Insurance Organizations Need Access to Good Data Before They Can Benefit from BIG Data

Unlocking the Data from Paper FormsInsurance Organizations Need Access to Good Data Before They Can Benefit from BIG Data

Introductions By Host and Moderator – Ron Clark Ron is editor and publisher of the award-winning Resource magazine, the official publication of LOMA, the international association for life insurers and related financial services companies. The magazine is distributed to over14,000 insurance officials at LOMA member companies. Resource coversmanagement and operations of the industry, including technology,service, financial, human resources and company strategy.

Presentation • Paper Vs. Paperless: A False Dichotomy• Data as a Service• Product Demo• How Captricity Works• Customer Stories

Q&A

Agenda

Guest Speaker

Brian CoxHead of Insurance Partnerships, Captricity

Brian Cox currently serves as Director of Industry Sales at Captricity and is responsible for the success of Captricity's partners in the insurance and financial services sectors. Prior to Captricity, Brian spent seven years at IBM working with insurance and financial services companies in the New York area representing IBM's information management solutions. Brian’s career has led to an intimate understanding of business-critical processes and the technology solutions that many of the top insurance companies leverage to increase operational efficiencies and enhance their overall customer experience.

Paper v. Paperless is a False Dichotomy

• Paper is still often the best tool for the job

• Critical workflows require non-disruptive onramps

We Serve Those That Serve Everyone

Government Healthcare Captricity.orgInsurance

Multi-Channel Capture

Digital Transformation

Actionable Data

Data-as-a-Service

Secure by Design

Why is Captricity Different? People + Machines.

Product Demo

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

Customer Stories

Improved Underwriting – Risk Management(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

• Cost savings of $1M+ within first 12-mo.

• Enabled big-data analytics

Automation of 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

Application Forms

Death CertificatesPayment

Authorizations

Iterative Approach: One Workflow at a Time

Automating Medical Claim + Service Forms Processing(Top 5 P&C insurer)

Challenges

• Volume outpacing throughput capacity

• Errors in manual process causing rework

• Slow turnaround = poor customer experience

• Analytics team lacked access to critical customer data

Solution

• Cloud-native SaaS model scales with business need

• Replace manual outsourced operations

• Reduced turnaround time in half• Unlocked actionable data for

fraud detection

HigherData Quality99%+ accuracy for handwritten and/or

typed forms

Better

Value50% less

expensive than existing solutions

Improved Productivity

Reallocate resources for higher-value

activities

Faster Time-to-ValueScalable SaaS model,

self-serve setup, improved customer

response times

Why Captricity?

Questions?

1.415.237.FORM | @captricity | captricity.com/resources | captricity.org

To schedule a demo, please contact usvia Captricity.com or email: [email protected]