So much paper. So little automation.
With operations in more than 80 countries and jurisdictions, this American finance and insurance giant offers its services in general insurance, life, retirement, and technology. And like any insurance company of its size, it takes in a tremendous amount of documents to get work done, particularly when it comes to the enrollment and application process. Unfortunately, for many insurers, document processing is manual – a human receives the documentation, reads it, manually transcribes it and then validates it for decision-making. For an insurer of this firm’s size, manually processing 16 million pages each year within their life and retirement business alone is not sustainable.
This is why the firm opted for automating as much of the process as possible, especially as it related to their life insurance and retirement lines of business. At first, they turned to legacy Optical Character Recognition (OCR), which promised to reduce the manual effort involved in processing these incoming forms, but ultimately failed.
In production, OCR could not handle the variability of handwritten forms, which they encountered often, achieving only 10% accuracy, which was insufficient and unscalable.
As a result, the firm looked to emerging Intelligent Document Processing (IDP) solutions to take a more robust approach to processing its life and retirement forms.
Hyperscience offered the firm the ability to have intelligent, ML-driven software – not people – quickly and accurately read even the most imperfect of documents. The Hyperscience platform was originally integrated into the firm’s workflows to reduce the time it took to manually review and validate incoming documents and also to improve overall accuracy and data quality.
Hyperscience significantly reduced the amount of manual effort involved in processing Life insurance and Retirement forms.
Today, Hyperscience continues to deliver high levels of accuracy on even the messiest of documents. The firm has seen as much as a 70% reduction in data entry time when processing certain forms in life insurance and retirement; eliminating on average almost 30 minutes of data entry time in each transaction. This enables a significantly smoother process for brokers and customers, resulting in happy customers and more business for the firm.