Company
Date Published
Author
Sucheth
Word count
1773
Language
English
Hacker News points
None

Summary

The Indian motor insurance market is expected to grow from $13.19 billion to $21.48 billion by 2030, driven by increasing vehicle sales and growth in the middle class. However, regulators have introduced new guidelines aimed at improving claim settlement processes, requiring insurers to process claims within stricter timelines. One insurer faced significant challenges in meeting these regulatory requirements due to an inefficient, manual workflow that involved over 350,000 cases annually. The insurer had to find a way to streamline its back-office processes and reduce manual errors to meet the new guidelines. After exploring various OCR solutions, they chose Nanonets' Intelligent Document Processing (IDP) solution, which could handle all document formats, extract key information, and integrate seamlessly into their existing claims management system. The implementation focused on core documents like estimates, invoices, and pre-invoices, with plans to expand to supporting documents. Since the implementation, the insurer has seen promising signs of improvement, including a 1.5 million page increase in processed documents, standardized naming for parts, and reduced manual intervention time. The next phase will focus on expanding document processing to include supporting documents, aiming to cut manual work by 50%.