1. A system for extracting insurance data from one or more documents having one or more file formats and converting the data into Extensible Markup Language (XML) format, the system comprising: a memory comprising program instructions defining a user interface, a business type classification module, a format classification module and an extraction and conversion module; a processor configured to execute the program instructions stored in the memory; the user interface configured to facilitate one or more users submitting one or more documents related to insurance; the business type classification module in communication with the processor and configured to identify the one or more submitted documents based on a business type; the format classification module in communication with the processor and configured to identify file format of the one or more submitted documents; and the extraction and conversion module in communication with the processor and configured to: match one or more headers in the one or more submitted documents with one or more pre-stored headers corresponding to the identified business type, wherein in the event that the one or more headers are not distinctive from the insurance data, a tabular structure is formed from the insurance data, and the one or more headers are identified for carrying out the matching step, by calculating the minimum mean square distance for each column of the first row of the tabular structure using spatial mean; extract insurance data corresponding to the one or more matched headers, wherein the matching and extracting is based on the identified file format; and convert the extracted insurance data into XML format using one or more pre-stored XML elements corresponding to the one or more matched headers.