Cost Savings of ~89% Compared to the Current Process
73% Accuracy for Extraction of Predefined Entities
Reduce ~2500 Hrs of Manual Processing Time per Year
Additional Field Data Extracted Forms the Foundation for AI/ML Use Cases
The client is a Fortune 500 insurance holding company in the business of mortgage insurance and long-term care insurance. They sought to automate the extraction of information from Accounts Payable and Claims invoice documents, a currently manual process where the team reviews an invoice, extracts relevant information, and uploads it to a structured database.
Quantiphi developed an automated OCR and entity extraction solution leveraging Document AI & Cloud Vision APIs to extract predefined entities from AP Invoices. We also built a lightweight user interface(UI) to upload individual/bulk documents & visualize the extracted data.