(Image source: Argo Group website.)
Specialty insurer Argo Group (Hamilton, Bermuda) has adopted ACORD Transcriber as its solution for dynamic document delivery and automation. Through this engagement with ACORD Solutions Group, the industry-owned solutions arm of the global insurance standards-setting body ACORD (Pearl River, N.Y.), Argo will leverage the benefits of next-generation, standardized digital data exchange, according to a joint announcement.
ACORD Data Standards are widely used throughout the insurance industry, accounting for half of global gross written premium, the statement notes. The industry-owned ACORD Transcriber solution operationalizes these standards to automatically download, extract and populate data in various document formats, enabling direct systems integration and straight-through processing. Argo will use ACORD Transcriber to automatically extract key fields from Adobe Acrobat documents and import the structured data output into various Argo work streams, thereby greatly speeding up data acquisition, as well as intake and submission processing.
“This intake solution is the first of its kind in the industry,” comments Toby Jackson, head of Digital, Argo Group. “By using our own digital tools coupled with ACORD Solutions Group’s innovative AI product, we will be able to access and respond to customer inquiries more efficiently. This key partnership demonstrates Argo’s continued focus on improving customer experience and finding better intake solutions for our underwriters and our partners.”
Argo plans to automate more than 600,000 pages of manual data entry over the next year by integrating ACORD Transcriber, the result of lengthy and intensive work by Argo’s Digital team to find a suitable solution.
Reduced Processing Time, Increased Confidence
“Adopting any solution is all about efficiencies, quality and capacity, which ultimately lead to better results,” adds Jackson. “ACORD Transcriber means a cost savings for us down the road, in addition to reduced E&O exposure, because we’re decreasing errors caused by human data entry. Given the variety of forms and the nuances in document formats and versions, other vendors just didn’t have accurate data outputs or the ability to incorporate new forms.”
ACORD Transcriber addresses the issue of new formats with a feature that’s built into the solution, making it an integral part of Argo’s data extraction efforts, according to the companies’ statement.
“We are delighted to provide Argo with enhanced data quality through ACORD Transcriber,” says Bijesh Jacob, SVP of Technology & Standards, ACORD Solutions Group. “Through reduced processing time and increased confidence in data output, the insurance industry can realize substantial benefits from fully automated document data extraction.”