Neudesic + Leading National Auto Insurance Company
Driving Processing Efficiency & Reducing Operational Costs by 90% with Neudesic’s Document Intelligence Platform & DPi30
In operational costs
Industry: FSI Insurance Company
Organization Size: 24,000 employees
Annual Revenue: $14B
Solution: Document Intelligence Platform
Organization Location: Chevy Chase, Maryland
A leading American auto insurance company that provides coverage for more than 28 million motor vehicles owned by more than 17 million policy holders.
On a monthly basis, the client receives approximately 5,000 demand letters related to client accidents, each of which contains nearly 200 pages that need to be processed by their teams. Currently, the documentation is manually reviewed, sorted, and data-entered into the client’s systems.
The client recognized an opportunity to reduce costs related to inefficient document processing while also avoiding risk related to missed expiration dates on demand letters that could increase their financial exposure. They were exploring several competitive cloud-based and third-party automation solutions, but that also needed to maintain a heavy focus on keeping data secure and staying within regulatory compliance.
The client engaged the support of Neudesic and Microsoft as part of a bake-off with six other vendors. The teams started with a Microsoft DPi30 engagement along with ECIF to help support a Document Intelligence Platform (DIP) solution proof of concept on Azure to automate their demand letter processing.
Over the course of six weeks, the joint teams will deliver an initial solutions to help client:
- Replace the manual and time-consuming process of extracting data from their demand letter documents
- Process their documents simultaneously with accuracy
- Ensure full data security to remain in compliance
- Mitigate the risk of human error when manually extracting data from documents
- Reduce resources and operational costs
At the end of the six-week engagement, the client will have the initial implementation of an automated Document Intelligence Platform to instantaneously extract relevant information from their demand letters, which is projected to help them:
- Reduce operational costs related to document processing by more than 90%
- Achieve 200% increase in efficiency with automation
- Reduce the overall risk of not meeting expiration dates on demand letters
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.