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Intelligent Document Processing (IDP) leverages advanced artificial intelligence to revolutionize data intake, enhancing efficiency and accuracy in organizational decision-making.
With Intelligent Document Processing (IDP), businesses can efficiently automate the ingestion and processing of unstructured data, transforming document-intensive workflows into streamlined operations. Intelligent document processing is a category of technology that enables companies to automate the processing of virtually any kind of content, including emails, PDFs, and images, for processes such as insurance claims, underwriting, customer onboarding, mortgage processing, and more. Intelligent document processing automates the ingestion and analysis of documents as well as the classification and extraction of key data, dramatically improving accuracy, reducing intake time, and boosting customer satisfaction.
IDP software significantly boosts efficiency and productivity by automating data extraction and document management tasks. This automation allows businesses to shift resources from routine, manual processes to more strategic, value-added activities. The result is a reduction in operational costs and an increase in overall productivity, driving innovation and business growth.
One of the standout features of IDP software is its ability to improve the accuracy and security of document management. Advanced tools in IDP solutions ensure that data is extracted and processed with high precision, reducing the risk of errors. Additionally, robust security measures protect sensitive information and ensure compliance with data protection laws, safeguarding businesses against cyber threats and legal issues.
IDP software is designed to integrate seamlessly with an organization’s existing digital infrastructure. This compatibility ensures that businesses can enhance their capabilities without disrupting established workflows. The flexibility of IDP solutions allows them to adapt to various business processes, workflows, and business logic, making them highly versatile and user-friendly.
By automating routine document processing tasks, IDP software frees employees from monotonous work, allowing them to focus on more engaging and strategic activities. This shift leads to higher job satisfaction, increased employee engagement, and creativity. Moreover, the improved efficiency and accuracy of IDP solutions translate to faster processing times and more personalized service offerings, enhancing customer experiences and driving customer loyalty.
Adopting IDP software is a strategic move for businesses aiming to thrive in the digital age. The comprehensive benefits of IDP—from enhanced operational efficiency and security to improved employee satisfaction and customer experiences—underscore its critical role in the digital transformation journey. As IDP software continues to evolve, it promises even more innovations and efficiencies, ensuring that businesses equipped with these advanced tools are well-positioned to lead in their respective domains.
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When selecting an intelligent document processing (IDP) vendor, it’s crucial to evaluate what their data intake and analysis tools are capable of, and whether their offerings are a good fit for your business. The vendor’s technology must be able to process all the types of data your company handles. You’ll also need a solution with a high processing capacity if you intake massive amounts of documents. High-quality data outputs are essential, too, ensuring accuracy and precision to enhance decision-making and operational efficiency for your company.
IDP solutions should seamlessly integrate with your existing workflows and processes without requiring extensive reconfiguration. Additionally, evaluate the overall cost-effectiveness of the vendor’s IDP offering, considering both initial implementation and ongoing operational costs. The ability to continuously train the model and provide feedback specific to your company’s needs is also vital for maintaining and improving accuracy over time.
What to look for in an intelligent document processing vendor
Ensure the vendor adheres to relevant security standards and compliance regulations to protect sensitive data. The technology should be customizable to your specific industry and business requirements. For instance, if your company deals extensively with unstructured data, an IDP vendor like Indico, which excels in handling unstructured data, would be a suitable choice.
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To create effective automation models on an enterprise scale, an IDP platform needs to support several key features, including:
An ideal IDP platform should provide users with the ability to fine-tune their system in order to meet specific business needs. It should seamlessly integrate with existing processes, workflows, and business logic, ensuring that it fits perfectly within your operational framework. This flexibility is crucial for adapting to evolving business requirements without the need for constant ground-up reconfiguration.
A combination of Generative and Discriminative AI should be employed to deliver robust security, high performance, and cost-effectiveness. This dual approach ensures that the platform can handle a wide variety of document types and data sources with precision, enhancing both efficiency and accuracy in document processing tasks.
