Argo partners with ACORD to automate documentation process

Argo Group has adopted ACORD Transcriber as its fully integrated solution for dynamic document delivery and automation in order to drive cost savings and reduce E&O exposure by decreasing errors caused by human data entry.

The insurer has partnered with the global insurance standards-setting body ACORD as it looks to automate more than 600,000 pages of manual data entry over the next year by integrating ACORD Transcriber.

ACORD Data Standards are widely used throughout the insurance industry, accounting for half of global gross written premium. The industry-owned ACORD Transcriber solution implements these standards to automatically download, extract and populate data in various document formats, enabling direct systems integration and straight-through processing.

Toby Jackson, head of digital at Argo Group, said: “This intake solution is the first of its kind in the industry. By using our own digital tools coupled with ACORD Solutions Group’s innovative AI product, we will be able to access and respond to customer inquiries more efficiently.”

“This key partnership demonstrates Argo’s continued focus on improving customer experience and finding better intake solutions for our underwriters and our partners,” he added.

Bijesh Jacob, SVP of technology & standards at ACORD Solutions Group, said: “Through reduced processing time and increased confidence in data output, the insurance industry can realize substantial benefits from fully automated document data extraction.”