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How Insurance Companies are Using IDP to Optimize Document Processing

The insurance industry has billions of historical documents, with hundreds of thousands more being generated each and every day. The documents, in varying formats are used both internally and with other insurers to agree terms, assess risk and create accurate quotes. Historically each document can take a few hours or even days to manually process and needs to be loaded into each company’s systems. Inawisdom is helping several companies to reduce this processing time to minutes by automating the process using Intelligent Document Processing (IDP), saving time, increasing the accuracy, and readying the data for further analysis - giving valuable insights back to the business. IDP uses the latest AI services; Amazon’s Textract to extract text, Amazon Comprehend to classify and detect entries in the documents and custom models with labelled grown truth in SageMaker. This architecture will look at these services alongside the pre-processing, processing, and post processing challenges and showcase how to jointly leverage these services for the best success. Using IDP, one customer achieved an accuracy of 90%+ and a more than 500x reduction in processing time across over £500 million worth of business.