In past blog posts we’ve mentioned how intelligent intake solutions can unlock valuable insights that were previously trapped in unstructured data formats. Such data mining, however, was largely a secondary benefit to how intelligent intake helps companies process incoming unstructured documents more quickly, such as to automate insurance claims and underwriting processes.
Now those data mining capabilities are about to get their turn in the spotlight, so to speak. Indico Data is at work on a new capability called Insights that will help insurance companies and others unlock all sorts of actionable data from their reams of currently inaccessible, unstructured documents.
For years insurance companies (and others) have been using intelligent intake platforms to automate the processing of various kinds of unstructured data and documents, whether emails, PDFs, ACORD and claims forms, or the like. That provides an immediate benefit of faster processing times for claims handling and underwriting submissions.
Related content: How to harness the potential of intelligent document processing for insurance
From intake to insights
But intelligent intake has another benefit. It pulls valuable data from all of those data sources which companies can then pool in a data lake. At that point, they can apply all sorts of analytics tools to the data to gain valuable insights.
That’s the intent behind the aptly name Insights platform. Now companies can take the metadata from all the files that flow through the Indico Unstructured Data Platform and inject it into the new Insights platform. From there you can search through all that data or filter it in any number of ways.
Say an insurance company underwriter sees an unusual clause in a policy and wants to see if it’s something the company has dealt with previously. Using Insights, he can easily search to find other policies with a similar clause.
Similarly, maybe the underwriter is creating a new policy for an existing client. With Insights, the underwriter can easily find the last several policies for the same client and compare terms in them to the new one.
Related content: Radically accelerate your path to success with unstructured data
Unlocking $100 million in value
Perhaps most exciting is the area of unstructured data analytics. The poster child for the possibilities here is MetLife, which used the Indico Data platform to process thousands of unstructured documents related to workers compensation cases. They analyzed the resulting data in an effort to glean insights that could be applied to future policies.
Among the key takeaways from that effort was that it allowed MetLife to extract the data it was after in a matter of months, vs. years if it was done manually. All told, the company estimates it found about $100M in value using the Indico platform.
And that was before we took steps to actually create a platform out of Insights, making it even easier to use.
I’m truly excited about the potential that Insights represents. While Indico has long made unstructured automation a reality, now we’re venturing into unstructured analytics. Analytics is a whole new value stream that customers can now realize from the same Indico Unstructured Data Platform.
