Acord 28 forms are standardized application forms used to provide ‘Evidence of Commercial Property Insurance’ to carriers. These forms are used to show coverage statements, coinsurance percentages, mortgages, fungus losses, and premises information about real estate properties. The goal of processing Acord 28 forms for insurance policies is to minimize follow-ups with clients and provide the necessary evidence about coverages in policy which are currently in force. The insurance industry is forecasted to exceed valuations of USD 250 billion dollars by 2025 and companies are adopting the latest technologies for automating their Acord 28 forms processing. With intelligent OCR and AI technology, Docsumo helps scan and read Acord 28 forms in real-time with 99% accuracy.
What is Acord 28?
Acord 28, also referred to as ‘Evidence of Commercial Property Insurance,’ is an application that is required to check if insurance policies are genuine and if the coverage provided by them is adequate for organizations.
Real estate properties and commercial businesses applying for a loan or mortgage against premises are required to submit Acord 28 forms before being approved for finances.
Importance of Acord 28
Businesses require a Certificate of Insurance (COI) and the Acord 28 acts as evidence which is a supplement to these certificates. Acord 28 forms are intended to list out multiple variables related to insurance coverage and show how much protection property assets get.
1. Applying for Loans or Mortgages
For property owners who want to lease or rent their premises, Acord 28 is needed as a part of legal liability. It’s also used for obtaining loans, mortgages, and provides general details about the property’s insurance policy.
2. Evidence of Property Insurance
Acord 28 is used to prove proof of coverage for insurance policies tied to commercial properties. Whether you own a private business venture or a commercial premises, if you have insurance coverage then this form is used as a supplement for evidence.
3. Filing Claims and Resolving Disputes
Clients will request Acord 28 forms from insurance agents when filing claims. These forms are used to show coverage statements which can save companies billions of dollars when settling disputes. Additionally, getting sufficient insurance coverage depends on filing and submitting these forms to associated carriers or agencies.
How to read Acord 28
The Acord 28 consists of two pages which are dedicated to providing evidence of commercial property insurance. The first page has sections related to:
· Property information
· Agency details
· Loan and Policy Numbers
· Coverage Information
· Additional Interest
Details about the building’s location and neighborhood are to be listed on the first page. There are fields such as blanket coverage, terrorism coverage, and limited fungus coverage which specify the types of coverage the policy provides. Second page is designed completely for inserting additional information about the property. Insurance agents and brokers can mention extra details in the remarks section.
How to automate Acord 28 processing
Acord 28 forms are used for providing clarity about policy information, coverage statements, and many companies are beginning to automate their Acord 28 forms processing using automated data extraction. Document automation software is used by large scale firms to review legal records and process insurance policy applications.
The information presented on Acord 28 forms can be scanned and interpreted using automated document processing software. Pre-trained APIs are available in software components which automatically read key value pair fields in these forms and update databases. The input data is uploaded to insurance agencies who then forward these applications to carriers for a manual review.
The biggest advantage of processing Acord 28 forms using Docsumo is that forms can be converted into multiple file formats such as Excel or XML files, JSON, PNG/JPEG images, and PDFs. Clients can receive these documents as PDF files or structured text via email as well. After APIs are trained using the first Acord 28 form, machine learning algorithms take over and learn from past instances.
Benefits of Automation
Insurance companies are relying on document extraction and automation software to process Acord 28 forms because of their increased efficiency and productivity. Document automation can vary from industry to industry but it is proving to be beneficial for the insurance sector. It takes minutes to set up a built-in template and let the software automatically carry out tasks related to document processing and production.
All the files get stored electronically which makes it easier to manage these Acord 28 forms in bulk. Below is a list of the major benefits of using automation software for processing Acord 28 documents.
1. High Accuracy
There is literally zero room or margin for error since information is proof-read by the software before being approved and digitally processed. The software validates key value pair fields and assigns the appropriate data types as well.
The interface is easy to navigate and there are no steep learning curves for using document extraction platforms like Docsumo. All a user has to do is drag and drop data into the fields for the first document in order to train the APIs. After that, they simply select the module and let the software do its job when uploading the remaining files.
3. Multiple File Formats
Users enjoy the option of being able to convert documents into excel spreadsheets, JSON, and other file types. Docsumo can convert unstructured data from PDFs and images into structured formats for clients.
4. Smart filters
Smart filters let you optimize data extraction from documents and make document processing more efficient. Users can analyze and refine information processed on Acord 28 forms using these tools.
Digitizing your Acord 28 forms doesn’t have to be difficult and takes only a few minutes. Sign up for a free demo and process Acord 28 forms using Docsumo .
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