Automation platform Kanverse has rolled out an artificial intelligence (AI)-powered document processing product for enterprise.
The San Jose company announced the launch Monday (Nov. 29) in a news release, saying the tool “intelligently automates” the insurance forms submission process (for ACCORD and supplemental forms) with up to 99.5% extraction accuracy.
“The insurance form submission intake process faces multiple operational challenges — the traditional manual process is highly inconvenient, error-prone and brings unprecedented disruptions,” Kanverse says on its website.
“Underwriters and assistants spend up to 45% of their time on administrative activities, consolidating and enriching data, when their core focus should be on evaluating risk. This increases process cycle time, increases costs, data processing errors, and leads to inefficient collaboration between agents and underwriters, and much more.”
According to Kanverse, the tool offers end-to-end automation of ingestion, detection, classification, extraction and filing.
The tool’s processes are powered by natural language processing (NLP), fuzzy logic and advanced machine learning (ML) algorithms designed to “make business processes more efficient, optimize cost, abolish human error, and mitigate risk.”
It also includes out-of-the-box AP fraud detection use cases, dashboards for fraud and error analytics, supported for new document and table types and a user interface that provides invoice mapping and matching with purchase orders.
The release “changes the paradigm for submission intake for insurance industry by automating the end-to-end process,” said Dr. Akhil Sahai, chief product officer. “It also delivers game changing innovations in AP Fraud for Finance and Accounting teams.”
Kanverse’s product launch comes at a time when a majority of insurance carriers — 67% — say they see digitized payments as a key part of the digital upgrade plans, as PYMNTS research found earlier this year.
Among those carriers, 64% reported those plans to upgrade are driven by a desire to become less dependent on paper checks, while another 53 percent say they want to lower their internal expenses.