Data extraction accuracy
Our AI models are trained specifically for the Insurance industry resulting in better accuracy.
#ImagineaExtract
UNLOCK DATA EXCELLENCE
Improve data extraction accuracy
from Insurance documents
Say goodbye to manual data extraction. Our solution helps you accurately extract data from structured and unstructured insurance documents, to increase efficiency and drive end-to-end process automation.
Talk to usWHY AUTOMATE DATA EXTRACTION
Quick and accurate data extraction transforms
Insurance process efficiency
Insurance processes are plagued with manual and repetitive tasks such as data entry, classifying and sorting documents,
extracting information from multiple sources, etc. Skilled workers lose upto 40% of their time in such activities. The need for
intelligent data processing is on the rise especially in domains such as underwriting, claims automation and customer
engagement that are still technology-resistant. Our solution is built specifically for the Insurance industry, and uses OCR,
NLP combined with unsupervised Machine Learning (ML) models to extract data from different sources
such as documents, emails, images, etc.
Upto 98%
Upto 80%
Reduction in operational cost
Our easily repeatable solution patterns helped in minimizing cost and complexity of multiple insurance functions.
> 60-90%
Faster claims processing
We brought down claims processing time from 2 weeks to 2 days for a Pet Insurance company.
> 200x
Faster document processing
Our solution comes with cognitive capabilities to extract information from unstructured documents such as emails, images and scanned notes.
> 40%
Improvement in employee productivity
We help you automate manual data entry and repetitive tasks for better productivity.
> 3X
Availability of secondary data points
Our solution assists you in extracting secondary data points for deeper insights to detect frauds, and optimize claims and underwriting decisions.
OUR SOLUTION
Imaginea Extract
Imaginea Extract is an AI-powered data extraction solution that is built primarily for the Insurance industry.
With our solution, you can obtain, interpret, classify and analyze unstructured data from various claims,
quotes and policy documents with significant accuracy.
Extract information from various structured and unstructured data sources – emails, scanned files, images, texts, videos, PDFs, JPEGs, docs, etc.
Map data to ACORD Standards or legacy systems.
Improve the speed and accuracy of claims and risk assessment processes.
Identify more than 5000+ insurance-specific entities like coverage, premiums, terms, exclusions, deductibles, loss statements, etc. using various models.
Read and sort data automatically from various claims documents, policy records, invoices, KYC verifications, etc. for detailed analysis.
Feed information directly into any insurance workflow or system.
Streamline manual processes like document classification, indexing, data entry and customer onboarding.
Package data in any file format like XML, Word, JSON, Excel, CSV, CSIO, etc. into various agency management systems or broker management systems.
HOW IT WORKS
Automatically extract data from insurance documents
Extract relevant information from various structured and unstructured documents like emails, scanned files, images, texts, voice files, videos, handwritten documents, etc.
- Policy level data extraction
- Automatic data injection into workflows
- Accurate extraction
- Superior productivity
- Context-aware nature
Categorize documents based on their content
Identify large consolidated files from various sources and separate them into categorized documents enabling users to easily rearrange pages, collate documents, remove unwanted pages and create document groups for easy entry into various downstream systems.
- Classification of large volumes of documents
- Unsupervised machine learning
- Injection into workflows
- Context-aware nature
Leverage real-time cross channel/ touchpoint monitoring
Listen to various data formats and extract data in real-time across customer touchpoints – emails, portal uploads, physical form submissions, etc.
- Automatic reading of emails, routing to respective teams
- Automatic extraction of information from email attachments, injecting the data into workflows
- Reading and extracting data from customer uploads
Integrate the solution into existing workflows, tools
Our flexible solution works in tandem with your existing enterprise solutions and workflows. Easily integrate them using our robust APIs to empower data extraction capabilities in your existing applications.
- Dynamic APIs
- Integration with existing workflows/ applications/ tools
- Pre-built integrations with popular application stacks
INDUSTRY REPORT
Unleashing the potential of cognitive
technologies in insurance
CUSTOMER STORIES
Claims automation
Automated data extraction from Claims documents reduces processing time from 2-3 days to 1 day for a large Pet Insurance company
What we did
- Leveraged OCR and unsupervised ML (Machine Learning) to extract data from invoices
- Updated the extracted information in Salesforce against the respective Pet Insurance account
- Carried out end-to-end automation of the data capture and validation process
Our impact
- Substantial decrease in data entry time of invoice information from 15 mins per claim to 45 seconds per claim
- 60% reduction in claims processing time
- Over 90% data extraction accuracy
Insurance quote automation
Acceleration of the quote creation process by automatically extracting customer information from emails and attachments and entering into the AMS
What we did
- Implemented an RPA solution with OCR (Optical Character Recognition) capabilities to automatically extract information from emails
- Enabled the bots to use keywords to identify relevant emails from the subject line and read the quote-related information from the email body
- Pushed extracted information/ documents into the AMS
Our impact
- Reduced quote generation time from days to minutes
- Reduced human error substantially to < 2%
- 80% reduction in turnaround time, 90% automation of the quote creation process
Expense payment automation
Automation of expense payment process by extracting information from invoices, followed by payment automation
What we did
- Engineered an RPA solution to run the expense payment process automatically with minimal downtime
- Included easy-to-deploy reusable components within the solution that ensured the process was quickly implemented wherever required
- Implemented RPA in phases for easier adoption. The initial phase was focused on data extraction from expense invoices and the second phase was payment automation.
Our impact
- Reduced the users’ average handling time and resulted in efficiency gains
- Helped our client achieve better maintainability of process code by making localized changes
- Increased process efficiencies
FAQs
1. What are the top benefits of Imaginea’s Extract?
In the Insurance industry, Underwriters and Insurers spend a significant amount of time in mundane tasks such as data entry, reading mails for information, etc. Imaginea Extract automates these tasks by extracting information from unstructured policy documents and automatically enters the details in the enterprise system. This results in productivity improvement of 30-40% and faster claims processing.
2. How is your solution different from other solutions available in the market?
Data extraction solutions available in the market are mostly trained on common linguistics. We understand Insurance specific terminologies, and our solution is built and trained specifically for the Insurance industry. Hence, our extraction accuracy fares better than other comparative solutions in the market.
3. How do you integrate with my existing enterprise systems?
Imaginea Extract comes with pre-built APIs and integration points that lets you integrate quickly with your existing systems.
4. Can you customize the solution to my needs?
Yes, we can customize the solution to suit your unique needs. The solution performance can be tuned considering the size of the documents, network bandwidth, OCR parsing techniques, complexity of the documents, etc.
5. Do you automatically migrate my existing data into your system?
We provide data migration services at a nominal initial fee.