ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, today announced the launch of extended capabilities in ACORD Transcriber, a widely used tool that enables digitisation and automation of data in insurance forms and other documents. These AI-based capabilities will facilitate data extraction from unstructured submission document formats, including current and future Market Reform Contracts (MRCs).
ACORD Transcriber was built to automate the download, population, and extraction of data in insurance documents. To date, (re)insurers, (re)brokers, and other stakeholders across the global insurance industry have processed over 15 million documents and extracted over 800 million data elements using ACORD Transcriber, resulting in faster speed to market, reduced operating costs, and enhanced data consistency and accuracy.
The latest capabilities of ACORD Transcriber’s comprehensive AI/ML engine include support for data extraction from highly unstructured formats such as MRCs, Schedules of Value (SOVs), and other submission documents. Because the structure and content of these documents is extremely variable, they have historically been difficult to digitally extract data from.
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“Our global (re)insurance clients have been leveraging the benefits of ACORD Transcriber in areas such as accounting and claims for years,” said Chris Newman, Managing Director – Global, ACORD. “Most of these formats tend to be relatively static and fixed, making it easier to map and extract data from them. MRCs and other submission documents, on the other hand, differ so much from one to the next that solution providers have struggled to intelligently digitise them. With these capabilities, we can now support data extraction across the full insurance lifecycle, from initial submission to accounting and claims.”
ACORD Transcriber can be accessed through a self-service portal, or by API-based integration with other systems. Its full integration with ADEPT (ACORD Data Exchange Platform & Translator) will allow users to extract, orchestrate, and exchange data throughout the global (re)insurance ecosystem, including the Lloyd’s market as envisioned in the Blueprint Two initiative.
“Together ADEPT and Transcriber can, for instance, turn an invoice PDF into an ACORD e-Accounting (EBOT) Message, or turn a claim advice PDF into an ACORD Claims (ECOT) Message,” Newman continued. “As we continue to align the Blueprint Two Core Data Record with ACORD Standards, users will be able to do things like automatically turn a traditional or next-generation MRC into an e-Placing Message (GPM), with virtually no manual intervention required. The improvements in efficiency will be enormous.”
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