Neudesic + Leading Multinational Reinsurance Corporation
Driving $3.3M cost reduction & 99% increase in processing efficiency with Neudesic’s Document Intelligence Platform
Cost reduction for the client
Reduction in processing errors
Industry: FSI Insurance Company
Organization Size: 1500 employees
Annual Revenue: $9B
Solution: Document Intelligence Platform
Organization Location: Stamford, Connecticut
This client is an American multinational property/casualty and life/health reinsurance company offering a range of reinsurance products and services through a network of more than 40 offices and over 3,578 employees.
The client receives nearly 10,000 new life insurance applications on a monthly basis, and their current method of processing is entirely manual.
Given that each application includes 150+ pages and includes a variety of different documents including patient records, health and lab reports, and other sensitive customer data, it makes for an arduous process that requires a team of roughly 60 processors that take an hour to process each application.
The client team needed an automated document processing and classification system to reduce their monthly costs, but they also needed to maintain security and compliance, given that they handled sensitive customer data.
Neudesic and Microsoft leveraged the Solution Assessment team’s DPi30 program, which will help support and fund an initial implementation of the Neudesic Document Intelligence Platform (DIP) for the client. The DIP is designed to allow non-technical users to train AI to solve key industry challenges including content and image classification, keyword detection for customer service scenarios, and content extraction from financial docs, contracts, and forms for regulatory compliance initiatives.
The team will be able to provide the client with a simple interface within the Document Intelligence Platform for business users to extract data from multiple document sets containing complex data structures and dozens of data points, including tables. The DIP will be built on Azure and will orchestrate all the necessary cloud services and deploys in accordance with the client’s security standards.
The initial phase of the DIP implementation will last roughly eight weeks, but this is just the start of a six-phase project that will likely last upwards of a year. The team is starting with US and European client data but will then move into different geos, support different use cases, and provide the DIP solution to support use cases in five different languages.
The impacts for the client will include:
- Approximately $3.3M savings in labor costs
- 99% increase in processing speed to better serve clients
- 95% reduction in manual processing errors
The initial PoC is projected to generate nearly $2M in ADS from Cognitive Services and $2.5M in ACR overall. The client also has another 8-10 use cases for which they wish leverage the DIP, which will drive additional ADS/ACR growth throughout FY22.