Haystream | AI/Machine Learning in the Cloud | New York
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AI-fueled Automation Can Save 80% or More in Costs and Processing Times
The insurance industry has transformational opportunities for the automation of many manually intensive operations relating to data extraction, spreadsheet manipulation and transaction processing.
We have helped other clients deploy Artificial Intelligence, Machine Learning, Natural Language Processing, and other innovative technologies to automate manual processes, and achieve the following results:
• Gain greater than 80% cost and time savings compared to manual operations
• Significantly reduce processing times for paper-based and manual operations
• Improve client satisfaction
• Increase straight through processing of transactions using automation
Our technology stack includes the industry’s best platform which successfully extracts data from a wide variety of structured and unstructured data sources, using multi-dimensional proprietary algorithms built using semantic engineering, domain, geographic and industry sector expertise. Our platform works across all financial, legal and other document types, such as Historical Files Sources, Data and accompanying data dictionaries (in table or CSV format, Policy Forms in PDF or another machine-readable format or in a scanned image format), Business Rules (in Word, PDF machine readable, or in a programming language), Product hierarchy, Programming code or Excel, Product catalogs.
We help insurance companies automate the modeling of various relationships and linkages such as customer, policy, claim, payments, and others to replace the functionality of the legacy policy administration systems. Some of the areas where we have helped our clients transform their operations include
• Automation of spreadsheet and manually intensive processes
• Extracting relevant data from financial documents such as K-1 forms, and computing taxable income automatically with 96% accuracy
• Reading customer account related forms, including handwritten applications, account on-boarding, customer feedback and service requests
• Digitizing and extracting attributes from legal documents, including paper-based, PDFs and scans