Top 20 Insurance Firm Automates Certificates of Insurance (COIs)

A top-20 insurance company was looking for a better way to handle the repetitive manual task of generating Certificates of Insurance (COIs) for its extensive clientele:

“We were basically spending way too much time and way too much money on what should have been a simple task.”

Despite investing in various software solutions, the company struggled to find a platform that could handle the complexities and scale of its document generation needs accurately. The company turned to Docugami, an AI-powered Document Engineering solution, to transform this content generation process.

The Challenge – Automatically Generating Certificates of Insurance Accurately and Efficiently

When companies are conducting business transactions, they often need to provide proof of specific commercial insurance coverage, called a Certificate of Insurance (COI). The COI is a concise document that summarizes essential information like the types and limits of coverage, the issuing insurance company, the policy numbers, and the policy’s effective and expiration dates. These details exist in a long, complicated policy document, and the COI basically condenses the critical information from a 100+ page document into a single page.

The insurance company's existing software solutions fell short in accurately interpreting and processing the diverse array of data required for COI generation. Extensive manual intervention was required, which led to errors, delays, and inconsistencies in the generated documents. The inefficiencies not only strained internal resources but also risked tarnishing the company's reputation for reliability and professionalism.

Recognizing the limitations of traditional approaches, the company sought a transformative solution that could leverage cutting-edge technology to streamline its operations and enhance productivity.

Docugami’s Approach to COI Automation with AI

Faced with what was essentially a document and data challenge, the company signed up for a demonstration from Docugami. 

Unlike other software products the company had tried, Docugami required virtually no setup time and no lengthy IT process. The team found the initial accuracy surprisingly good, and accuracy became excellent with just a small amount of training on a representative sample of policies.  

Impact - Greater Accuracy and Time Saved

Docugami provided greater accuracy and flexibility in unlocking the information in complex insurance policy documents. Docugami’s unique Document Engineering approach automatically creates a full XML Knowledge Graph representing all the information in every document, and how each piece of information relates to the others, which helps to eliminate the confusion around multiple dates and entities mentioned in a complex policy.

With only minimal training from human reviewers, Docugami dramatically reduced the time required to generate the key data from massive policy documents. This information could then be populated into summary Certificate of Insurance forms. 

What had previously been an unnecessarily repetitive task and a source of frustration is now a mostly automated task.

The amount of time required to generate a Certificate of Insurance is now entirely reasonable, easing the on-demand task to support customers' needs.