Guest speaker Cheryl McKinnon from Forrester and Captricity Founder and CEO Kuang Chen talk about how leading insurers leverage new technology to automate critical business processes.
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Unlocking Data from Paper Forms
1. Featured Speakers:
Kuang Chen, Founder & CEO
Special Guest: Cheryl McKinnon, Principal Analyst
Unlocking Data from Paper Forms
How Leading Insurers Leverage New Technology to
Automate Critical Business Processes
2. Speaker Introductions
Forrester 20 min
• Current State of Capture & Data Management
• Challenges & Opportunities for the Insurance Sector
• Latest Trends in Content & Data Management
Captricity 30 min
• Company Introduction
• Technology & Platform Overview
• Customer Stories - Insurance
Open Discussion 10 min
Agenda (60 min.)
3. Featured Speakers
Cheryl McKinnon – Guest Speaker
PRINCIPAL ANALYST SERVING ENTERPRISE ARCHITECTURE
PROFESSIONALS
Cheryl McKinnon is a principal analyst serving the needs of Enterprise
Architecture Professionals. She is an expert in records management, information
governance, and eDiscovery. Cheryl brings a broad perspective to this role, with
deep experience in many areas of content and information management,
including ECM, social media, collaboration, and standards.
Kuang Chen
FOUNDER & CEO, CAPTRICITY
In founding Captricity in 2011, Kuang set out on a mission to help organizations
of all sizes gain non-disruptive access to high-quality business data by bridging
people and machines. He received a Ph.D. in computer science from University
of California, Berkeley, where he focused on the potential of data in the
developing world, and created the core technology behind Captricity. Prior to
graduate school, he was a founding team member of a computational work-flow
technology startup for drug discovery laboratories.
4. Speaker Introductions
Forrester 20 min
• Current State of Capture & Data Management
• Challenges & Opportunities in Insurance
• Latest Trends in Data Management
Captricity 25 min
• Company Introduction
• Technology & Platform Overview
• Customer Stories - Insurance
Open Discussion 10 min
Agenda (60 min.)
15. Speaker Introductions
Forrester 20 min
• Current State of Capture & Data Management
• Challenges & Opportunities for the Insurance Sector
• Latest Trends in Content & Data Management
Captricity 25 min
• Company Introduction
• Technology & Platform Overview
• Customer Stories - Insurance
Open Discussion 10 min
Agenda (60 min.)
16.
17.
18.
19. “Going paperless” vs. data access
• Paper is still often the best
tool for the job
– Paper as transport, not storage
• Critical workflows require non-
disruptive onramps
– Focus on access, not process change
23. Top layers trained
to as custom
prediction engines
per data field
Bottom layers pre-
trained on entire
Captricity corpus
Unique application
of convolutional
neural networks
Blank
detectio
n
Multiple
choice
recognition
Fixed-
vocabulary
handwritte
n
recognition
Open
handwritin
g
recognition
Printed
text
recognition
Number
recognition
Deep learning + human intelligence = 99.9%+
accuracy
26. What we are NOT …
o NOT an “OCR” engine
• Captricity’s 99.9% accuracy and self-serve tools
can be deployed anytime, anywhere
o NOT an outsourced operation
• Enables employees to focus on mission and increased profits,
not menial data entry
o NOT another big on-premise investment
• Cloud service: faster time-to-value and higher ROI
• Scalable, on-demand cloud platform provides flexibility to meet your needs
28. Automating business reply card processing
Challenges
• 100’s of BRC templates and versions
• Poor data quality (~90%)
• Slow turnaround times (days)
• Manual process was expensive
and difficult to scale
Solution
• Self-serve setup tools
• Improved accuracy to 99%+
• Improved turnaround time to hours
• 50%+ cost savings
• Directly integrated into legacy
backend DB
30. Automating medical claim + service forms
processing
(Top 5 P&C insurer)
Challenges
o Volume outpacing throughput capacity
o Errors in manual process causing
rework
o Slow turnaround = poor customer
experience
o Analytics team lacked access to
critical customer data
Solution
o Cloud-native SaaS model scales with
business need
o Replaced manual outsourced
operations
o Reduced turnaround time in half
o Unlocked actionable data for fraud
detection
31. Improving mortality modeling
(2 top-10 U.S. life insurers)
Challenges
• Need for better mortality models
• Necessary data resides only in
document images
• Alternatives require expensive
consultants
• Advanced analytics teams lacked data
access
Solution
• Cloud-native platform auto-scales to
handle large volumes of legacy
documents
• Extracted data from multitude of
historical templates
• Enabled big-data analytics
• Cost savings of $1M+ within first 12-
mo.
33. Higher Data
Quality
99%+ accuracy for
handwritten and/or
typed forms
Better Value
As much as 7.5X
less expensive
than existing
solutions
Improved
Productivity
Free up staff and
budget for higher-value
activities like improving
customer experience
Faster Time-to-
Value
SaaS model, self-serve
setup, improved customer
response times
Questions?