“Third time’s a charm,” as the saying goes, and it held true for Indico Data and the annual Everest Group PEAK Matrix report on Intelligent Document Processing products. In our third year in the report, Indico has graduated from “Major Contender” status last year to “Leader” in the 2023 edition.
Everest had plenty of kind words for Indico that accurately reflect what customers appreciate about our platform, which focuses on intelligent intake. Intelligent intake is a form of IDP that’s specific to automating document intake processes that are common in insurance, finance and banking, and commercial real estate, to name a few verticals.
Related content: Indico Data named a leader in Everest Group’s intelligent document processing (IDP) PEAK Matrix® 2023
Unstructured prowess, ease of use, more
“Clients have appreciated the platform for its ability to process unstructured documents and its applicability over a wide range of use cases,” the Everest report said. “Additionally, clients are highly satisfied with the domain expertise, ease of use of the platform, model development time, and customer support services.”
All true. The report also pointed out we support over 180 languages and have more than 80 out-of-the-box (OOTB) pre-trained models, along with a marketplace for partners to contribute additional models.
And we do indeed have “an embedded analytics platform with monitoring and analytics features” as well as “OOTB dashboards for monitoring process metrics (STP, accuracy, etc.) and model performance.”
I’m also gratified that Everest saw fit to pick up on this feature of the Indico platform: “It also offers explainability and governance metrics at both field- and document-level.” Explainability and governance are important features in the AI realm in general, but especially for any companies in regulated industries such as insurance, finance, and healthcare that may need to explain the decisions its AI models make. I noticed Everest mentioned governance features for precious few of the companies covered in its report.
Everest gives Indico technical kudos
Everest Group also picked up on some important technical details of the Indico Data platform, noting it “comes with built-in transformer-based architectures such as BERT, RoBERTa, OSCAR, and GPT2. These are automatically selected based on comparison of model output on the Receiver operating characteristic (ROC) curve. It supports multi-modal fusion combined with transfer learning and human-in-the-loop.”
Yeah, I know that’s a mouthful. Starting with the last part, in a nutshell multi-modal fusion means we train our models using not just text but video, audio, and a range of data types to help them become more accurate at establishing the context behind any given document, image, or video. Transfer learning helps models trained on one task to be applied to a new, different task. And human-in-the-loop means you can incorporate human feedback to models, to improve accuracy over time. All of these are important to ensuring models can deal with a high percentage of the documents they see.
The transformer-based architectures mentioned are likewise crucial. Perhaps you noticed GPT2. Yes, that’s the same GPT behind ChatGPT, as we explained in this previous post. In fact, Indico Data was first to bring the power of GPT (1 and 2, and soon, GPT-3), BERT, and RoBERTa to the enterprise market in a user-friendly way. By “user-friendly” I mean clients succeed in bringing Indico models to production some 97% of the time, vs. around 40% with other AI offerings.
Everest says Indico delivers value
Results like that mean customers derive true value from the Indico platform. Insurance companies find it helps them with automated claims processing, underwriting submissions, and policy servicing tasks. Banks and other financial services companies use it to automate mortgage processing, customer onboarding, and more. The same goes for health insurance firms, which use it for claims automation, long-term care invoices, and patient record processing, to name a few. Commercial real estate companies use it for lease agreement process automation, invoice processing, and legal document automation, among other tasks.
Everest took notice of the value Indico delivers as well. Of all the companies in the “Leader” category, Everest gave Indico the highest marks for “Value delivered.”
To me, that’s really what it’s all about: delivering value to customers. It’s important to have great technology, stellar customer support, and a bevy of important features – and Indico checks all those boxes. But if it doesn’t add up to delivering value for customers, it doesn’t mean a whole lot.
So, for Everest Group to recognize Indico Data as not only a leader in the intelligent data processing category, but the one that delivers the most value – that is especially gratifying.
You can see for yourself what Everest had to say: check out the report. If you’re ready to give the platform a try, register to schedule a 1:1 demo. You’ll soon see why Everest is so bullish on Indico Data.