Seamless Insurance Indexing
Indexing and Data Extraction
Solution
The project had an implementation deadline of two weeks to achieve the following:
- index all day-forward critical documents - 100,000 documents per year
- 9 document types, including policy statements, wire transfers, board resolutions, contracts and agreements.
Our partner approached us after their client's (an Insurance company) attempts at migrating to a new DMS failed to provide accurate results. The client initially attempted to address their document management needs with a capture solution that claimed to capture fields through end-user training. However, after several months of training and testing, the extraction algorithm of the solution failed to "learn" and consistently provide accurate results. This challenge hindered their migration efforts, delaying the implementation of the new DMS and impeding document processing efficiency.
The challenge the client faced was in automating the ingestion of day-forward critical documents while ensuring accurate extraction of vital fields. This case study presents the successful implementation of an improved solution that significantly streamlined their document management processes and opened up opportunities for further advancements.
Aluma addressed these challenges and met the client's goals within a tight timeframe by meticulously configuring and executing a solution tailored to their needs. The implementation involved the following key steps:
- Solution Selection: After a thorough assessment of the client's requirements and challenges, a robust capture and extraction solution was selected that offered advanced machine learning capabilities.
- Customization: The chosen solution was customized to cater to the client's specific document types and field extraction needs. This involved configuring the system to recognize and extract relevant data accurately.
- Training: The new solution was trained using sample documents to learn the intricacies of the client's documents and improve its accuracy over time.
- Testing and Validation: Rigorous testing and validation were conducted to ensure that the solution consistently extracted critical fields with high accuracy.
- Integration: The solution was seamlessly integrated into the client's workflow and new DMS.
Impact
The successful implementation of the new capture and extraction solution yielded significant benefits and positive impacts for the Insurance company.
Automation of Ingestion Process: The solution enabled the automation of the document ingestion process, reducing manual effort and human errors. This streamlined workflow accelerated document processing times.
Enhanced Extraction Accuracy: The new solution consistently extracted critical fields with an accuracy rate exceeding 90%. This ensured data integrity and minimized the need for manual intervention.
Opportunities for Legacy Record Upload: The success of the project paved the way for Advantage Insurance to apply the same automated approach to 2 million pages of legacy records that needed to be uploaded into the new DMS. This expansion further optimized their document management practices.
