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