Extract Data from Documents in Insurance Industry

By ComPDFKit | 2022 Nov 25
Data Extraction Insurance

This article will begin with the definition and benefits of data extraction. You could see how to apply data extraction to the insurance industry. With ComPDFKit, companies and organizations would speed up the process of policy application, claim, contract, etc.



What Is Data Extraction?


Data extraction is to recognize, mark, and store kinds of information. Think about how we get the information you are interested in from documents to reuse. Read all the documents and write down the key information. Iit’s unintelligent and a waste of time. Data on the internet is easy to reach today, and it’s huge. More and more data could not be processed manually at ease. ComPDFKit data extraction supports collecting information from kinds of files.


In insurance, the companies need to collect and manage the amount of customer data. It’s fast for them to extract data from kinds of documents and forms like  proposal form and application form with the technologies of data extraction. It makes insurance purchasing and claim workflows smooth, so the insurance staff could also pay more attention to the important parts.



How Does Data Extraction Help Insurance?


Data could be extracted from different kinds of documents. If you don't need all the information, the data you are interested in can be extracted separately. Now, let’s see how data extraction can help insurance.


        - Recognize and extract the health information of the policyholders automatically and calculate the risks.

         - When there is a claim, insurance organizations could match the loss description to the policyholders’ data. It could also extract the claimed reason. Accelerate the claim processing.

         - Once there are some changes in parts of the policyholder profiles. We could extract the received information and renew the old information automatically. The stored data is structured which makes it available to reuse the data.



The Steps to Extract Data


Data could be extracted from various files like scanned PDFs, with huge pages of PDFs, or kinds of forms. Because of the different types of contents in files, some process is available before the data extraction.


        - Preprocess: Preprocess is for scanned PDFs or images. It’s to correct low-quality images like blurry ones and improve the accuracy of the extraction.

         - Layout Analysis: Layout Analysis is to identify and categorize the different regions of the documents or images like header, footer, text body, table, or illustrations.

         - OCR: This is the key step to extract data from files. All the text needs to be detected and recognized.  


ComPDFKit provides a variety of Model Zoos like general documents and documents in industries. With powerful AI and machine learning abilities, ComPDFKit could extract data accurately. 



Final Words!


More features of ComPDFKit could apply to insurance. Turn to the product page for more information about ComPDFKit.