Insurers can process applications a number of ways: manually, using software, or a combination of the two. Today, when it comes to life insurance and retirement products, that process is still entirely manual for many insurers - an insurer receives the documentation, reads it, manually transcribes it and then validates it for decision-making. While the process works, it can be expensive and error-prone. This is why one insurance giant opted for automating as much of the process as possible using Intelligent Document Processing. This firm receives millions of documents for processing every year, totalling around 16 million pages annually within their life, individual retirement, and retirement services alone.

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