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Unpacking the Everest Group IDP Report: Indico listed as insurance IDP leader

June 3, 2024 | Intelligent Document Processing, Unstructured Unlocked

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Welcome to Season 2 of Unstructured Unlocked! As the season begins, we’re thrilled to announce that Tom Wilde, CEO of Indico, is joining as our new co-host alongside Michelle Gouveia. We’re so excited to have Indico’s leader not just at the helm of the ship, but taking part in industry-shaping, AI- and insurance-focused conversations with other innovators on our podcast.

In this episode, Michelle and Tom dove into the latest Everest Group IDP Peak Matrix report, where Indico was classified as a Leader in the insurance vertical. Together, they explored the Peak Matrix’s significance as a benchmark report and the evolving landscape of intelligent document processing (IDP)—focusing on the insurance industry specifically.

Listen to the full podcast here: Announcing Unstructured Unlocked season 2 with new co-host Tom Wilde, Indico CEO

 

The Everest Group IDP report: a benchmark for excellence

 

Tom Wilde began by emphasizing the importance of the Everest Group IDP report, which has become the gold standard for evaluating the IDP landscape. “Everest was very early to carefully dimensioning this space and reporting on the vendors and trends,” Tom noted. For Indico, we feel that being included in this report as a Leader in the insurance vertical is a testament to our innovative approach and consistent performance in the market.

Tom, with over 25 years of experience working with analysts, shed light on the rigorous process behind these reports. Contrary to popular belief, these are not “pay-to-play” listings. The Everest Group’s analysts serve end users—primarily large enterprises—by providing insights into emerging technologies and vendors. “No analyst report… that I’ve been a part of has ever required any kind of payment to be included,” Tom clarified, highlighting the integrity and value of these reports.

Related content: Everest Group deems Indico leader in intelligent document processing for insurance — and in enabling “data-driven decision-making at enterprise scale”

 

Indico’s unique positioning

 

One standout feature that’s helped Indico maintain its leadership status in the Everest Group reports is its long-term, unwavering focus on enterprise AI solutions for unstructured data. From the very beginning, Indico had positioned itself as a leader in this space. Tom recalled, “I found an old mouse pad… from 2018, and it said ‘enterprise AI for unstructured data.’ So that’s how long we’ve been focused on this space.”

This year, the Everest Group introduced an insurance-specific IDP report, recognizing the unique challenges and opportunities within the industry. Indico’s strong performance in this vertical underscored its expertise in addressing insurance use cases of IDP. “Underwriting… policy servicing… financial operations… these are all very unstructured-centric, document-centric business problems, and the customer has a specific outcome they’re trying to achieve,” Tom explained. Understanding these challenges and delivering tailored solutions has been key to Indico’s success.

 

Insurance use cases: from underwriting to claims

 

In the insurance industry, Indico’s solutions have been particularly impactful in areas such as underwriting, claims processing, and policy servicing. These processes often involve handling large volumes of unstructured data, and Indico’s AI-driven approach helps streamline operations, reduce fraud, and improve customer satisfaction. For underwriting, it’s about quickly getting at the right kind of risks and quoting those as quickly as possible, and for claims, it’s imperative to ensure that the right claims are adjudicated quickly and accurately, avoiding fraud and enhancing customer service.

Looking ahead, Tom envisions a future where AI helps insurers make faster, more accurate decisions. According to him, customers are increasingly looking for solutions that help them get to the decision at the end of their business process—“‘Should I approve this claim? Should I underwrite this risk?’” This shift towards decision-centric AI solutions is where Indico has focused its innovation efforts. By continually adapting to new technologies and industry needs, Indico aims to stay at the forefront of the IDP landscape.

 

The three-part IDP problem

 

As Tom elaborated on the significance of generative AI, he broke down the IDP problem into three parts: extractive, interpretive, and predictive. Indico has set the bar around extractive capabilities, such as classification and extraction, by using our technology to turn unstructured data into structured data. Meanwhile, predictive capabilities, rooted in traditional machine learning, have been around for decades. But it wasn’t until the arrival of large language models that powerful interpretive capabilities came into play, enabling advanced use cases like summarization and dynamic content generation.

Customers are hoping that new AI technologies like generative AI will help them make decisions more efficiently. “I think at Indico we’re starting to aggressively talk about the beginning of the decision era,” Tom remarked. “Nobody needs to be told they need a data strategy—that’s a 20-year-old thought at this point… It doesn’t matter what industry you’re in, everyone is a data company.” This new phase in AI technology promised to transform how companies, especially in insurance, approach decision-making processes.

Related content: What is Intelligent Document Processing?

 

Wrapping up

 

As Unstructured Unlocked begins its second season along with Tom Wilde as co-host, we aim to continue providing valuable insights into the world of unstructured data and AI. Thank you for joining us for this episode, be sure to subscribe and stay updated on future episodes, and check out the full podcast episode on your favorite platforms, including:

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Frequently asked questions

  • What are some specific examples of how Indico’s AI solutions have improved efficiency in underwriting and claims processing? Indico’s AI solutions have significantly enhanced efficiency in both underwriting and claims processing by automating the handling of unstructured data. For underwriting, Indico’s technology enables faster risk assessment by quickly extracting and interpreting data from a variety of documents, allowing underwriters to make informed decisions more rapidly. This streamlining helps insurers quote accurately and swiftly, reducing the time it takes to bring new policies to market. In claims processing, Indico’s AI helps identify and prioritize claims, ensuring that legitimate claims are adjudicated promptly while fraudulent claims are flagged for further investigation. This not only speeds up the claims process but also enhances customer satisfaction by reducing delays and errors.
  • How can professionals in the insurance industry get involved with or learn more about the Everest Group IDP report? Professionals in the insurance industry can get involved with or learn more about the Everest Group IDP report by visiting the Everest Group’s official website, where they can find detailed information about the report and its findings. Additionally, subscribing to industry newsletters and attending relevant webinars or conferences where the Everest Group presents can provide deeper insights. Engaging with Indico’s content, such as their blog posts and podcasts, can also offer a practical perspective on how the report’s insights apply to real-world scenarios. For those interested in more direct involvement, reaching out to Everest Group analysts for consultations or exploring partnership opportunities with companies like Indico, which are highlighted in the report, can provide valuable connections and learning opportunities.
  • What differentiates Indico’s AI solutions from other intelligent document processing (IDP) tools in the market? Indico’s AI solutions stand out from other IDP tools in the market due to their unique focus on enterprise AI for unstructured data, a commitment that has been central to their approach since their inception. Unlike many competitors, Indico leverages large language models to deliver advanced interpretive capabilities, enabling complex tasks such as summarization and dynamic content generation. Their technology excels in turning unstructured data into structured formats, which is crucial for accurate data extraction and classification. This, combined with their deep understanding of the insurance industry’s specific needs, allows Indico to offer tailored solutions that address common challenges in underwriting, policy servicing, and claims processing. Furthermore, Indico’s recognition as a Leader in the Everest Group IDP report underscores their innovative approach and consistent market performance, providing clients with a proven track record of excellence and reliability.
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