what you need to know about robotic process automation: how it works & real-world success...

What You Need to Know About Robotic Process Automation:

How It Works & Real-World Success Stories

October 14, 2015

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

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“Paperless” is hard if you want to serve a large and diverse population.

We Serve Highly-Regulated Customers

Insurance Government Health

Federal Election Commission

…The Time To Disrupt Life Insurance Is Now…

…Another dull year ahead for US life insurers…

…Stagnant Life Insurance Industry Spells Changes for the Future…

…The Life Insurance Industry Is Ripe For The Picking…

…Transformation most likely path to sustain long-term growth…

Doc Prep Scanning Recognition Indexing Verification Release

Data

Reality of Today’s Underwriting Process

A 6-Week Life Insurance Application FlowThe underwriting process is long, expensive and invasive

Complete Forms

1 Day

Paramed Exam

1 Week

Review

2-4 Weeks

Policy Signed

2-3 Days 2-3 Days

Planned In Force

So How Do We Bridge Reality with Expectations?A Century of Experience… to a Lifetime of Engagement?

Apply for financial protection.

Existing Electronic Data

Non-Traditional Data

Unlocking Data from Historical Paper

Electronic Health Records

Step 1: Acquire an Arsenal of Data

POLL QUESTION #1

Which of these data sources are you actively collecting now (select all that apply)?

•  Existing electronic data (operational data)•  Non-traditional data (ex: public records, marketing data)•  Electronic health records•  Data from historical paper

A Modern Approach to an Old Problem

MACHINE LEARNING CROWDSOURCING

How Captricity Works

Capture Transform Deliver

Machine + Human Hybrid-Intelligence

99%+ Accuracy

Dynamic Scaling

OR

A Robotic Process Automation Solution

SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork 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

SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork 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

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i i Advanced integration options available to streamline process for enterprise level service

A Robotic Process Automation Solution

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SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork 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

A Robotic Process Automation Solution

SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork 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 i Advanced integration options available to streamline process for enterprise level service

A Robotic Process Automation Solution

SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222

DELIVER

5i i

i i Advanced integration options available to streamline process for enterprise level service

FirstName LastName PhoneNumber Address City State ZipCodeJohn Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork NY 11222John Smith 555-555-5555 123ABCSt. NewYork NY 11222Jane Doe 444-444-4444 345ABCSt. NewYork 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.

A Robotic Process Automation Solution

Finally, Accurate Handwriting Extraction!

•  New Business Forms (Life + Annunities) •  Claims Forms •  Beneficiary Change Forms •  Death Claims / Death Certificates

•  Policy Surrender Forms •  Lab / Exam Forms •  Electronic Payment Authorizations •  Business Reply Cards

POLL QUESTION #2

How do you digitize your paper data currently?

•  In house manual data entry•  Outsourced BPO services •  Optical character recognition (OCR) or other digitization technologies•  We don’t use paper

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

LA Death Certificate LA Death Certificate

New York Life now has access to over 50 million new data points after digitizing ten years of legacy death certificates with Captricity

Not Easy, But Now Possible

New (Old) Data Sources

Application Forms Payment AuthorizationsDeath Claims

Customer service efficiency, Analytics, Fraud detection

Data Access to Improve UnderwritingExisting Electronic Data

Non-Traditional Data

Unlocking Data from Historical Paper

EHR

Death Certificates Applications

Public Records Marketing Data

Credit

MVR

RxMIB

Electronic App Tele Interview

Mortality Experience

Probability of clean labs

Auto-Issue Policy

New Markets & Products

Electronic Health Records

A Better UX. Happier Customers.

Thank You