Automate Insurance Forms Processing to Gain Operational Efficiencies and Enable Analytics
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Captricity presents a solution to automate insurance forms processing using machine learning and crowdsourcing techniques. Their solution involves setting up document templates, uploading forms, sorting documents into the correct templates, extracting fields using "shredded" single data pieces reviewed by workers, and delivering the processed data. This allows insurers to gain efficiencies over manual processing while also enabling analytics on large amounts of historical policy data. Captricity claims their solution reduces costs and speeds up response times compared to traditional data entry methods.
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Automate Insurance Forms Processing to Gain Operational Efficiencies and Enable Analytics
- 1. Captricity Automate Insurance Forms Processing to Gain Operational Efficiencies and Enable Analytics Life Insurers Council September 23, 2015
- 2. o Please use the area in the right of your screen to ask questions during the presentation o 15 min. at the end of today’s webinar has been reserved to answer user-submitted questions o A recording of today’s presentation will be provided via email within 48 hours Housekeeping Items
- 3. Today’s Guest Speaker – Paul Patterson o VP, Sales & Account Management – Captricity o 15+ years of enterprise software sales experience o Special focus in financial services and insurance o Professional mission is to help manufacturers build to higher quality standards, CIOs deliver IT more efficiently, engineers design products faster, and retailers sell more products
- 4. Today’s Agenda – 60 min. o Introduction o The State of Document Capture o Increasing Complexities & Challenges o The Solution o Customer Success Stories o Wrap Up and Q&A
- 5. Paper Remains Relevant in Business Today
- 7. Processes Are Becoming More Complex
- 8. The Demands on Capture are Increasing
- 9. q Slow Turnaround Times § Manual document preparation (complex sorting) § Manual exception handling § Fragmented data systems q Rising Costs § See all “manual” mentions above § Rework required for inaccurate, poor data capture (see: handwriting) q Inability to Scale § Growing volumes of paper § Limited budget for additional data entry clerks What’s Causing These Challenges?
- 10. Limited Use of Intelligent Capture
- 11. Opportunities of Robotic Process Automation ü Faster response times = better customer UX ü Enable single-view of customer ü Identify fraudulent activity faster ü Reduce payment and penalty costs
- 12. The Solution
- 13. Company Overview Private Beta First 1M fields processed in Mali 2011 2012 2013 2014 Founded 2011 Public Launch BestTech Award, Launch Conference Series A FDA NYLife Series B Cloud Workflow Salesforce, Box Integrations, Public REST API,Team collaboration Security HIPAA, FedRAMP- based ATO Enterprise Multi-channel support, auto sorting / versioning Awards: DATA FOR SOCIAL IMPACTCustomers:
- 14. A New Approach to an Old Problem MACHINE LEARNINGCROWDSOURCING
- 15. Captricity: A New Capture Technology for Insurers How We Help: 1. Robotic process automation o Manual/paper workflow optimization 2. Enablement of big-data analytics o Large-scale historical paper-based data extraction
- 16. Captricity’s Workflow SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 DELIVER 1 Create a Template • Highlight and name desired fields for data capture • A one-time setup process that is self-serve and fully automated moving forward
- 17. Captricity’s Workflow SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 DELIVER 2 Upload documents • Variety of structured/semi-structured formats supported • Cloud-native platform can scale up and down automatically unlike restrictive licensed-based solutions i i Advanced integration options available to streamline process for enterprise level service
- 18. a Captricity’s Workflow SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 DELIVER 3 Documents are automatically indexed • Forms can be uploaded as-is and Captricity will classify and sort according to the pre-defined templates
- 19. Captricity’s Workflow SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 DELIVER 4 Fields are “Shredded” and processed via crowd-guided machine learning • Only one “Shred” of data is served up at a time for a worker to verify, ensuring PII and sensitive individual data remain confidential • Platform and process is protected, HIPAA certified i Advanced integration options available to streamline process for enterprise level service
- 20. Captricity’s Workflow SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 DELIVER 5 i i Advanced integration options available to streamline process for enterprise level service First Name Last Name Phone Number Address City State Zip Code John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222 Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222 Electronic data is delivered at 99.5%+ accuracy • Typically ready 4-12 hours after submission • Simple click and download, just like an email attachment • Export options include EDI, XML, ACORD XML, CSV file, etc., or load the data into business applications such as Salesforce.
- 21. Customer Stories
- 22. CHALLENGE: No easy access to “cause of death” data from death certificates, which are submitted along with death claims but typically filed away without further analysis GOAL: Enable big-data analytics for underwriting innovation and fraud detection Extracting Data from 1M+ Death Claims
- 23. Expanding Across the Enterprise Application Forms Payment AuthorizationsDeath Claims Customer service efficiency, Analytics, Fraud detection
- 24. Excellent data quality is key to a best-in-class customer experience, which makes Captricity's technology especially attractive as we look for easily scalable, innovative solutions in this area. - Ed Walsh, Corporate Vice President of Systems at NewYork Life Captricity enabled us to pilot their technology much faster than (previous) solutions, which is why we’ve been able to test the platform and roll it out wider across the organization in only a few short months. - Josephine Saletto, Corporate Vice President at NewYork Life
- 25. CHALLENGE: Need to provide analytics and actuary teams with self-serve access to customer data generated by new Life applications and paramed forms (lab reports). GOAL: Enable my teams across the organization to run advanced analytics which will inform our business of potential improvements to shorten the underwriting process and improve the overall new customer experience. Extracting Data to Enable “Fast Track” Underwriting
- 26. Captricity.com Captricity.com/resources Captricity.org Schedule a Personalized Demo: sales@captricity.com @Captricity 1-415-237-FORM Captricity helps insurance organizations unlock access to customer data, automate operational workflows and enable big-data analytics. Summary
- 27. Thank You!