A Fortune 500 Mutual Life Insurance Company has a team that manually extracts data from tax forms such as Federal K-1 forms to perform critical tasks including tax calculations, reconciliation across multiple forms, sub-entities and prior years, and timely tax filings. Our team implemented an industry leading technology platform that uses AI, Machine Learning and Natural Language Processing, to extract the required attributes and corresponding values, and automatically perform the required reconciliations. This helped the client achieve more than 70% straight-through processing across all tax documents, resulting in significant cost and processing time savings.
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Case Study: Insurance Operations Automation