The Acord 26 form, called the Policy Certification Log, is a summarized paper-based record of an insured’s policy certifications, which highlights key terms like certificate expiration date, word changes, add-ins information, etc. Being a hard-copy format, the filling-in of such details into the Acord 26 requires manual intervention - which impacts the efficiency of the operations of a business by exhausting manpower in such back-room tasks. Allowing an intelligent software to automate the processing of Acord 26 forms businesses can effectively reroute manpower to more demanding operations.
The Acord 26, also known as Policy Certification Log, is a hard-copy record of all the policy certifications issued to a single insured. It is meant to be used with Acord 24 (Certificate of Policy Insurance), Acord 25 (Certificate of Liability Insurance), Acord 27 (Evidence of Personal Property Insurance), and Acord 28 (Evidence of Commercial Property Insurance).
The purpose of this form is to summarize the highlights, the important details of the forms appended along with the Acord 26 so as to facilitate cross-checking while issuing renewals.
Acord 26 presents to the viewer the gist of an insured's certificate. Whether it be property insurance or liability insurance, the crux of all policies and certificates is summarized on the Acord 26. Since it is a hard copy, it is handy when performing checks and verifications.
Since an Acord 26 highlights details like certificate expiry and add-ins amongst others in a printed form, it becomes easier to issue renewals by looking at relevant information at a glance.
Acord 26 forms make it simpler to locate specific information condensed on one page instead of having to sift through countless papers to find it. For example, on Acord 26, you can find listed the names and contact information of the certificate holders and additional interests corresponding to the certificates attached therein.
Through Acord 26, insurers and companies are able to view the complete certificate portfolio of the insured comprehensively laid out in a neat, tabular format. Information like changes made to policy wording, annual certificate issuance requirements, whether or not the named insured is the primary certificate holder, etc., can be gleaned from Acord 26 forms.
Acord 26 used to be a manual entry form; however, with automation, it can be filled out electronically or automatically as well. Here are the important fields that need to be filled out in Acord 26:
These fields on Acord 26 forms require filling out the names of insurance companies that afford the coverage, the name of the insured, the name of the agency, and periods of policies referenced in the file.
The fields under this head-cover all the necessary information regarding enclosed Acord forms: Acord 24, 25, 27, and 28, with the following details:
Acord 26 forms contain specific information extracted from other Acord forms - form 24, 25, 27, and 28. As such, automating the process of filling up an Acord 26 is a simple task. Data capture and validation solutions like Docsumo employ intelligent algorithms in the software that enable reading information from a form and storing it quickly and efficiently.
Through the Optical Character Recognition technology, all Acord forms filled on paper can be digitized quickly. The information thus gathered can be validated corresponding to its respective field and then filled into Acord 26 forms to be converted and printed later. The smart filter functionality of the software helps to extract desired data from forms and convert it into usable, convenient file formats, such as Excel, JSON, and more.
The software also allows for the processing of documents in bulk, thus enabling faster turnaround times with tasks as tedious as this. Processing Acord 26 forms becomes simpler with automation as the data required to be filled is already present on other forms.
By employing Computer Vision and Natural Language Processing, reading the data on an Acord 26 form for further insurance processing becomes faster and more accurate.
Among the many conveniences automation brings to industry in terms of Acord forms processing, below are a few notable ones:
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.