Insurance Card Data Extraction

June 10, 2022
3 mins read

Was your grandfather’s wallet the size of a sandwich from a New York deli? It was probably overflowing with dollar bills, a driver’s license, credit cards, membership IDs and insurance cards, to name only a few of the items needed to negotiate his world.

But in the digital era, most of this information can be tucked into a mobile phone, making a wallet seem almost unnecessary. Unfortunately, many of the insurance carriers have yet to advance into the digital era, continuing to require manual signatures, mail paper forms and issue plastic insurance cards.

When an insurance card is used, the collected information is needed to process an insurance claim. When an insurance company processes a claim, manual capture of insurance card data can become a security risk as one or more  humans in the process gain access to the data they enter. In addition, manual data entry by humans is both costly and error-prone.

Veryfi combines artificial intelligence (AI) with optical character recognition (OCR) to eliminate costly human errors, providing 97% accuracy or higher when compared to manual data processing. Veryfi’s insurance card scanning process is also highly secure, using top-level encryption. It is SOC 2 Type II certified and compliant with General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA) and California Consumer Privacy Act (CCPA) regulations.

What Is an Insurance Card?

An insurance card is printed by the insurance carrier and sent to the policyholder to provide proof of financial coverage.

Health insurance ID cards enable medical providers, such as a hospital or a medical health group, to determine how much to charge an insurance company and how much is owed by the policyholder for medical services. By carrying a health insurance card, the policyholder can quickly see the co-payment that is required for service. Policyholders seeking health care also know the percentage of the bill that is owed to the medical provider.

Similar to health insurance cards, auto insurance cards provide proof of coverage for financial liability in case of an accident or a collision. By law, all states mandate auto insurance with some minimum level of coverage and most require that insurance cards be carried in the vehicle and presented to a law officer or the injured party upon request. Some states — but not all — will allow digital ID cards as proof of auto insurance.

Common Data Fields on an Insurance Card

Each company has unique needs for insurance card data sets. Veryfi’s AI-driven data capture populates these common fields:

  1. Individual name
  2. Prefix
  3. Suffix
  4. Insurance carrier name
  5. Insurance carrier logo
  6. Insurance carrier motto or slogan
  7. Membership or policy ID number
  8. Customer service telephone number
  9. URL
  10. Expiration date

Additionally, health insurance cards contain the following common fields:

  1. Group number (the organization through which the individual obtained the policy)
  2. Health plan or policy name and level (e.g., Aetna HMO NorCal Bronze)
  3. Visit copayment amount (e.g., $30)
  4. Prescription copayment amount (e.g., $20)
  5. Primary care provider’s name (PCP)
  6. In-network deductible $
  7. Out-of-network deductible $

Why Use Veryfi for Insurance Card Data Extraction?

We’ve learned that manual data capture is time consuming and prone to errors, increasing cost for the insurance carrier and frustration for the policyholder. Veryfi’s AI-driven OCR improves the user experience, while avoiding the inefficiency and human errors inherent in manual data entry. Veryfi eliminates that problem by providing accurate, fast, secure and cost-effective data capture.

With Veryfi Lens SDK for document capture, insurance companies can quickly and accurately collect data to offer faster and more accurate claims processing for their policyholders — increasing both revenue and customer loyalty.

AccuracySecurity and PrivacySpeed
Veryfi’s 100% AI-driven data extraction solution eliminates the need for error-prone manual data entry. Whereas manual data entry yields an error rate near 30%, Veryfi delivers accuracy of 97% or higher.Veryfi is a 100% automated software solution, driven by artificial intelligence. No humans are in the loop at any point in the process, making Veryfi compliant with GDPR, HIPAA and CCPA. Veryfi’s SOC 2 Type II certification and guaranteeing the highest level of security for your data. Veryfi’s out-of-the-box data extraction solution for Intelligent Document Processing delivers accuracy on Day 1. Veryfi instantly captures, extracts and transforms unstructured data (plain text contained in documents such as insurance cards and forms) into structured data that drives actionable insights and business intelligence.

To learn more about Veryfi’s AI-driven data extraction for insurance cards, sign up for a trial and get started today.

Process your docs in less time than it takes to read this.

See for yourself.