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Our client, a leading US-based Banking and Financial services company, has a historic load of around 25K+ procurement contracts and generates around 2K contracts each month globally.
How AI-driven Digitization of Documents is Transforming Life Insurance.
Moreover, processing semi-structured and unstructured documents require significant manual effort. Complex, distributed, legacy infrastructure also impacts customer experience and operational efficiency.
XtractEdge Platform and its computer vision capability, our client was able to accelerate loan processing for PPP SBA loans with high accuracy, extracting data at the speed of 15,000 digital forms per hour.
XtractEdge Platform, built on the XtractEdge, uses object detectors, OCR, handwriting recognition, and signature tagging to help enterprises identify information from images and scanned documents.
Artificial intelligence (AI) has intersected with insurance, particularly commercial insurance, automating processes for speed and efficiency, expanding the capacity for data ingestion and processing, providing data insights and intelligence, and improving risk modelling.
Intelligent Document Processing (IDP) led transformation helps commercial insurance underwriters go beyond data extraction and focus on orchestrating processes and delivering value.
XtractEdge Platform, a document extraction, processing, and comprehension platform, helps enterprises unlock business value from enterprise data by extracting intelligence from varied documents.
Automated insurance solutions can improve processes ranging from claims and underwriting to customer service and compliance, as well as its application cases.
With claims process automation, companies can move to a faster, intelligence-based system that deploys Robotic Process Automation to analyze data quickly and accurately.
