Ask any large enterprise, and they’ll proudly say “we’re going digital”, but what does that mean? Obviously, eliminating paper-driven complexities is an admirable goal, but how can organizations communicate with each other when they use completely different systems? The number of electronic or physical documents moving between businesses and customers is growing year over year, and so is the amount that organizations spend to process those documents. The ideal world of seamless data integration between businesses is long overdue, but still far in the future.
The insurance industry in particular is plagued by this problem. Hundreds of millions of pages are submitted every year, in varied formats, in imperfect scans, filled in with handwriting, and almost always accompanied with supplementary documents (e.g. medical docs, authorization forms, pay stubs, ID forms). Insurers can also get buried with seasonal enrollment forms, natural disasters that cause widespread damage, or class action lawsuits – all of which require hiring contractors to account for an increase in document volume and to fill in any processing gaps. All of this puts an immense and uneven strain on the business. Organizations have typically relied on a combination of legacy data capture technologies (such as OCR) and manual data entry to extract usable data from these documents. The problem is that the latter is slow and expensive, while the former – like most technologies adopted in the 1970s – is error-prone and inflexible to the variability in quality that insurance companies face in the real world.
Hyperscience takes a different approach, using Machine Learning to transcribe a document in context as a human would, extracting and structuring data from diverse document types, including claims and enrollment forms. This data can be sent into downstream systems – via existing connectors or API calls – where adjudication and underwriting processes can take place. In an age where customers expect responses in a day or even hours, insurance companies can win business opportunities by processing enrollments and underwriting proposals faster than their competitors (and with fewer errors).
Overall, Hyperscience delivers for the insurance industry by implementing modern, scalable technology that allows them to have a competitive advantage in customer acquisition while reducing back-end costs inefficiencies.
Zach Ridout is a Sales Development Representative at Hyperscience. Connect with him on LinkedIn here.