Curtail Invoice Processing Times by 83.3%

Fortune 500 mutual insurance company

Replacing legacy tech
with Hyperscience

10 minute decrease
in invoice processing time

Discover their journey to eradicate clunky legacy systems and automate their A/P processes.

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Client Profile

With more than $4 billion in revenue, clients in more than 100 countries and over 5,000 employees, one Fortune 500 insurance company was looking to find efficiencies in their workflows and stay ahead of the competition. After investigating – and measuring – where employees were spending the majority of their time, the organization’s Intelligent Automation team commenced an evaluation process to eliminate data entry and automate document processing and other manual tasks.

Background

The 200-year-old company was used to doing things in a particular way and had also amassed multiple, clunky legacy systems over the decades to handle their processing needs. The systems didn’t talk to each other, requiring manual entry to transfer data between the different systems. With corporate mandates in place and an Intelligent Automation team to support, the organization was desperate for a true end-to-end solution to eliminate this unnecessary middle step and cut manual data extraction time. The insurance company was also zeroed in on risk reduction and eradicating the overall likelihood of data errors – as it is a costly financial & operational risk if an extra zero is accidentally added to a claim submission, for example. 

Hyperscience, a newcomer to the market at the time, was pitted against the current in-house vendor being used for the data extraction portion. The two platforms were ultimately evaluated on product strength, the ability to handle semi-structured forms (like invoices) and the intelligence to read messy handwritten and low-resolution images.

Choosing Hyperscience

Hyperscience’s offering blew the in-house vendor’s away with both the “handwritten invoices from mom and pop shops and invoices from large banks” reliably and automatically extracted. Even more impressive for the firm was Hyperscience’s ease of use and customization.

We are able to have multiple layouts with one vendor. The capability for this ML model to look at a document, know what it is [despite it not being exactly the same] is a huge benefit. This form of data extraction is transformational for the future.

– Intelligent Automation Team Lead

From a personnel perspective, the company was amazed by the Hyperscience team’s focus on listening and constantly asking for feedback. It was a partnership from the very beginning, which was a major deciding factor. “We didn’t want to buy a piece of software, we wanted a partner to go on this journey with together and be mutually successful.

The Results

After a successful implementation, the firm’s average invoice processing time decreased from 12 minutes to 2 minutes – an 83.3% change. Now, someone who was keying information can pivot to more valuable work. In addition, their internal audit team is able to trace where each data point came from and see the original document; something that was previously impossible. Finally, even the least tech-savvy in the company are able to use Hyperscience, “One of the biggest benefits is that Hyperscience is not only easy to use and customize on our own, but also if we do hit a dead end, there is always someone who will jump on a conference call with us. With Hyperscience we have discovered a perfect balance between us having the ability to do what we can while also knowing the support is there.” 

The client has found a continued partnership where they can see their feedback deployed two releases later. They are pleased to see their comments considered and worked into the roadmap when it makes sense for the product vision.