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CaptricityAutomate Insurance Forms Processing to Gain Operational Efficiencies and Enable Analytics
Life Insurers Council September 23, 2015
o Please use the area in the right of your screen to ask questions during the presentation
o 15 min. at the end of today’s webinar has been reserved to answer user-submitted questions
o A recording of today’s presentation will be provided via email within 48 hours
Housekeeping Items
Today’s Guest Speaker – Paul Patterson
o VP, Sales & Account Management – Captricity o 15+ years of enterprise software sales experience
o Special focus in financial services and insurance
o Professional mission is to help manufacturers build to higher quality standards, CIOs deliver IT more efficiently, engineers design products faster, and retailers sell more products
Today’s Agenda – 60 min.
o Introduction o The State of Document Captureo Increasing Complexities & Challengeso The Solutiono Customer Success Storieso Wrap Up and Q&A
Paper Remains Relevant in Business Today
Most Common Sources
Processes Are Becoming More Complex
The Demands on Capture are Increasing
q Slow Turnaround Times§ Manual document preparation (complex sorting)§ Manual exception handling§ Fragmented data systems
q Rising Costs§ See all “manual” mentions above§ Rework required for inaccurate, poor data capture ���
(see: handwriting)
q Inability to Scale§ Growing volumes of paper§ Limited budget for additional data entry clerks
What’s Causing These Challenges?
Limited Use of Intelligent Capture
Opportunities of Robotic Process Automation
ü Faster response times = better customer UX
ü Enable single-view of customer
ü Identify fraudulent activity faster
ü Reduce payment and penalty costs
The Solution
Company Overview
Private BetaFirst 1M fields processed in Mali
2011 2012 2013 2014
Founded 2011 Public LaunchBest Tech Award,Launch Conference
Series A FDA & NYLife Series B
Cloud WorkflowSalesforce, Box Integrations, Public REST API, Team collaboration
SecurityHIPAA, FedRAMP- based ATO
EnterpriseMulti-channel support,��� auto sorting / versioning
Awards: DATA FOR SOCIAL IMPACTCustomers:
A New Approach to an Old Problem
MACHINE LEARNING CROWDSOURCING
Captricity: A New Capture Technology for Insurers
How We Help:
1. Robotic process automationo Manual/paper workflow optimization
2. Enablement of big-data analyticso Large-scale historical paper-based data extraction
Captricity’s Workflow
SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
DELIVER
1 Create a Template
• Highlight and name desired fields for data capture
• A one-time setup process that is self-serve and fully automated moving forward
Captricity’s Workflow
SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
DELIVER
2 Upload documents
• Variety of structured/semi-structured formats supported
• Cloud-native platform can scale up and down automatically unlike restrictive licensed-based solutions
i i
i i Advanced integration options available to streamline process for enterprise level service
a
Captricity’s Workflow
SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
DELIVER
3 Documents are automatically indexed
• Forms can be uploaded as-is and Captricity will classify and sort according to the pre-defined templates
Captricity’s Workflow
SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
DELIVER
4 Fields are “Shredded” and processed via crowd-guided machine learning
• Only one “Shred” of data is served up at a time for a worker to verify, ensuring PII and sensitive individual data remain confidential
• Platform and process is protected, ���HIPAA certified
i i Advanced integration options available to streamline process for enterprise level service
Captricity’s Workflow
SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
DELIVER
5i i
i i Advanced integration options available to streamline process for enterprise level service
First Name Last Name Phone Number Address City State Zip CodeJohn Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222John Smith 555-‐555-‐5555 123 ABC St. New York NY 11222Jane Doe 444-‐444-‐4444 345 ABC St. New York NY 11222
Electronic data is delivered at 99.5%+ accuracy
• Typically ready 4-12 hours after submission
• Simple click and download, just like an email attachment
• Export options include EDI, XML, ACORD XML, CSV file, etc., or load the data into business applications such as Salesforce.
Customer Stories
CHALLENGE:No easy access to “cause of death” data from death certificates, which are submitted along with death claims but typically filed away without further analysis
GOAL:Enable big-data analytics for underwriting innovation and fraud detection
Extracting Data from 1M+ Death Claims
Expanding Across the Enterprise
Application Forms Payment AuthorizationsDeath Claims
Customer service efficiency, Analytics, Fraud detection
Excellent data quality is key to a best-in-class customer experience, which makes Captricity's technology especially attractive as we look for easily scalable, innovative solutions in this area.- Ed Walsh, Corporate Vice President of Systems at New York Life
Captricity enabled us to pilot their technology much faster than (previous) solutions, which is why we’ve been able to test the platform and roll it out wider across the organization in only a few short months.- Josephine Saletto, Corporate Vice President at New York Life
CHALLENGE:Need to provide analytics and actuary teams with self-serve access to customer data generated by new Life applications and paramed forms (lab reports).
GOAL:Enable my teams across the organization to run advanced analytics which will inform our business of potential improvements to shorten the underwriting process and improve the overall new customer experience.
Extracting Data to Enable “Fast Track” Underwriting
Captricity.com Captricity.com/resources Captricity.org
Schedule a Personalized Demo: [email protected]
@Captricity
1-415-237-FORM
Captricity helps insurance organizations unlock access to customer data, automate operational workflows and enable big-data analytics.
Summary
Thank You!
