Intelligent document processing (IDP) in property and casualty insurance

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PRINCETON, New Jersey, September 9, 2021 / PRNewswire / – Singularity Systems Inc., a Global Provider of Artificial Intelligence (AI) Solutions for Intelligent Document Processing and Predictive Analytics, Announces the Release of Everest Group Report, Intelligent Document Processing (IDP) in P&C Insurance.

Singularity Systems Inc. is a global provider of artificial intelligence solutions for intelligent document processing and predictive analytics to help customers leverage their data. The platform self-trains and adapts, providing real-time human-AI interaction to enable business users to create highly accurate models with small sample sizes, delivering value in days rather than months. (PRNewsfoto / Singularity Systems Inc.)

“Real-time AI enables business users, not data scientists, to create and train highly accurate machine learning models. “

Singularity Systems will host a webinar on Tuesday, October 5 To 11 a.m. EDT with featured guest Everest Group to discuss the results of the report, showcasing Sunshine Insurance and their success in using IDP to achieve 100% direct processing of “contactless” claims.

The Intelligent document processing (IDP) in property and casualty insurance The report provides a detailed view of the current state of the P&C insurance industry, an introduction to IDP and its general capabilities, as well as capabilities specific to the insurance industry. It includes a section on operationalizing the IDP in P&C insurance processes, as well as a straight-through case study on the use of IDP by Sunshine Insurance.

“Digitization is essential for P&C insurers to effectively cope with changing customer expectations and the changing competitive landscape. IDP plays a key role in enabling digitization for insurers, helping to streamline document handling in processes such as customer onboarding, underwriting, claims handling, and more. throughout the insurance value chain “, said Anil Vijayan, Partner, Everest Group. “The adoption of IDPs in the insurance industry increased by 20 to 25% in 2020, despite the pandemic situation, and is expected to accelerate further, given the substantial benefits conferred and the growing technological maturity of these solutions. . “

“Sunshine Insurance had researched and tested many different IDP technologies for several years to achieve the ultimate goal of contactless claims. It was after conversations with Singularity Systems and a proof of concept that we finally found the technology to incorporate into it. our solution and to reach this milestone, ” said Mr. Yonghao Li, Director, Insurance Claims Automation, Sunshine Insurance. “Today, we are able to process over 400,000 documents per day, with 99.498% word-level accuracy, averaging

Singu̇AI enables users to build sophisticated machine learning models to meet their business needs, without coding. Singu̇AI eliminates the need for data scientists and machine learning engineers to create and maintain highly accurate data classification and extraction models, making AI scalable and convenient for the business.

“P&C insurance presents an interesting combination of technical requirements. Classify and extract required data from a wide variety of documents and images of varying image quality; leverage mobile devices in the field; requirements of ease of use, high precision and very fast processing for a high daily volume of documents and images – this is an ideal use case for our Singu̇AI platform. “ said Tianhao Wu, co-founder and chief technology officer at Singularity Systems. “Our Singu̇AI platform combines four technologies – Computer Vision, Natural Language Processing (NLP), Optical Character Recognition (OCR) and Auto Machine Learning (AutoML) – to provide the most comprehensive artificial intelligence solution for this type of cognition. of documents. “

About singularity systems: Singularity Systems Inc. is a global provider of artificial intelligence solutions for intelligent document processing and predictive analytics. Our Singu̇AI platform is self-training and adapting, providing real-time human-AI interaction so that business users can create highly accurate models with small sample sizes and generate value in days rather than months.

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SOURCE Singularity Systems Inc.

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