The client's existing tools resulted in substantial costs and required frequent manual intervention, leading to significant delays in the overall process.
Solution
An AI-driven system was implemented to automatically identify key fields in scanned documents, extracting relevant data to create structured metadata for all documents.
Outcome
The AI system reduced document indexing time to just 5 minutes, a significant improvement over the previous solution's 4-hour duration. It also streamlined data access, replacing the cumbersome manual retrieval process, and achieved a large cost reduction.
A Faster, More Accurate, and Cost-Effective Solution for Policy Documentation.
The insurer was seeking to improve the speed and accuracy of policy documentation while reducing maintenance costs. Existing processes were labor-intensive, with significant manual effort required to extract relevant data from scanned documents. To address this, a solution leveraging Computer Vision, NLP, and Machine Learning was developed. The system automatically identifies key fields in the scanned documents and extracts relevant information, creating a metadata index. This makes it easily searchable and accessible. The solution maintains an accuracy rate of 97% to 99%, regardless of the scanner quality.
The solution reduced document indexing time from over 4 hours to just 5 minutes, saving 1,000 man-days annually and facilitating faster retrieval of document data. The size of the document management team was reduced from 10 FTE to 5.5 FTE. Additionally, overall document maintenance costs were reduced by over 90%.
Cutting Costs, Saving time.
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Techvantage Analytics LLC.FZ, The Meydan Hotel,
Grandstand, 6th floor,
Meydan Road,
Nad Al Sheba, Dubai, U.A.E
We are passionate about building AI that is exceptional, cutting-edge, and transformative. We foster interdisciplinary synergy to drive breakthroughs that shape the future of AI.
Techvantage Analytics LLC.FZ, The Meydan Hotel,
Grandstand, 6th floor,
Meydan Road,
Nad Al Sheba, Dubai, U.A.E
We are passionate about building AI that is exceptional, cutting-edge, and transformative. We foster interdisciplinary synergy to drive breakthroughs that shape the future of AI.
