Many insurance organizations are still manually classifying and extracting data.
Use of optical character recognition (OCR) technology, which converts images or scans of text into machine-encoded data, has been low among US insurers.
Couple this with the use of outdated technology to process large volumes of information and you have a recipe for error. OCR alone would not be enough to tackle your digital transformation project.
More and more insurers see this challenge as an opportunity to improve and reduce the overall costs of processing information. A realization that AI will free them from historical data bottlenecks and outdated processes that will drive more business growth across the enterprise.
It’s a blank canvas. On it, you can build a competitive edge with smart systems.
And omni:us is here to help.
Put simply, AI is software is trained by people to perform human activities.
(See more on why it’s taken off here.)
As with any rapid technological shift, there is uncertainty about what it means for the future. Let’s explore what this technology means for the insurance document intake, classification, and extraction process, and where omni:us is driving it forward. Below, we quickly cover some of the essential components of AI.
NLP enables claims software to better understand documents and text. This text – a first notice of loss, or an invoice – arrives in many forms, from various sources. NLP makes processing this text easier.
Computer Vision is when we give eyes to a computer, so that it can understand what exactly is present in a damage photo, document scan, or video stream. This is extremely powerful when applied to claims.
The magic of omni:us?
Artificial intelligence that can train various lines of business,
without any extra scientific expertise.
We offer a suite of tools built on NLP and computer vision techniques. These have been developed specifically for document intake and claims management processes. Our tools can support or automate all types of data: structured, semi-structured or unstructured. You can quickly deploy AI into your claims processes, tackling specific use cases throughout the claims value chain.
omni:us creates an environment where both human and machine compliment each other in a thriving hybrid workflow.
and create a tool designed to your specific use case, like increasing the speed and accuracy of your digital intake.
without requiring further AI/data science expertise. omni:us sits conveniently within your claims landscape and core system infrastructure.
Compound documents: files or attachments with multiple sub-documents. We know they’re a pain. Which is why we view the classification process as a dual task: executed both at document level and at page level. With omni:us, you can isolate specific documents and put them where people can find them, easily.
Rupin Mago, VP Sales North America
Largest installation processes peak load of 12.000 pages per hour
Seamless addition of new modules as additional Micro-Services
Scale services within modern enterprise architectures
(e.g Enterprise Service Bus)
omni:us is the leading provider of AI-powered End-2-End insurance claim automation. We are here to deliver the ultimate claims experience: for policy holders, as well as claims adjusters with adaptive processes to deliver speed, instant feedback & transparency, whilst drastically reducing process costs and reducing leakage across all channels.
omni:us is proud to be one of Europe‘s Horizon2020 SME-Instrument and Fet Flag Champions.
We are grateful to have received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No 820323; 850053.
Co-financed by European Fund for Regional Development (EFRE)
Pro Fit-Project “Vollautomatisierung der Wertschöpfungskette im Digitalisierungsprozess von Archivdaten” with support of IBB/EFRE in 2016/2017.
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