Insurance Giant Slashes Life & Retirement Forms Handling Times

Background

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.