IndiaFinance and insurance2021 – ongoingICICI Prudential Life Insurance
Automated document checking for insurance applications
ICICI Prudential Life Insurance processed 30% more applications in the same time after automating document checks
Problem
Back-end staff checked application documents by hand. Customers waited five or six hours, sometimes until the next working day, to learn whether their documents were approved or needed revision. The company said this wait led to drop-offs.
Approach
ICICI Prudential Life Insurance worked with the Google Cloud partner Searce and its document product Recognic, which uses the optical character recognition of Cloud Vision. If the details on the application form match the documents, the case skips the underwriter and goes to policy issuance. The company and Searce are adding deep learning models so the system can read financial and medical documents with varied layouts.
Results
Takeaway
Checking documents at the moment of upload removed the wait that caused drop-offs. The company said it did not need extra staff to handle the added volume.
Categories
- Size
- Large enterprise
- Industry
- Finance and insurance
- Business function
- Production and quality
- Innovation type
- Process innovation
- AI technology
- Computer vision
- Adoption
- Vendor solution
- Evidence
- Vendor case study
Sources
Source summaries
Google Cloud's customer story describes how ICICI Prudential Life Insurance used Searce's Recognic, built on the Cloud Vision API, to check application documents automatically. It reports a 30% rise in applications processed in the same time span and instant feedback to customers on their documents. The page carries no date; the Internet Archive first saved it on January 1, 2021.
Full details are in the original sources.