Insurance Company Reduces Processing Time From 3 Weeks To 3 Days
Our Customers
AntWorks works with enterprises worldwide, in sectors including finance, insurance and healthcare. who want to extract valuable data from millions of documents every year
“We needed a solution... that would not just capture the data, but also curate the data accurately. We are experiencing efficiency improvement of almost 50%”
Emma Forster
Managing Director, Spark 44
Joint Venture with Jaguar Land Rover
Marsh's labor-intensive process of manually extracting 120 data fields from slips and supporting documentation across various business lines, geographies, and languages aimed to deliver faster and more accurate business data for efficient growth and improved client proposals without requiring additional resources.
Insurants automates the extraction of 120+ data fields from slips, ensuring accuracy, efficiency, and seamless integration into core systems. By reducing manual effort and processing time, it enables businesses to scale, centralize operations, and gain real-time access to critical data with accuracy starting at 90% and improving to 100% with human oversight.
Marsh's labor-intensive process of manually extracting 120 data fields from slips and supporting documentation across various business lines, geographies, and languages aimed to deliver faster and more accurate business data for efficient growth and improved client proposals without requiring additional resources.
The client handles a substantial volume of paperwork that’s processed manually with inevitable implications for cost and accuracy. The customer decided to start with invoice processing.
One of East Asia’s leading low-cost airlines struggled to process tens of thousands of invoices, hundreds of pages long, in multiple formats. AntWorks helped halve the effort needed to create bills and improved conversion accuracy by 85%.
A global bank was finding accuracy and compliance challenging as it tried to capture 300 different data points from unstructured documents. AntWorks delivered over 80% accuracy and a 75% boost to business efficiency.
A Fortune 500 global insurer has to process 35 varied and unstructured documents, extracting 1260 data points, every time it checks title sanctity for properties. AntWorks helped double productivity while cutting turnaround time by 80%.
A manufacturer processes invoices in thousands of different formats manually resulting in poor accuracy and efficiency. With AntWorks help it achieved a 79% conversion accuracy rate, cut exception handling, reduced labour by 4,000 hours and increased business processing efficiency.
A global insurer’s long-term care division had to field thousands of pages of, often handwritten, documents, and validate signatures. With AntWorks the customer achieved up to 92% accuracy for handwriting recognition and cut manual work by three quarters.
Insurance renewals and quotations were consuming the valuable time of skilled staff and yet were error prone. AntWorks helped boost customer retention and business growth with an accuracy rate of over 76% and processing time down 70%.
A global mortgage-industry service provider’s technology couldn’t handle complex documents in a wide variety of formats.AntWorks’ CMR automated and streamlined processes delivering up to 75% accuracy, 100% regulatory compliance, and a 90% cut in turnaround time.
One of Europe's top pet insurers was struggling to handle the volume of documentation it received. AntWorks provided a solution that can extract, sort and classify all incoming data and get approval in real time.
A BPO handled 50,000 bills of lading daily for a client updating over 120 fields manually. AntWorks helped cut processing errors, achieve 80% extraction accuracy and by cutting processing time by 63% reduced turn-around time.
Airline crews worldwide submit invoices in eight languages to this travel industry service provider. AntWorks helped achieve a 50% reduction in processing time, with zero errors, while ensuring 100% regulatory compliance.
This Big Four accounting firm’s clients use multiple naming conventions across different financial statements leading to incorrect identification and missing data points. With AntWorks CMR turn-around time was cut from 2 hours to 30 minutes, productivity doubled and savings generated.
A large Indian bank had to process hundreds of thousands of pages of documents when authorising new customer accounts. AntWorks helped increase productivity by 97%, and cut onboarding time from 8 days to 1 hour.
For over 100 years, this Fortune 500 title insurance company has helped smooth real estate transactions by providing comprehensive title insurance protection and professional settlement services. With over 18,000 employees, this company offers its products and services in more than 40 countries.
Challenges
Agents examined over 35 types of unstructured documents related to each property manually to evaluate the chain of title sanctity. There are several steps needed to generate a title report, from investigation, to checking vesting of the property, legal description and financial matters. The entire process was time-consuming and error prone. Business rules were complex and knowledge retention was poor, resulting in additional work for supervisors – reviewing sensitive information and ensuring accuracy. As a result, there was high staff turnover, and hiring and training new employees was costly. In addition, the client’s existing OCR platform struggled with the variability of document formats which required constant intervention. The sheer variety of these documents made a template-based automation approach inefficient and ineffective.
Solution
The insurance company implemented Cognitive Machine Reading (CMR), a combination of AI, cognitive technology, Machine Learning and pattern recognition. CMR accelerate the title verification process. It reads 35 unstructured document types and extracts 1,260 data points. Its pre-processing capability automatically enhances the readability of old property documents. Natural language models generate inferences and improve its ability to read and classify legal documents.
Results
After CMR was implemented, turn-around time for work processes decreased by 80% while ensuring 100% regulatory compliance. The customer achieved a 200% increase in productivity, 360-degree view of data points across all 35 documents, and automated inferences. CMR reduces the processing time from 3 weeks to 3 days for a single case leading to redeployment of resources within other functions, reducing operating cost and improved efficiency.