The platform should focus on delivering real business value, not just point-of-care (POC) accuracy. By offering industry expertise and critical change management support, the platform should ensure that customers receive tailored guidance to success. This collaborative approach typically yields high implementation success rates.
A comprehensive IDP solution should scale across all lines of business and use cases, including claims, underwriting, and policy servicing. It should handle any data type—structured, unstructured, or semi-structured—and support various document types, layouts, languages, and sources with precision. The infrastructure must effortlessly scale to support any required submission volumes, ensuring consistent performance as business needs grow.
Automating health insurance claims involves processing extensive patient records to extract demographic information, medical conditions, and past treatments, significantly speeding up the adjudication process. Health insurance companies can use intelligent document processing to scan and process thousands of claims forms daily, extracting relevant information such as patient details, diagnosis codes, and treatment costs, and automatically entering this data into their claims management system.
Automate the verification process by quickly extracting the claimant’s information from multiple data input types, ensuring accurate and rapid validation. When a customer files a claim, an intelligent document processing system can immediately extract relevant information from the submitted documents, such as the claimant’s name, policy number, and policy details. This data is cross-referenced with the insurer’s records to verify the policy’s validity, significantly reducing the time taken for verification from hours to minutes.
IDP helps automate steps like policy verification and error checks, pre-populating fields in claims processing systems, saving time and allowing adjusters to focus on claim merits. Consider a health insurance company that receives numerous claims daily. With intelligent document processing, the system can automatically extract and verify information such as patient details, treatment codes, and costs from the submitted documents. This information is then used to pre-populate the claims processing system, significantly speeding up the adjudication process.
Extract and categorize data from insurance submission emails and attachments, facilitating data entry, risk analysis, and underwriting processing. In practice, this means an insurance firm can receive hundreds of submissions daily, each with varying document formats. Intelligent document processingcan automatically read and sort these documents, extracting key data points like applicant information, property details, and coverage requests.
IDP can automate the mortgage underwriting process by reading documents and extracting relevant data for input into the bank’s credit evaluation system, enhancing efficiency, speed, and accuracy. For instance, during the mortgage approval process, applicants submit numerous documents such as pay slips, tax returns, and bank statements. Intelligent document processing can quickly scan these documents, extract the necessary financial details, and enter them into the bank’s credit scoring system.
During catastrophe claim surges, IDP increases automated processing capacity by adding compute resources, automating up to 80% of the process, and facilitating easier manual review for the remaining tasks. Imagine a scenario where a hurricane hits a coastal region, resulting in thousands of claims for property damage. An insurance company equipped with intelligent document processing can quickly process these disaster claims by automatically extracting details from photos, repair estimates, and policy documents. The system can then prioritize claims based on severity and completeness of documentation, allowing adjusters to focus on the most urgent and complex cases.
Investment banking firms and others with wealth management divisions can take advantage of financial services automation by using it to analyze financial documents. Normally, humans read financial statements and pore over investment data, manually extracting relevant data. IDP enables financial firms to automate the process, pulling out relevant data and normalizing it for insertion into data processing tools. The result is a dramatic improvement in speed, efficiency and accuracy.
Insurance is all about risk, and insurance companies are always looking for ways to reduce their own risk. Now some are getting creative, applying intelligent document processing to examine documents that may hold the keys to risk reduction. One company built an automation model to examine some 180,000 documents to find those that could help it more accurately price its workers’ compensation insurance policies. It took just one month to examine all the documents, a job that would’ve taken about 2.5 years for a single employee to accomplish. Others are using intelligent automation to increase accuracy in customer on-boarding, to reduce their risk of legal and regulatory mandate violations.
The LIBOR interest rate benchmark was phased out at the end of 2021. Banks and financial institutions worldwide are left poring through documents looking for references to LIBOR in order to determine what their exposure is and take steps to address it – a task that screams for IDP.
