Indico Data was declared a “Leader” for the second year in a row in the annual Everest Group PEAK™ Matrix report on Intelligent Document Processing (IDP) for Insurance, as well as a leader in the overall IDP market assessment for the year 2024. In its fourth year in the report, Indico continues to move up the IDP category ladder. 

Everest’s IT and business experts gave us the highest marks for our “Vision and strategy,” “Document processing capability,” and “Value delivered.” The analyst firm praised our IDP platform focused on automating document intake processes for verticals such as insurance, stating: “The Indico Data Intelligent Intake solution helps document-intensive industries by enabling expedited and data-driven decision-making at enterprise scale.” 

Additionally, the Everest report said, “Indico Data’s platform helps automate processes around unstructured data to deliver cost and time saving by analyzing data, extracting business insights, and applying these insights and process automation capabilities to support key business transformation initiatives.”

Related content: Everest Group Intelligent Document Processing (IDP) Insurance PEAK Matrix® 2024

Market momentum and technical advancements

Nailed it! Everest also noted significant market adoption of Indico Data leading up to 2024. Milestones include:

• The addition of a top-five global commercial insurer for underwriting and submissions intake to our client roster. 
• Our partnership with Azure OpenAI to extend our enterprise LLM capabilities and increase intake capacity.
• Our deal with an audit and tax firm for SOW/MSA ingestion.

The report cited significant product enhancements, too. Among others, areas of technical momentum include field normalization and validation, updated “human-in-the-loop” (HITL) interfaces, extraction support for forms and complex tables, the ability to interrogate or summarize a document through Ask My Doc, Bring Your Own Key and redaction functionality for enhanced security, and more. In addition, we now offer 80+ out-of-the-box (OOTB) pre-trained models within the platform and via our online marketplace, built in-house or with partners such as Hugging Face, Microsoft, and Base64.ai.

What does this all mean for insurance companies? 

Simply put, they can turbo-charge time to value. Better decision-making using better data, often buried in unstructured documents like claim forms or policy documents, has never been so crucial. Many of our clients face a “triple squeeze” where economic pressure, scarce talent, and supply chain challenges are forcing them to reshape their operating models to compete. 

Indico is purpose built to enable carriers to address their challenges head-on. Our insurance customers optimize underwriting profits, minimize claim costs, and enhance customer satisfaction. 

Kudos for delivering value

Although I’m proud of our strong partnerships, technical achievements, and market uptake, I’m most gratified by what our insurance clients say about us. The Everest report stated, “Clients appreciate the overall product capabilities, ease of use, and customer flexibility. They also consider Indico Data’s domain expertise to be one of the key strengths.”

2024 marks the second year Everest lauded us for “Value delivered,” and I couldn’t be prouder. Stellar technology features and customer support are essential, but I’m most gratified when insurers using our platform derive genuine ROI — that’s our reason for being. 

See for yourself

I’m so pleased by Everest’s recognition, but we’re not resting on our laurels. We’re investing in leveraging generative AI technologies for model training, better context understanding, and enhanced extraction capabilities. And, as always, we’re working hand-in-glove with customers to ensure they derive maximum value. 

Check out what Everest said in the full Everest Group Intelligent Document Processing (IDP) Insurance PEAK Matrix® 2024.

Frequently asked questions:

1. How does Indico Data’s IDP platform specifically address the challenges faced by insurance companies, such as economic pressure, talent scarcity, and supply chain challenges? Indico’s IDP platform is designed to address the unique challenges faced by insurance companies, including economic pressure, talent scarcity, and supply chain challenges, by enabling better decision-making through the extraction of valuable insights from unstructured documents like claim forms or policy documents. By automating document intake processes, Indico Data’s platform helps insurers optimize underwriting profits, minimize claim costs, and enhance customer satisfaction.
2. Can you provide more details about the technical advancements mentioned in the article, such as field normalization and validation, updated HITL interfaces, and the redaction functionality for enhanced security?  The technical advancements mentioned in the article encompass various areas, including field normalization and validation, updated HITL interfaces, extraction support for forms and complex tables, redaction functionality for enhanced security, and more. These advancements aim to improve the efficiency and accuracy of document processing, allowing insurers to extract valuable data insights more effectively from unstructured documents.
3. While the article highlights the value delivered to insurance clients, could you provide specific examples or case studies illustrating the ROI and benefits that insurers have experienced by using Indico Data’s platform?  While the article emphasizes the value delivered to insurance clients, specific examples or case studies illustrating the ROI and benefits experienced by insurers using Indico Data’s platform are not provided. However, it’s noted that clients appreciate the overall product capabilities, ease of use, and customer flexibility offered by Indico Data. Additionally, the platform’s domain expertise is highlighted as one of its key strengths, contributing to the genuine ROI derived by insurers.