Here you’ll know more about custom tool development for the insurance industry by Corpsoft.io
Custom tool to process and analyze insurance checks backgroud
The Corpsoft team was approached by two entrepreneurs from the insurance industry. They are experts in the accounting of insurance documents and understand the nuances of effectively conducting business in this industry. Our clients also identified opportunities for other companies, which also need strict accounting of their documents as part of their internal processes. The request was to develop a custom tool to process and analyze insurance checks, which would help reduce the risks of errors and accounting discrepancies.
Product Description and Challenges
This project provides the development of a custom system for processing insurance checks. So this will allow reviewing and monitoring of a large volume of documents for compliance with processes and approvals. To implement this tool, we need to develop a program that can read and parse PDFs of insurance checks and compare the data in them to specified requirements.
One of the main challenges – create an automated system to process and compare a huge number of documents in real-time. Also, an important factor is to develop processing algorithms that will determine the compatibility quickly and correctly by the specified requirements.
Key Project Features
The project has several key features that make it meaningful and valuable for companies that process large insurance document amounts. They include:
1. Processing massive volumes of insurance documents in real-time and accuracy in determining their compliance according to specified requirements. As technical partners, we proposed to achieve this by using modern software and algorithms to optimize the companies’ document accounting processes.
2. Parsing and reading PDF files. PDF parsing involves extracting information, such as text, images, and metadata, from PDF documents. Reading PDFs involves taking data from a PDF file and presenting it in an easy-to-use format.
3. Highlighting nonconformities. This allows you to quickly and accurately determine the compatibility of insurance documents, which is the main advantage of the project and simplifies the operations.
Value of custom tool to process and analyze insurance checks development
As a result of our experience and expertise, we have developed a tool that helps businesses reduce document processing time and provide more accurate data analysis. This tool is required for companies that process large volumes of documentation. Because it simplifies and speeds up the insurance check validation workflow and ensures compliance with processes and approvals by automating it. The system significantly reduces the time it takes to process data, as well as providing improved analysis, and ensuring compliance with processes and approvals by automating their review.
Tools used: Jira, Zoom, Slack.