Insurance is a fundamental provider of peace of mind in today’s economy. For everyone from homeowners to businesses building new partnerships, insurance coverage protects against unforeseen circumstances. New insurance applications appear every day. Proving that one has such coverage is periodically relevant, too. In tasks such as these, standardized ACORD forms play a central role. With ACORDForms Automate for TotalAgility, processing these forms is much simpler.
Data extraction from ACORD forms from the insurance industry could be a big step toward finalizing an agreement or granting an insurance application. Traditionally, this has been a slow and painstaking process. With better automation, it’s possible to accelerate this process, improving both value and process outcomes. Let’s dig into ACORD forms and explore how solutions from the Tungsten Marketplace can help.
What is an ACORD Form?
ACORD stands for the Association for Cooperative Operations Research and Development. Since 1970, ACORD has played a central role in the standardization of communications and paperwork generated by insurance companies. Before the release of standard ACORD forms, insurers all used different proprietary methods to provide statements of coverage.
For brokers, businesses and individuals alike, that patchwork landscape was a source of constant confusion. ACORD forms provide a reliable means of communicating the facts about a policy. These documents summarize all the types of coverage, limits, limitations and other factors that can influence business or insurance-related decisions. They typically include data such as when the policy began and ended, what kind of coverage the insured carriers, the policy writer, and more. ACORD forms support both applying for insurance and verifying coverage as needed.
The Challenges of Manually Processing ACORD Forms
Using manual data entry with ACORD forms presents many of the same problems that occur in manual processing of other information. Working by hand is inherently slower. Long, complex forms can require more time to process, creating a bottleneck that impacts other operations downstream. Individuals may mistype information, and one or more errors could lead to the wrong decision-making outcomes. Workers may not always interpret the forms correctly, which could lead to further mistakes.
In high-volume applications, these problems compound and multiply. Bringing workflow automation to bear in this space can help avoid that outcome.
Accelerate Your Workflows With Solutions from ImageTech Systems
ACORDForms Automate by ImageTech Systems equips TotalAgility with the capacity to process these forms quickly in a highly automated environment. With this solution, TotalAgility workflows can automatically identify the specific type of ACORD form, extract the data using leading OCR technology, and provide a means for validating that data.
The user interface for validation is highly customizable to suit your specific business requirements. Implement custom business rules to accelerate processing according to your directives. Integrated lookups simplify the effort required to correlate forms with other data.
This solution can even route the extracted or validated ACORD form to the correct location using the form type to determine the destination. With ACORDForms Automate, a business can see real impacts and cost savings through better productivity while eliminating a potentially troublesome source of errors.
What Kinds of Forms Can This Solution Manage?
Different ACORD forms correspond to different types of insurance coverage or applications for a policy. Therefore, a solution that can handle the full variety of ACORD forms is essential. That’s precisely what ACORDForms Automate does. It features built-in support for the complete range of forms, including standard documents, including:
- ACORD 25, a Certificate of Liability Insurance
- ACORD 27, Evidence of Property Insurance
- ACORD 90, a Personal Auto Insurance Application.
- ACORD 126, a Commercial General Liability Section.
- ACORD 130, an application for worker’s compensation.
These are just a few of the forms this solution can process automatically. In practice, it capably handles all types of forms.
The Benefits of Better Processing
A faster, easier way to route insurance applications or verify a business partner’s coverage is a benefit all its own. However, you’ll also experience other advantages from bringing automation into this area. These perks include:
- Data that are extracted and ready for the next steps sooner.
- Highly reliable extraction that eliminates human input error as a source of problems.
- The potential for integration with ImageTech’s ClaimsAutomate solution to expedite the processing of insurance claims.
- Lower costs associated with processing, and more.
Improve Your Operations With Marketplace Solutions Today
Advanced automation makes previously complex and lengthy tasks into simple workflows that reliably produce the results you need every time. Through ACORDForms Automate for TotalAgility, insurers, businesses and others who must handle these forms can reliably extract all the information they need. Transferring that data is simple; we’ve even seen how improved claims processing is possible. With the Tungsten Marketplace, accelerating your automation journey is easy. Learn more about bringing this and other valuable solutions to your business today.