Our real-time data extraction solution reads, extracts and classifies data from unstructured insurance documents hundreds of times faster than a human, with greater accuracy. Purpose-built for commercial insurance, it understands insurance jargon, enabling it to automatically recognize over 500 insurance-specific data points including limits, premiums, deductibles, coverages, exclusions and more from multiple insurance documents in one second, compared to a human knowledge worker who can extract only 15 to 50 data points in 30 minutes.
With the unique ability to extract, interpret and classify data from a variety of unstructured insurance documents such as policies, binders, submissions, applications, quotes, endorsements, statements of value, loss run reports, etc., underwriters have greater access to data for better risk assessment and pricing and brokers can compare quotes and check policies faster, enabling them to spend more time nurturing policyholder relationships.
- Machine Learning and Natural Language Processing
- Contextually understands the relationship between the data points
- Extracts data from emails, Word, Excel, and PDF
- Extract data rapidly and map to ACORD standards or legacy systems
- Outputs data in XML or JSON
- Give underwriters access to data for better pricing and risk assessment
- Automate and streamline the data extraction process and data rekeying
- Free up skilled knowledge workers to focus on more strategic work