Accelerating Underwriting with Intelligent Document Processing
An insurer used OCR and automation to extract and validate data from financial documents, cutting underwriting time, reducing errors, and improving decision accuracy.
Outcomes
4
Vendors Evaluated
1.5x
Business Verification Increase
2 weeks
PoC Cycle
50%
Onboarding Times Decreased
Technology Vendors Suited to Evaluation
Business Problem
The carrier’s loan origination process was slowed by manual document collection, verification, and data entry, resulting in delayed approvals and inconsistent decisions. These inefficiencies frustrated customers and constrained growth.
Without automation, underwriting teams faced data inaccuracies, compliance risks, and an inability to scale efficiently. The bank needed a reliable, automated way to extract, validate, and standardise loan data across diverse document types while reducing turnaround times and operational costs.
Challenges
- Manual and Inefficient Loan Processing.
- Delayed Loan Approvals & Customer Frustration.
- Data Inconsistencies & Verification Bottlenecks.
- Vendor Vetting & Technology Adoption.
From Idea to Evidence with NayaOne
The insurer used NayaOne’s secure sandbox to evaluate multiple OCR and document automation vendors within two weeks — testing accuracy, integration, and speed without onboarding any to production.
- Rapid Vendor Setup: Four OCR vendors were identified and onboarded securely under NDA.
- Synthetic Data Testing: Each was provided realistic loan, tax, and financial documents to validate extraction accuracy and compliance.
- Instant Access: Vendors deployed their tools within a day, enabling immediate testing.
- Performance Evaluation: Underwriting teams compared automation accuracy, processing speed, and integration capabilities.
- Accelerated Outcomes: What once took months was completed in just two weeks.
By running OCR and automation PoCs in NayaOne’s sandbox, the insurer gained fast, evidence-based insight into the best-performing tools for digital underwriting.
Impact Metrics
PoC Timeline Reduction
2 weeks with NayaOne vs 12 – 18 months traditionally
Time Saved in Vendor Evaluation
1+ year
Decision Quality
The bank gained hard evidence that loan processing could significantly increase using OCR and automation tools.
KPIs
- Underwriting Time Reduction (%): Improvement in average time to process and approve a loan.
- Data Extraction Accuracy (%): Precision of OCR and automation tools in capturing key data fields from documents.
- Error Rate Reduction (%): Decrease in manual data entry or verification errors.
- Customer Turnaround Time (hours/days): Average time from application submission to decision notification.
Validate OCR Tools Before Deployment
Use NayaOne’s secure sandbox to test OCR and intelligent document processing solutions with synthetic loan data – evaluating accuracy, integration ease, and underwriting efficiency before live implementation.
