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.
What is Acord 131, and Why is it Important?
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.
How to Read Acord 131
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:
- Identification section
- Policy information
- Employee benefits liability
- Primary and location subsidiaries
- Underlying insurance
- Care, custody, control
- Additional exposures
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.
How to Automate Acord 131 Processing
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.
- Start by uploading the form in either PDF or image format
- The OCR technology starts extracting the information, and alternatively, you can manually add the details
- Computer Vision, Advanced Deep Learning, and Natural Language Processing are used for accurate value extraction
- A few key-value pairs are suggested through automatic extraction that you can choose to either use or discard and save the file as per your choices
- You can now download the extracted data in Excel or JSON formats.
Pro-tip: Choose the Excel format for easy analysis and JSON for sending the extracted details to other databases or software.
Benefits of Using Docsumo for Automation
Here’s listing out the top five benefits of automation by Docsumo for Acord 131:
1. Bulk uploads
With Docsumo, bulk uploading of files with improved accuracy is possible.
2. Faster processing time
It takes a few minutes to extract data, leading to a 10x faster processing time.
3. Improved accuracy
Scrutiny by intelligent data models leaves no room for common human errors, resulting in over 99% accuracy.
4. Multiple formats support
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.
5. Verification and validation
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!
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