Challenge:
A Fortune 500 mutual life insurance company was constrained by labor-intensive processes involving manual data extraction from complex tax forms, such as Federal K-1 forms. This process was critical for performing accurate tax calculations, reconciling data across various forms, sub-entities, and prior years, and ensuring timely tax filings. The manual workflow not only consumed significant time and resources but also posed risks to data accuracy and compliance.
Approach:
To address these challenges, our team deployed an advanced technology platform powered by AI, Machine Learning, and Natural Language Processing (NLP). This solution was designed to automatically extract required attributes and values from the tax forms and perform necessary reconciliations. The AI-driven platform was customized to handle the nuances of tax documentation, ensuring accuracy in calculations and consistency across multiple years and entities.
Outcomes:
The automation achieved over 70% straight-through processing (STP) across all tax documents, reducing the need for manual intervention. This transformation led to substantial savings in both cost and processing time, enabling the client to meet compliance deadlines more efficiently and reallocate resources to higher-value tasks.
STAT:
70% STP across Tax Docs
