Insurance policy porting often involves complex, time-consuming processes due to diverse document formats, unstructured data, and stringent regulatory requirements. To streamline this, a Generative AI–driven Policy Porting Solution is proposed - leveraging advanced document intelligence, automation, and secure cloud infrastructure. The goal is to accelerate policy transfer, improve accuracy, and enhance customer satisfaction while maintaining full compliance with regulatory standards.

Insurance companies face several challenges in policy porting and data migration:

• Complex Document Processing: Handling a wide variety of policy formats, layouts, and languages often results in inconsistencies and inefficiencies.
• Manual Data Extraction: Heavy reliance on human verification causes processing delays and increases the risk of errors.
• Regulatory Compliance: Strict regulations such as GDPR demand robust data privacy and audit mechanisms during policy transfer.
• Customer Experience: Prolonged turnaround times and errors in data mapping leads to customer dissatisfaction and attrition.

To address these challenges, the approach integrates Generative AI and intelligent automation technologies to ensure seamless and secure policy porting -

• Advanced OCR and AI Integration
  • Implement Azure Form Recognizer and Google Vertex AI for automated, high-accuracy text extraction from varied policy documents.
  • Use AI models to interpret and classify unstructured data, improving readability, and reducing manual intervention.
• Standardized Data Structuring
  • Convert extracted data into structured JSON format, enabling seamless comparison, validation, and migration across different insurance systems.
• Secure Cloud-Based Architecture
  • Utilize AWS cloud services for scalable deployment, integrating encryption, audit logging, and compliance monitoring to ensure secure data handling.
• Multilingual Document Processing
  • Enable AI-driven text extraction and translation for English and Hindi policy documents to cater to regional policyholders and enhance inclusivity.

Implementing this Generative AI solution delivered significant operational and customer experience benefits:

• Faster Turnaround
  • Streamlined data extraction and processing can significantly reduce policy porting time, enabling quicker customer onboarding.
• Improved Accuracy
  • Advanced OCR and AI models can achieve significantly high accuracy in text extraction, reducing validation errors and rework.
• Regulatory Compliance and Security
  • Built-in encryption, data masking, and audit trails ensure alignment with GDPR and industry-specific data protection regulations.
• Enhanced Customer Experience
  • Faster and more reliable policy transfers improve transparency, satisfaction, and retention.