Medical documents are some of the most complex to capture and extract information from. Challenging medical information, handwritten medical shorthand and lengthy documents filled with data call for an exceptional capture tool.
At IBM Content 2017, Pyramidians presented on how to better leverage cognitive capture solutions to extract key process information such as data from medical documents.
Save Time. Increase Productivity. Improve Visibility. BOOKMARK.
Talk to any life insurance company and they will tell you that attending physician statements (APS) (also referred to as digital or electronic medical records) are the biggest delay in underwriting new applications. Ordering an APS is expensive ($50-$150 each), takes time to retrieve (10-30+ days) and is necessary for 20-30% of all life insurance applications (and if it is reinsurance, they require an APS for each application).
A 2014 Oxford University study concluded that jobs in the “service” and “sales and related” categories have high probability (greater than .7) of computerization (computerization is job automation by means of computer-controlled equipment). According to a McKinsey Global Institute report, the underwriting profession is vulnerable to having at least 35% of its tasks automated. Now, before you dust off your resume, let’s think about this a little further.
Pyramid Solutions is excited to attend and sponsor the Association of Home Office Underwriters (AHOU) 16th Annual Conference: Appetite for Disruption.
Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process. Anecdotal evidence indicates that this can increase the productivity of underwriters by 30% when assessing complicated applications.
The typical customer experience for purchasing software, IT hardware, or even professional services looks a little something like this: You do some online research, read reviews and articles in journals and magazines (online or in print) and/or talk to your peers inside or outside of your organization or even go as far as hiring a consultant. Then after a while, you narrow your choices down to one or more vendors that you may evaluate even further – perhaps having the vendors perform a proof of concept or provide a demo. You’re a customer in this scenario.
Managing insurance claims content is a complex process that many insurers struggle with on a daily basis. Massive amounts of incoming content call for efficient systems that all too often fail to get the job done. Here are some common myths surrounding this process and supporting facts to debunk them.