Investment firms often receive trade processing documents via email and in PDFs. They can use intelligent intake to automate trade processing by extracting relevant unstructured data from these documents, and normalize it for input into the firm’s digital management system, eliminating hours and hours of manual data processing.
While many consider invoices to be structured or semi-structured documents, given the variation in invoices from different companies, they really fall into the unstructured category. Nowhere is that more true than with respect to invoices from long-term healthcare facilities, where each provider uses its own format and lists numerous services provided. But customers are successfully using intelligent document processing to pull more than a dozen fields from these invoices and convert them to a structured format – a task no RPA or templated automation tool could handle.
Companies have long had the ability to transcribe call center conversations into text, but pulling out any actionable intelligence required employees to painstakingly read the transcripts. Intelligent document processing offers a way to automate call center transcript analysis. With its ability to “read” unstructured documents, an IDP model can be trained to analyze the text, looking for key words and phrases that indicate a caller may be amenable to buying additional goods or services, or is unhappy and in danger of jumping ship. Either way, that’s actionable intelligence that can deliver real business benefits.
Intelligent Document Processing (IDP) delivers significant improvements in efficiency and effectiveness. Here’s how:
IDP solutions can adapt seamlessly to specific business needs, workflows, and logic. With the ability to fine-tune models to specific requirements, businesses benefit from tailored solutions that enhance both security and performance.
The best IDP providers go beyond mere proof-of-concept (POC) accuracy, partnering with businesses to focus on tangible value. Comprehensive change management support and expert guidance are essential, ensuring high implementation success rates.
A robust IDP solution scales effortlessly across various business lines and use cases, including claims, underwriting, and policy servicing. It processes all data types—structured, unstructured, and semi-structured—regardless of document type, layout, or language, and supports high-volume submissions with ease.
Good IDP solutions require no specialized data science skills, empowering business process experts to become proficient in managing data and models with ease.
Evaluate your business requirements, focusing on the types of documents you handle and the specific processes you aim to automate. Consider factors like document volume, complexity, and the necessity for real-time processing.
Look for software that offers high-level technical capabilities such as machine learning, natural language processing (NLP), and the ability to handle both structured and unstructured data efficiently.
Ensure the software can seamlessly integrate with your existing systems and workflows. Compatibility with your current tech stack will save time and resources during implementation.
The software should be intuitive and easy to use, allowing non-technical users to build and modify models without extensive training. Look for platforms that enable business process experts to operate independently of IT departments.
Evaluate the accuracy and precision of the data outputs. High-quality data is crucial for effective decision-making and maintaining business operations smoothly.
The solution should be scalable to handle increasing volumes of documents as your business grows. It should also be flexible to adapt to different use cases across various departments.
Choose a platform that allows continuous training and refinement of models based on user feedback. This ensures the solution evolves with your business needs and maintains high performance.
Assess the total cost of ownership, including initial setup, licensing fees, and maintenance costs. Compare these against the potential savings and efficiency gains the software offers.
Ensure the software adheres to industry standards for security and compliance. This is particularly important for handling sensitive information and meeting regulatory requirements.
Choose a vendor that offers tailored solutions for your industry. Specialized features and functionalities can significantly enhance the software’s effectiveness and relevance to your business.
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Chatham Financial, a global leader in risk management, faced the challenge of processing tens of thousands of complex, unstructured documents annually. They turned to an Intelligent Document Processing (IDP) solution to automate part of their document review process, significantly improving efficiency.
Key Benefits and Achievements
By adopting an IDP solution, Chatham Financial has achieved significant cost savings, increased process capacity, and enhanced collaboration between business users and data scientists.
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Cushman & Wakefield, a global commercial real estate firm, was struggling to process many unstructured documents related to deal management. They turned to an Intelligent Document Processing (IDP) solution to automate the intake process, resulting in significant efficiency gains.
Key Benefits and Achievements
Cushman & Wakefield can now extract valuable insights from years’ worth of data through intelligent document processing, potentially enabling new products and differentiating the company within its market.
