Last year the total premium volume for pet insurance in the U.S. was nearly $2.6 billion, a 30.4%...
Why Organizations are Turning to Intelligent Document Processing to Boost Productivity and Accelerate Decision Making
The addition of SortSpoke into the mix was key. With hundreds of clients, each with their variations and formats of documents for us to intake, using traditional OCR techniques to get at the data would have taken us years to do. With SortSpoke, we could speed up the development process and take on a broader range of formats that we could automate.
- Mike Ackroyd, CIO, SCM Insurance Services
According to research and consulting firm Gartner, approximately 80% - 90% of all new enterprise data is unstructured, and IDC estimates the volume of unstructured data will increase to 175 billion terabytes by 2025.
While enterprise automation and RPA solutions have enabled organizations to take action from documents with predefined formats, they have struggled to extract information from unstructured, highly varied documents accurately.
As the volume, variety, and velocity of unstructured data increases, organizations are turning to Intelligent Document Processing to help them take action from unstructured data sources.
Turning Unstructured Documents into Usable Data
If you’re not familiar with Intelligent Document Processing (IDP), it uses artificial intelligence and machine learning to turn structured, semi-structured, and unstructured documents into usable data.
One of the benefits of IDP is its ability to automate manual and repetitive tasks like data extraction and the re-keying of information so employees can focus on higher-level activities.
Organizations across various industries are tapping into the power of IDP. Market research firm Valuates estimates the global IDP market will grow from $860M in 2021 to $4.15B by 2026.
What’s the Difference Between SortSpoke and Other IDP Solutions?
SortSpoke differs from other IDP solutions because we focus on extracting data from the most complex unstructured documents where 100% data accuracy is required. SortSpoke can handle the toughest document types, including:
- Supplemental insurance applications
- Agreements and contracts
- Invoices and financial statements
- Medical records, doctor notes, and more
SortSpoke extracts data from these documents using a combination of advanced AI/ML models and by keeping your humans-in-the-loop to ensure 100% data accuracy.
We didn’t need any IT resources and were up and running in half a day. The system learned super fast, suggesting values after seeing only a dozen documents.
- Project Lead, Canadian Provincial Ministry
Case Studies: Taking Action from Unstructured Documents
Insurance companies, mortgage lenders, and accounting firms are just some of the companies turning to IDP to help them boost productivity and improve turnaround times by automating data extraction. Some examples of SortSpoke in action include:
- Video: SCM Insurance Reduces the Effort to Set Up a Claim by 80%
- Case Study: Canadian Provincial Ministry Accelerates Data Extraction
- Video: TAI Slashes Treaty Review Process from 8 hours to 35 minutes
Proof of Concept Program (No Obligation Required)
Getting up and running with SortSpoke is easy. SortSpoke requires no templates or technical skills. In addition, our models can be trained to meet your specific needs within hours. For more information about our no-obligation proof of concept program, contact us below.