patient records in the highly-regulated healthcare industry is a critical function. However, as telemedicine continues to rise, the need to access patient data is crucial. Therefore, IDP solutions can store all data in one place and in a structured format for on-demand access.
When imagining the legal sector, mounds of paperwork come to mind. Law firms must archive their files in the most organized way possible. Many firms still use paper and manual-driven processes that store documents in various formats and are often unstructured. Nonetheless, lawyers need quick access to volumes of data when working on cases. They also need to mitigate the risk of human error. Several legal Intelligent Document Processing use cases include:
● Fraud detection
● Contract administration
● Digital document archiving
● Case reviews
● Information protection
There isn’t any question that HR regularly manages large volumes of data for multiple company operations. Whether it’s employee and recruitment data to training data to progress reviews to onboarding, effective manual management of this data is unachievable. On the other hand, IDP can introduce automation and efficient, structured data storage to minimize risk and data loss.
Accounting, also known as bookkeeping, does create much paperwork around contracts, receipts, spreadsheets, and invoices that can decrease efficiency and productivity. Many accounting firms now incorporate digital processing, and IDP does help extract relevant information from documents such as payroll. It can then integrate into current workflows to improve processing time, processing accuracy, and reduce human error.
Insurance is another industry well-known for producing mounds of paperwork; there are several key areas where IDP can prove advantageous.
IDP can automate new claims classification and route it to the right end-user, enhancing turnaround time and accuracy.
Healthcare is file-intensive, especially on the insurance end. As mentioned above, the healthcare sector needs help automating document processing to address unstructured data costs while improving data integrity and patient experience.
Commercial underwriting can involve thousands of pages of paperwork and take countless hours, days, and weeks for human employees to process. In contrast, IDP can dramatically enhance commercial underwriting workflows by automating classification, scanning, routing, and analysis. The result is a massive improvement in turnaround time, employee engagement, organizational efficiency, data accuracy, and customer satisfaction.