In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
Indico Data launches integration with Microsoft Azure OpenAI IDP vendor Indico Data has announced the launch of its integration with Microsoft Azure OpenAI Service. With this, Indico Data is extending its Large Language Model (LLM) capabilities and plans to initially focus on use cases that enable insurance companies to increase capacity for underwriting and claims intake while improving processing efficiency. Among the first product enhancements the IDP vendor is releasing include the Indico Prompt Studio and Summarization Studio: the Indico Prompt Studio automates the creation of custom ML models by using a simple text query to describe the desired data elements to be classified and extracted from the submissions related to claims, underwriting, and policy servicing. Summarization Studio integrates with the Azure OpenAI service to extract claims and insurance data and present a summarized view of all related insurance details to the analyst. Tom Wilde, CEO at Indico Data, commented: “We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond. As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise.”
Ripcord and Oracle join forces to revolutionize document processing IDP vendor Ripcord has announced a partnership with software and hardware giant Oracle. Together, the two companies aim to do nothing less than revolutionize document processing for businesses: By combining Ripcord’s Document Intelligence as a Service (DIaaS) and Oracle’s ERP solutions, they will offer businesses a complete solution that is easy to deploy and manage. This allows companies to streamline document processing, increase speed and accuracy in accounts payable, invoice processing, back-office automation, general legal, and human resources, and improve the data in their Oracle ERP.
expert.ai launches AI platform for insurance AI company with its hybrid natural language platform, expert.ai, has announced the launch of its platform for insurance. The new platform provides insurance teams with a way to automate the repetitive tasks associated with document reviews, extraction and assessments. Walt Mayo, CEO of expert.ai, further explained: “The expert.ai Platform for Insurance provides AI-based Natural Language Processing (NLP) solutions to reduce time to production and scale in the future. From customizable language models to insurance use case trained models, we help insurers deliver real value across their organizations, with high levels of accuracy, significant time savings, tangible capacity gains and better customer engagement.”
Datamatics adds Generative AI to its Intelligent Document Processing solution TruCap+ IDP provider Datamatics has announced the integration of Generative AI with TruCap+, its IDP platform. This now enables companies in industries such as BFSI, healthcare, pharma, manufacturing and logistics to gain valuable insights in a cost-effective, efficient and accurate manner. Shashi Bhargava, EVP and Head Product & Solutions of Datamatics, commented: “Generative AI is one of the most sought-after technologies today. It will disrupt and uncover opportunities beyond imagination. At Datamatics, we are committed to bringing the benefits of this technology to our TruCap+ clients. We are excited to bring the capabilities of Generative AI by integrating OpenAI with TruCap+. Through this integration organisations can now leverage power of Generative AI in document processing for enhanced accuracy, built-in data querying, support for multiple languages and many such capabilities.”
Which label best describes what Intelligent Document Processing manages?! Read this article by Deep Analysis’ Dan Lucarini to get his take on how the IDP vendors are using different labels such as documents, content, unstructured data, semi-structured data, and files to describe what their IDP solution manages, and whether it’s even necessary to search for the best label anymore. Also, read this article in response to Dan’s one and for another perspective.
How could your intelligent automation journey look like? Check out this ebook from the recently formed Intelligent Automation Collective (IAC), a collaboration between technology companies AntWorks, KYP.ai, Cognition, Enate, OpenDialog, CTwo and XpertRule, to get valuable guidance for your journey into intelligent automation.
See you next week!
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