Accelerating Digitization of Policy Documents for Better Mortality Prediction

Business Objective

Our client is a Fortune 100 life insurance provider. The client had ten years of application data available in a digitized format for modeling of mortality risk. It wanted to digitize an additional 15 years of applications (~1 million forms) to improve survival prediction. To accomplish this, the client needed a robust and automated process to assess data quality and ensure that digitized applications (post-OCR) meet a certain standard for modeling purposes.

The client wanted us to-

Create a scalable solution for automated validation of digitized applications
Deliver over 90% accurate data for integration with modeling datasets

Challenges

The underwriting process had evolved significantly over the past 25 years – forms with varying templates, changes in questions (and language), incorrect applicant tagging, etc.
Significant digitizing errors such as incorrect values, page duplication, wrong order of pages, etc.

Solution Methodology

Identified variations in application questions and designed custom workflows to create a single source of truth (SSOT), by
- Creating a stratified (smaller) sample of policies to manually translate them into digital data to eliminate all digitizing errors
- Analyzing different trends to define benchmarks for missing percentages, outliers, and invalid entries
Built an automated process to analyze digitized data in terms of sanity checks (missing values/outliers), variable distribution, and comparison with SSOT
Designed reports for underwriters to track data quality metrics at a variable and policy level

Business Impact

The initial prototype helped in making a go-no-go decision with regards to scaling the OCR process and justifying millions of dollars of investment
The final solution is able to process and validate 50k digitized policies in less than 2 hours

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Accelerating Digitization of Policy Documents for Better Mortality Prediction

Business Objective

Challenges

Solution Methodology

Business Impact

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