How to extract unstructured data from documents

Using IPA for Document Intake & Understanding

Intelligent Process Automation: Key Benefits

Empower process owners

Intuitive interface enables process owners to build their own automation models; no data scientists required. Automate workflows involving unstructured data to dramatically reduce processing time with unmatched accuracy.

Unlock your unstructured data

Automate the process of converting unstructured data to a structured format suitable for analytics engines – gain new, actionable insights.

Freedom from templates & rules

Award-winning AI intelligent automation technology can “read” unstructured documents – so your employees don’t have to. Build models with just 200 sample documents – no rules or templates required.

Bringing value to all business stakeholders

Line of business executive

• Bring artificial intelligence to bear on practical business problems – with no AI expertise required
• Increase profitability by improving business efficiency, including for processes involving large teams
• Enable subject matter experts to focus on higher value tasks

AI & IA professionals

• Explainable AI – understand why and how your AI makes its decisions
• No expensive compute power needed – deploys on a single GPU

Process Professionals

• Enable automated, scalable human-like decisioning
• Improve process accuracy and eliminate risk by removing potential for human error
• Streamline workflows to drive process efficiency and lower the cost of operations

What is Intelligent Process Automation?

Intelligent Process Automation (IPA) empowers businesses to implement unstructured data process automation, including for text, images and more. IPA does so without requiring rule-based decision-making, or huge training data sets, that are out of reach for 95% of enterprises.

Indico’s approach to IPA builds on the artificial intelligence concept of transfer learning, where a model trained on one task is used for another, related task.

Indico has created a base model consisting of more than 500 million labeled data points, enough for the model to understand human language and context. Applying transfer learning allows users to then create custom models for downstream tasks using a fraction of the data normally required – 100 to 1000x less as compared to traditional approaches.

Intelligent Process Automation offers a single solution for document process automation: intake, understanding and digitization: in other words, unstructured document processing, as well as processing of structured and semi-structured documents. This allows for the end-to-end document process automation of contract analysis, customer onboarding, commercial underwriting, financial document analysis, mortgage processing, and more.

Indico customer story: F50 Insurance company achieves 300% return on investment with Indico’s Intelligent Process Automation

This Fortune 50 organization is an innovator and leader in protection planning and retirement and savings solutions worldwide.

Solution

The company began using Indico’s platform, allowing the reading and understanding of unstructured content. Employees could build models with a point-and-click, low-code application interface.

Results

The team initially identified 134,000 documents containing valuable information for risk modeling. The company saved 5,400 hours with the Indico platform and expects to save $100 million over the next few years.

Intelligent Process Automation Use Cases:

Claims Analysis

IPA can automate the classification and annotation of a new claim, routing it to the appropriate SME for evaluation and processing, leading to faster turnaround times and improved accuracy.

Loss Run Analysis

Automating the extraction of data from loss run reports simplifies the underwriting process.

Medical Claims

IPA can automate the processing of healthcare documents, enhancing speed and reducing costs.

Enrollment Processes

Managing the influx of documents during client onboarding can be streamlined with IPA.

Commercial underwriting

IPA solutions help recognize underwriting criteria quickly, reducing response times.

Customer onboarding

Automatically classifying and extracting relevant unstructured data can improve accuracy and speed.

Loan Underwriting

IPA can process unstructured data from onboarding documents, increasing efficiency in mortgage approvals.

Invoice Processing Automation

Automating invoice processing minimizes human error and optimizes data handling without the need for templates.

Regulatory Compliance

IPA can extract relevant data from insurance documents for analytics and compliance monitoring.

Benefits of Intelligent Process Automation

• 85% reduction in process cycle times
• 4x increase in process capacity
• 80% reduction in human resources
• Ease of use – no data science expertise required
• 1000x less training data required
• Built for unstructured data – processes text, documents and images effectively.

How IPA differs from BPM and RPA

Intelligent Process Automation builds upon existing technologies that streamline business processes. RPA can handle structured data but struggles with unstructured data, whereas IPA excels in that area.