IDP in P&C Insurance Report Press Release
PRINCETON, N.J. | September 9, 2021 | PRNewswire
PRINCETON, NJ, Sept. 9, 2021 /PRNewswire/ — Singularity Systems Inc., a global provider of artificial intelligence (AI) solutions for intelligent document processing and predictive analytics, announces the release of the Everest Group report, Intelligent Document Processing (IDP) in P&C Insurance.
Singularity Systems will host a webinar on Tuesday, Oct. 5 at 11 am EDT with featured guest Everest Group to discuss the results from the report, featuring Sunshine Insurance and their success in using IDP to achieve 100% straight-through processing of ‘touchless’ claims.
The Intelligent Document Processing (IDP) in P&C Insurance report provides a detailed view of the current state of the P&C insurance industry, an introduction to IDP and its general capabilities, as well as capabilities specific to the insurance industry. It includes a section on operationalizing IDP across P&C insurance processes, as well as a straight-through processing case study on Sunshine Insurance’s use of IDP.
“Digitalization is vital for P&C insurers to effectively deal with changes in customer expectations and the evolving competitive landscape. IDP plays a key role in enabling digitalization for insurers, helping streamline document processing in processes such as customer onboarding, underwriting, claims processing, and others across the insurance value chain,” said Anil Vijayan, Partner, Everest Group. “IDP adoption in the insurance industry has grown at 20-25% in 2020, in spite of the pandemic situation, and is expected to further accelerate, given the substantial benefits conferred and increasing technology maturity of these solutions.”
“Sunshine Insurance had been searching for and trialing many different IDP technologies for several years to achieve the ultimate goal of Touchless Claims. It was after conversations with Singularity Systems and a Proof of Concept that we finally found the technology to integrate into our solution and achieve this milestone,” said Mr. Yonghao Li, Director, Insurance Claims Automation, Sunshine Insurance. “Today we’re able to process over 400,000 documents per day, with 99.498% word-level accuracy, averaging <1 sec/document, with 100% solution uptime.”
Singu̇AI allows users to build sophisticated Machine Learning models to fit their business requirements, without coding. Singu̇AI eliminates the need for data scientists and machine learning engineers to build and maintain highly accurate data classification and extraction models, making AI scalable and practical for the enterprise.
“Property & Casualty Insurance presents an interesting combination of technical requirements. Classifying and extracting the required data from a wide variety of documents and images of varying image quality; leveraging mobile devices in the field; requirements of ease-of-use, high accuracy and very fast processing for a high daily volume of documents and images – it’s an ideal use case for our Singu̇AI platform.” said Tianhao Wu, Co-Founder & Chief Technology Officer at Singularity Systems. “Our Singu̇AI platform combines four technologies – Computer Vision, Natural Language Processing (NLP), Optical Character Recognition (OCR), and Auto Machine Learning (AutoML) – to provide the most complete artificial intelligence solution for this type of document cognition.”
About Singularity Systems: Singularity Systems Inc. is a global provider of artificial intelligence solutions for intelligent document processing and predictive analytics. Our Singu̇AI platform is self-training and adapting, providing real-time interaction between the human and AI so business users can build highly accurate models with small sample sizes and deliver value in days rather than months.
SOURCE Singularity Systems Inc.