insurance organizations need access to good data before they can benefit from big data
TRANSCRIPT
Unlocking the Data from Paper FormsInsurance Organizations Need Access to Good Data Before They Can Benefit from BIG Data
Introductions By Host and Moderator – Ron Clark Ron is editor and publisher of the award-winning Resource magazine, the official publication of LOMA, the international association for life insurers and related financial services companies. The magazine is distributed to over14,000 insurance officials at LOMA member companies. Resource coversmanagement and operations of the industry, including technology,service, financial, human resources and company strategy.
Presentation • Paper Vs. Paperless: A False Dichotomy• Data as a Service• Product Demo• How Captricity Works• Customer Stories
Q&A
Agenda
Guest Speaker
Brian CoxHead of Insurance Partnerships, Captricity
Brian Cox currently serves as Director of Industry Sales at Captricity and is responsible for the success of Captricity's partners in the insurance and financial services sectors. Prior to Captricity, Brian spent seven years at IBM working with insurance and financial services companies in the New York area representing IBM's information management solutions. Brian’s career has led to an intimate understanding of business-critical processes and the technology solutions that many of the top insurance companies leverage to increase operational efficiencies and enhance their overall customer experience.
Paper v. Paperless is a False Dichotomy
• Paper is still often the best tool for the job
• Critical workflows require non-disruptive onramps
We Serve Those That Serve Everyone
Government Healthcare Captricity.orgInsurance
Multi-Channel Capture
Digital Transformation
Actionable Data
Data-as-a-Service
Secure by Design
Why is Captricity Different? People + Machines.
Product Demo
What we are NOT…
o NOT an “OCR” engine• Captricity’s 99.9% accuracy and self-serve tools
can be deployed anytime, anywhere
o NOT an outsourced operation• Enables employees to focus on mission and increased profits,
not menial data entry
o NOT another big on-premise investment• Cloud service: faster time-to-value and higher ROI• Scalable, on-demand cloud platform provides flexibility to meet your needs
Customer Stories
Improved Underwriting – Risk Management(2 top-10 U.S. life insurers)
Challenges
• Need for better mortality models • Necessary data resides only in
document images• Alternatives require expensive
consultants• Advanced analytics teams lacked
data access
Solution
• Cloud-native platform auto-scales to handle large volumes of legacy documents
• Extracted data from multitude of historical templates
• Cost savings of $1M+ within first 12-mo.
• Enabled big-data analytics
Automation of Business Reply Card Processing
Challenges
• 100’s of BRC templates and versions
• Poor data quality (~90%)• Slow turnaround times (days)• Manual process was expensive
and difficult to scale
Solution
• Self-serve setup tools• Improved accuracy to 99%+• Improved turnaround time to
hours• 50%+ cost savings• Directly integrated into legacy
backend DB
Application Forms
Death CertificatesPayment
Authorizations
Iterative Approach: One Workflow at a Time
Automating Medical Claim + Service Forms Processing(Top 5 P&C insurer)
Challenges
• Volume outpacing throughput capacity
• Errors in manual process causing rework
• Slow turnaround = poor customer experience
• Analytics team lacked access to critical customer data
Solution
• Cloud-native SaaS model scales with business need
• Replace manual outsourced operations
• Reduced turnaround time in half• Unlocked actionable data for
fraud detection
HigherData Quality99%+ accuracy for handwritten and/or
typed forms
Better
Value50% less
expensive than existing solutions
Improved Productivity
Reallocate resources for higher-value
activities
Faster Time-to-ValueScalable SaaS model,
self-serve setup, improved customer
response times
Why Captricity?
Questions?
1.415.237.FORM | @captricity | captricity.com/resources | captricity.org
To schedule a demo, please contact usvia Captricity.com or email: [email protected]