Cognitive process automation for insurance
, 4 years ago 4 min read 253
Cognitive process automation for insurance
- 1. Cognitive Process Automation (CPA) in Insurance Eliminating inefficiencies in input managment with the latest Natural Language Processing (NLP) technology
- 2. The Problem Despite digitalization, companies still need to deal with thousands of unstructured written documents via snail mail, live chat, or email. Number of unstructured documents Insurance companies in Germany currently need to process every year 1.4 bn
- 3. C ontractC hangesC ontractTerm inations Invoice Validation C laim s H andling M edicalR eports 150 100 50 0 Inefficiency Input management processes quickly become extremely costly as these involve several touch points and different people who have to interpret and manage documentation and customer communications. € 23 Processing costs per single unstructured document in insurance
- 4. The Solution Cognitive Process Automation is an input management technology that transforms any kind of unstructured information (emails, written documents, pictures of documents) into structured and actionable data using natural language processing to interpret the information contained in texts. Cognitive process automation software uses artificial intelligence and machine learning to train modules that can classify, extract, and interpret information contained in specific documents such as invoices, contracts, claims, or medical reports to convert any form of text or form into ready-to-use, categorized data that can immediately be processed.
- 5. Cognitive Process Automation For Insurance Automated Policy Management Claims Handling and Data Extraction from Reports Trainable Customized Models
- 6. A Smarter Kind of Technology A Cognitive Automation Platform bridges the gap between structured (but limited in scope and place) and unstructured (open and flexible) communication allowing firms to immediately convert any sort of incoming text into pre-digested information for process automation without any coding and without forcing companies to change or adjust existing processes. Cognitive Process Automation combines different document management elements to provide an end-to-end solution for input management automation.
- 7. Benefits and Advantages The route to a fully AI-enabled company Faster Time to Response Process documents and respond to customer requests in seconds instead of weeks Higher Productivity & Efficiency Less manual work, higher data accuracy, immediate automation Lower Costs Input management becomes up to 40% cheaper thanks to automation Customer Retention Improved customer experience that leads to retention and advocacy Faster Time to Insights Immediate access to viable data for decision making processes Immediate ROI from AIOps Scalable solution that adapts to every process and improves with additional use cases
- 8. ExB is the only individually trainable, centralized Cognitive Process Automation (CPA) platform that offers a complete end-to-end data extraction and input management solution created by top scientists and researchers for insurance companies that want to increase profitability with speed to response, lower costs, and access to key actionable insights in a hyper- competitive market that hinges on customer service, retention, and data accuracy for decision- making processes.
- 9. 1.9 Billion Total Available Market (TAM) Why ExB ExB is the pioneering technology provider in this field and defines the category of Cognitive Process Automation with its unique approach to input management. Using, creating, or training modules doesn’t require any coding at all. Anybody can operate the system without any previous experience. ExB is fast and easy to implement. Ready-to-use models can be immediately deployed right out-of-the box while tailored new modules can be trained in a matter of days. Instead of having a series of single-use modules offered by different providers, ExB offers its customers a single, centralized input management system. ExB adapts to the unique requirements and needs of each workflow and existing automation so that the customer doesn’t need to change processes. The system is easy to extend to multiple use cases. The more customers use ExB, the smarter the system gets. The more documents it processes the more accurate it becomes and the more use cases a customer uses ExB for the faster and cheaper it is to scale the solution. Bank-degree level of security and data blindness for on-premise, private cloud, or IAaaS implementation based on the customer needs. Maximum compliance with internal Standard Operating Procedures (SOPs), regulations, norms, and process requirements in terms of workflow and output. Fast Implementation and Limited User Training Easy Deployment and Integration Maximum Scalability Enterprise-grade AI Platform
- 10. ExB is the only CPA Platform that Truly Understands Language as a Human We enable insurance companies to convert any form of unstructured data into actionable information and insights for input management and process automation. Product Demo
- 11. LEARN MORE Talk To Us Contact our CPA experts: email@example.com Dr. Ramin Assadollahi Founder and Chief Executive Officer Christoph Becker Chief Technology Officer Falk Rehwagen Director of Engineering Philipp Schäfer Director of Design & UX Georg Schepers Director of Business Development Dr. Stefan Bordag Director of Research
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