MAY 25, 2022
By Scott Brewster
Over the last decade, compliance obligations have increased in the financial sector, resulting in a proliferation of forms. With an estimated 175 trillion gigabytes of data to be managed globally by 2025, businesses need an easier way to manage both physical and digital records.
Intelligent document processing (IDP) might seem like yet another technology acronym, but it’s much more than that. Drawing on Optical Character Recognition (OCR) technology, IDP offers next-level document capture and digitisation for finance and insurance businesses.
By combining OCR with machine learning (ML), artificial intelligence (AI) and deep learning technologies, intelligent document processing captures content from structured and unstructured data, enabling fully automated document processing.
IDP is a game-changer for industries like finance and insurance, which are struggling with an increasing volume of large and complex documents requiring action.
OCR technology has been used by businesses globally for many years now. While OCR has helped countless businesses around the world convert paper documents into scanned images, there are two significant limitations to the technology:
IDP emerged in the early 2000s to address these limitations. IDP uses OCR to convert an image of text into readable text, harnessing AI, ML and deep learning to capture, classify and extract all relevant data. This data can then be automatically fed into workflows for further processing.
Unlike OCR, IDP can capture semi-structured, unstructured and complex documents, including handwritten text. IDP not only recognises and captures data - it can also extract the context from this content and automatically feed it into workflows - something OCR cannot do.
IDP enables full end-to-end document processing. From capture and document extraction to automated workflows, IDP allows businesses to streamline and control how documents and data are used. For your finance or insurance business, this offers an unheard-of level of assurance and accuracy to enhance everyday operations.
Harnessing the power of AI and ML, IDP streamlines data validation. Data is accurately captured and compared against existing databases for accuracy, saving time and money. In complex cases where manual intervention is needed, vital information is already available to enable staff to make faster and more accurate decisions.
Building on OCR, IDP uses AI, ML and deep learning technology to ensure data, in whatever form, is captured correctly. This includes data in structured and unstructured forms, including handwriting. Compared to OCR technology, IDP allows you to capture and automate up to 94% of all documents that enter your organisation.
IDP not only captures data with a high level of accuracy (up to 99.5%). IDP can be programmed to extract specific data, whether it’s in a formal field or not. With the ability to identify and derive context from structured or unstructured data, IDP allows you to automatically populate databases and business systems, saving valuable time and resources.
When discrepancies are detected in the system, IDP simplifies the exceptions handling process. Accuracy thresholds can be set in the system to automatically trigger human intervention. With a focus on human-centered automation, the document returns to the workflow once actioned, with the system harnessing ML to train itself to better identify future documents.
Specialist IDP platforms, such as Hyperscience, can also offer auto-redaction capabilities. This is handy if you collect tax file numbers, credit card details or bank details. Using IDP, you can program the system to look for sensitive information and redact it for you, minimising the chance of a security breach and protecting your reputation.
IDP offers businesses in the finance and insurance sectors a practical way to save time, money and resources when it comes to effective and automated document processing.
Implementing an IDP solution, like Hyperscience, speeds up document processing, improves the accuracy and timeliness of your decisions and frees up resources to deliver frictionless customer experiences. As an example, you can easily capture application forms and supporting documentation and extract the data needed for mortgage pre-processing activities. IDP also streamlines data validation and verification to provide a faster response to your valued clients.
For insurance businesses, IDP offers the opportunity to streamline claims processing, enrolment, underwriting and account servicing. Hyperscience’s IDP solution automatically classifies and extracts critical information across all forms, referring incomplete information for exception handling. Capturing and classifying application forms, medical reports and other supporting documentation, IDP reduces time and complexity for a smoother process.
IDP helps streamline document and data-heavy processes without compromising accuracy or customer service. Assisting in client onboarding, management and mailroom automation, IDP reduces manual handling by automating administrative processes. With the ability to automate high volume document processing, such as account applications, transfer of account and identity verification, a tool like Hyperscience can free up resources to deliver enhanced services.
With compliance obligations growing in a more tightly regulated environment, streamlining document processing offers big savings for finance and insurance firms. Organisations that have adopted IDP have reported savings of up to 90% in labour, resourcing and operational costs.
In an increasingly competitive market, every finance and insurance business is looking for an edge over the competition. If document processing is costing you unnecessary time and money, it’s time to discover how IDP could transform your processes and help boost your business.
Umlaut are leaders in streamlining processes for finance and insurance firms. We know you’re in the industry to help people, not get caught up in admin. That’s where we can help. Building on your current technology stack, our finance and banking solutions integrate seamlessly to unlock a range of time and cost savings for your business.
Partnering with Hyperscience, we offer a full suite of intelligent document processing and automation solutions. Leveraging the power of AI, ML and deep learning, the Hyperscience platform connects the dots for your business, taking document processing to the next level.
Want to learn more about intelligent document processing for your finance or insurance firm? The experienced team at Umlaut is ready to lead the way. Book a demo to see how our partnership with Hyperscience can streamline and transform the way you do business.
With trillions of pages moving between organisations, their customers and their partners each year, it is more crucial than ever before that businesses implement an Intelligent Document Processing solution to streamline manual processes, keep up with customer needs, and stay ahead of the competition. From
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