Automate Insurance Loss Run Data Extraction with AI-Powered Software

AI-Powered Loss Run Data Extraction

AI-based software Loss Scan automates the extraction of loss run data, overcoming the challenges of manual processing:

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 Accurate Data Extraction
Advanced AI accurately identifies and extracts relevant data fields from loss run PDFs, eliminating human errors.

Works at Scale
Software can process any volume of loss runs without additional overhead. This scalability makes it suitable for large insurance providers.

Adapts to Inconsistent Formats
The AI algorithms automatically adapt to different loss run layouts and formats to maintain high accuracy.

Rapid Processing
Software extracts data from loss runs in minutes versus hours or days for human data entry. This dramatically speeds up loss run analysis.
 Reduces Labor Costs: Automation eliminates the need for manual data entry, leading to significant cost savings on staffing.

Flexible Integration
Loss run software seamlessly integrates with existing insurance systems via APIs for easy data transfer.

Detailed Analytics
Users get valuable insights from loss run data like loss ratios, reserves, and more to inform underwriting and other decisions.

Key Features of Loss Scan

Loss Scan provides a complete AI-based solution for loss run data extraction:

Carrier Agnostic
Works with loss runs from over 100 top insurance carriers in different formats.

Data Validation
Advanced validation ensures high accuracy when extracting loss data.

Customizable Output
Users can customize the output format, data fields extracted, and delivery method.

Loss Scan is a cloud-based SaaS solution accessible from any device via a web browser.

Secure Encryption
Military-grade encryption secures loss runs and extracted data throughout the process.

Bulk Processing
Users can upload multiple loss run PDFs for batch processing.

API Integration
Seamlessly integrate loss data into existing insurance software and systems.

Detailed Analytics
Get insights into loss ratios, reserves, claims trends and more to inform decisions.

By leveraging Loss Scan’s AI capabilities, insurance companies, brokers, and other stakeholders can eliminate the inefficiencies of manual loss run processing. The software delivers automated, accurate data extraction that scales on demand.

Challenges with Manual Loss Run Data Processing

Manually extracting data from loss run PDFs is hugely time-consuming. Loss runs can be hundreds of pages long with valuable data buried in tables and text. Humans cannot efficiently process these large documents.

Prone to Errors
Humans are likely to make numerous mistakes when manually extracting loss run data. This leads to inaccurate and incomplete data, impacting analysis and decision making. Fatigue and repetition increase errors.

Processing loss runs requires dedicating staff to extract data, taking them away from other tasks. This labor-intensive process has high overhead costs.

Difficult to Scale
As business grows, the number of loss runs to process increases. Scaling manual processing is challenging, requiring more staff and resources.

Formatting Inconsistencies
Carriers use different formats and layouts for their loss runs. Humans struggle to adapt to these inconsistencies, further slowing down data extraction.

The Solution! Transform your Insurance Loss Runs into Actionable Data with Loss Scan!

Get your FREE demo today and experience the power of AI-driven data extraction. Save time, increase accuracy, and reduce costs. Join the revolution in insurance data processing now!