ACORD Application Processing Solution Helps Life Insurers Efficiently Manage Inbound Applications

Life Insurance Application Processing

Ingesting and classifying new business applications (including ACORD based forms) can be a tedious and time-consuming process. eDocument Resources’ solutions capture data from the application forms, store the application and related documents into a secure and centralized repository, and share the information with other applications.   This single data capture step eliminates the re-keying of information into multiple systems, avoiding repetitive labor costs, providing high accuracy of data, and implementing an overall efficient process. 

eDocument Resources’ solutions manages the inbound life insurance applications received from the distribution channel, whether they arrive in paper, fax, or email.  Based on the form, the system can automatically separate the documents into specified application sections, handling even multi-line policies. By using pertinent information to classify each application, our solution checks for possible duplicates and missing information, automatically communicating to the provider if the application is missing information or related forms. If the application meets appropriate business rules, the system will automatically route the application to the appropriate underwriter.

ACORD Messaging Solutions helps Life insurance companies increase productivity

The eDocument Resources solution can capture and manage data and related activities, provide access to all pertinent information from within a single interface and automate tasks from investigation to negotiation to settlement.

Designed to enable companies to transact business more efficiently, effectively and expediently – across lines of business and the globe, from producers and insurers to reinsurers and other parties – industry standards have shaped the life insurance market. As solutions for efficiently managing ACORD Messaging continue to evolve, technology providers like eDocument Resources will play a key role in shaping the market’s future.