Accelerating Data Extraction for a Philippine Insurance Leader Through Intelligent Automation

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Accelerating Data Extraction for a Philippine Insurance Leader Through Intelligent Automation

Industry: Banking & Insurance

The insurance industry is heavily reliant on accurate and efficient data processing. From claim processing to underwriting, timely access to the correct information is critical. However, traditional methods of data extraction, such as manual input and basic Optical Character Recognition (OCR), often fall short, especially when dealing with complex documents. These challenges lead to increased operational costs, delayed processing times, and a higher risk of errors.

So when a leading name in the Philippine insurance industry needed a more robust and cost-effective way to extract data and quickly process Compulsory Third Party Liability (CTPL) insurance applications , Pointwest stepped in with our expertise in intelligent document processing to deliver an innovative solution.

Understanding the Challenge

Our client faced a hurdle in their data processing operations. Extracting critical information in real-time, with accuracy and speed, from vehicle Official Receipt / Certificate of Registration (OR/CR), and Sales Invoice presented a significant challenge for their team. Other OCR solutions in the market achieved only a 70% accuracy rate when dealing with the client’s existing data set. This meant a higher level of manual intervention was needed to rectify data capture errors, which resulted in higher costs and inefficiencies.

Our Solution

To address this challenge, we leveraged Pointwest’s Skriba technology, our very own smart OCR platform that uses Machine Learning (ML), to enhance the extraction and correct recognition of text in both handwritten and typewritten/printed form from various document formats.

We trained Skriba with an extensive dataset of sample receipts and sales invoices, we enabled it to learn and adapt to the specific layout, fonts, and data elements characteristic of these documents to allow for more accurate scanning upon implementation. Skriba’s Application Programming Interfaces (APIs) enabled real-time, concurrent processing and automation of the end-to-end workflows at scale.

Success Delivered

Upon implementation of our solution, we were able to deliver major improvements for our client’s data extraction processes. Accuracy rates significantly rose from 70% to more than 90%, translating to a significant reduction in manual intervention efforts. Additionally, Skriba’s real-time processing capabilities ensured faster turnaround times. This was able to streamline our client’s data-related operations and free up valuable resources.

This project is a prime example of how we leverage our expertise in digital transformation to deliver tangible business benefits. We take pride in our ability to understand client challenges and develop customized tech-driven solutions that address their specific needs.

Partner with us today and find out how we can accelerate your enterprise’s path to success at the speed of digital.