The rigidity of legacy tech drove a leading global financial and insurance enterprise to Hyperscience.
Founded 150 years ago, this global financial investment management and insurance company has over $1 billion in operating income. With more than 19 million customers across 70+ countries, this firm serves governments, institutions, businesses and individuals.
Because the firm’s legacy SaaS systems were limiting their ability to scale and tackle delays in responsiveness to customers, they began evaluating additional tools for document capture and AI to resolve data backlog. Pain points included their current solution’s inability to capture handwriting unless it was perfectly written within a field, high error rates, and the resources needed to set-up a new document type. These challenges drove the company’s Shared Services Group to approach Hyperscience. The Shared Services Group onboards technology and promotes the solutions internally for business uses, functioning as a consulting group for departments around what tools they should be using.
After evaluating options, the scalability and intuitive user interface of Hyperscience stood above the rest. The institution’s first use case was checks for payment processing. Hyperscience’s solution enabled greater automation and accuracy over time with limited manual work and oversight.
Hyperscience’s easy-to-use interface, which is designed for even the least-technical business users, allows the Shared Services Team to set up new layouts to run tests and experiments on their own for new use cases in different business units.
Expanding the Relationship
Because of the ease-of-use of the system, the company was able to increase page volume by 3,000%, or 30x, within the first three months it was live.
Three additional use cases are now live – structured dental claims, packets for plan request forms and investment suitability envelopes – with more planned over the next year, including voluntary pension savings forms handwritten and typed in Spanish.
In particular, the company rolled out automated processing for plan request forms and investment suitability envelopes with Hyperscience because of shortcomings with their legacy technology solution. The firm receives packets with documents of different types in its plan request and investment suitability forms. Before Hyperscience, each packet was manually reviewed by employees, who also created a prep sheet. Now they have a layout in Hyperscience that automatically extracts the necessary data and uses the output to automate routing downstream. The benefit of automated processing has already impacted efficiency across these lines of business, so the firm is looking to bring in more volume each month.
When selecting tech solutions, it is important to question its ability to adapt to changes in workload, scenarios, volume and more. Without scalability, this enterprise would have had to purchase expensive upgrades or, worse yet, undergo a major transition to a different provider. Plan for the future and evaluate flexible solutions that will support your firm’s growth.