December 20, 2021
“DX Suite” Now Supports Insurance Policies, Promotes DX in the Insurance Industry by Utilizing Data for Optimal Proposals
Tokyo, December 20, 2021 — AI inside Inc., a provider of an AI platform, announces our “DX Suite” is expanding its AI-empowered optical character recognition (AI-OCR) to support another semi-structured form of “insurance policies,” issued when purchasing insurance.
With the expansion of supported forms, DX Suite assists the digitization of insurance policies with AI-OCR and the creation of databases for the information of insurance sold in the past. The use of data by insurance companies will enable them to propose optimal plans to their customers. This contributes to the promotion of digital transformation in the insurance industry by creating an environment in which insurance companies can focus on their core business through increased operational efficiency.
Background of Japan and AI-OCR application method for insurance policies
As the world moves toward digitalization, the Japanese insurance industry becomes more paperless. However, the percentage of insurance companies that have formulated digitalization strategies is less than half of the total, at 47% (*1). On the other hand, there were approximately 11.35 million new insurances purchased (*2) in Japan for the fiscal year 2020, and in the vast number of these procedures, many are still done on paper. Insurance policies are forms that are issued when purchasing each insurance, and contain information such as coverage and insurance premiums.
One of the effective ways for sales representatives to propose the most suitable insurance plan to their customers is to use an analysis table that compares the contents of the current insurance policy with the new plan. In such cases, the required information is manually entered after visually checking the contents of the insurance policies sold in the past. In addition to the wide variety of insurance policies sold in the past, the number of items to be entered can increase in proportion to the number of employees, making this task time-consuming and labor-intensive.
By utilizing the AI-OCR of “DX Suite,” which supports insurance policies, it is now possible to quickly digitize 33 fields in the form, including the policyholder’s information and premiums, policy details, cancellation refunds, and other special clauses. This also reduces the number of hours required for manual data entry and prevents human input errors. Furthermore, by linking with other systems, users can automate the creation of analysis tables.
(*1) Sompo Japan Nipponkoa Research Institute Report “Current Status and Approaches of Digitalization in the Insurance Industry – Medical Insurance Linked to Behavioral Characteristics Data
(*2) The Life Insurance Association of Japan, “Annual Statistics of Life Insurance Business” (FY2020)