Acord 131(Umbrella/Excess section) is a standardized form that has details about liability coverage, affording extended coverage and/or high excess. These forms are often processed manually, however, underwriters and companies are finding ways to automate the Acord 131 processing and make it move along faster. Using ICR technology, automating the forms for data extraction streamlines the whole process with improved accuracy more than 98% and processing time reduced by a factor of 10.
Acord 131, Umbrella/Excess Section, holds information about liability coverage, affording extended coverage and/or high limit excess. It’s a separate policy over and above other basic liability policies of the same insured. A complete Umbrella/Excess Application has both Acord 125 (the Applicant Information Section) and Acord 131 (the Umbrella/Excess Section).
It is important to note that some details about the applicant are only found in the Applicant Information Section. Most of the details for the Identification Section need to match the data given in the Applicant Information Section of Acord 125. Though the data is a match for the data found on the Acord 125, the companies still need to complete it.
Many companies separate these applications via a line of business because of rating purposes. Leaving this portion of the application incomplete makes it hard to keep track of the complete account.
You can find the underwriter details at the top. This section contains the basic details offered by agencies such as Policy Number, Effective Date, Code, and Named Insured. The transaction type gets listed right below this, and it has to be filled up duly. Ideally, Acord 131 has the following sections:
Policy information has check-boxes for the transaction type, limit of liability, and retailed limit. Make sure you put “yes or no” on the section of First Dollar Defense. Proceed with the document by filling each section in the order given above.
Each Acord131 application has a particular framework that is needed to be followed for gathering and communicating major details to clients. It gets so much easier to automate Acord applications when you have data capture solutions and their smart filters, advanced OCR, and batch upload features. One such software solution is Docsumo.
Pro-tip: Choose the Excel format for easy analysis and JSON for sending the extracted details to other databases or software.
Here’s listing out the top five benefits of automation by Docsumo for Acord 131:
With Docsumo, bulk uploading of files with improved accuracy is possible.
It takes a few minutes to extract data, leading to a 10x faster processing time.
Scrutiny by intelligent data models leaves no room for common human errors, resulting in over 99% accuracy.
You can convert and download the extracted Acord 131 form details to XML, JSON, or CSV formats. Based on your requirements, you can both import data to systems and also export them.
Each field on the Acord 131 form is duly verified and filled. The data structures are so organized that users can review them in a few seconds.
Therefore, without wasting any more time, come to Docsumo and book our free demo now to understand our service better!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.