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Cognizant faced the challenge of automating data extraction from 40 million unstructured mortgage title and deed documents annually. They implemented an Intelligent Document Processing (IDP) solution, resulting in significant cost savings and improved processing efficiency.
Key Benefits and Achievements:
Their intelligent document processing solution transformed how Cognizant handles complex document processing, yielding millions in annual savings and enhancing overall productivity.
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One of the leading commercial lines property and casualty insurers in the United States faced a sluggish document intake process, leading to significant backlogs. Implementing an Intelligent Document Processing (IDP) solution, they achieved remarkable efficiency gains.
Key Benefits and Achievements:
This innovative intelligent document processing solution transformed the insurer’s document processing capabilities, driving substantial time and cost savings.
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How does Intelligent Document Processing work?
Intelligent Document Processing (IDP) uses a combination of artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) technologies to automate the extraction, classification, and processing of data from various document types. Starting with digitizing documents if they are in paper format, AI algorithms read and analyze the documents to identify and extract relevant data fields. This data is then validated and formatted for input into downstream systems, such as databases or enterprise applications, ensuring seamless integration and processing.
What are the key benefits of IDP?
IDP offers numerous benefits to businesses across various industries. By transforming unstructured data into structured, actionable insights, IDP enables more informed decisions, reducing errors and increasing the precision of assessments and evaluations. Automating routine tasks like document triage and data extraction significantly speeds up processing times, allowing businesses to handle more work with the same workforce and improving overall productivity. This efficiency gain enables quicker turnaround times for policy issuance and claims settlement, enhancing productivity and customer satisfaction.
What types of documents can IDP handle?
IDP can process a wide range of document types, including but not limited to structured documents like forms and invoices, semi-structured documents like emails and reports, and unstructured documents like contracts, medical records, and handwritten notes.
Can IDP integrate with existing systems?
Yes, IDP solutions are designed to seamlessly integrate with existing enterprise systems such as ERP, CRM, and legacy databases. This integration ensures that the extracted and processed data flows smoothly into the downstream applications, maintaining the consistency and integrity of business processes.
Is IDP secure and compliant with data regulations?
IDP platforms prioritize data security and compliance. They employ advanced encryption and security protocols to protect sensitive information. Additionally, these platforms are designed to comply with various data protection regulations, such as GDPR, HIPAA, and others, ensuring that businesses meet regulatory requirements and protect customer data.
How quickly can businesses see ROI from IDP implementation?
The return on investment (ROI) from IDP implementation can be seen relatively quickly, often within a few months. The exact time frame depends on the scale of deployment and the complexity of the processes being automated. However, businesses typically experience significant cost savings, improved efficiency, and enhanced decision-making capabilities shortly after implementation.
How can IDP help during high-volume periods, such as catastrophe claim surges?
During high-volume periods like catastrophe claim surges, IDP can scale up processing capacity by leveraging cloud-based resources. This allows insurance companies to handle the increased volume of claims efficiently. IDP can automate up to 80% of the claims processing tasks, such as extracting key information from documents and performing initial assessments, enabling adjusters to focus on more complex cases and improving overall response times.
Perhaps figures like 85% reduction in cycle times and 4x increase in process capacity sound almost too good to be true. We can assure you they are most certainly real and add up to a rapid return-on-investment (ROI).
Consider a document-intensive process that involves 10 employees who each earn $100,000 per year, or $1 million total. Let’s say the team performs 500,000 tasks per year for a given process; that comes to $2 per task. If an IDP solution can automate 75% of those tasks – a perfectly reachable goal – the cost per task falls to just 50 cents, so the company saves $750,000 per year.
Looking at it another way, you now have $750,000-worth of employee hours to dedicate to other areas – a dramatic increase in overall capacity.
At the same time, by freeing up employees from tedious tasks, you gain soft benefits including increased employee satisfaction and productivity. Meanwhile, the IDP solution will perform the newly automated tasks with increased accuracy and consistency – because computers don’t get tired or make typos.
