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:
Rossum reveals winner of its DocILE competition IDP vendor Rossum has announced the winner of its DocILE (Document Information Localization and Extraction) competition with the team from the University of Science and Technology of China and iFLYTEK Research Institute. Rossum published DocILE, an unprecedented benchmark dataset, with the goal of accelerating scientific progress in business document information extraction and advancing research in the field of Intelligent Document Processing as a whole. This benchmark dataset served as a reference for participants worldwide, enabling them to measure their solutions against established methodologies. The winning team presented a method called ‘GraphDoc’ and took first place, scoring first in both Key Information Localization and Extraction (KILE) and Line Item Recognition (LIR), with success attributed to their innovative use of transformer architecture. The competition also demonstrated the need to understand the document simultaneously as an image and as the text it contains, as pure computer vision (CV) methods and traditional transformers that work only with the text cannot achieve the same performance.
Hyperscience joins forces with iTech AG to strengthen services for federal government customers IDP vendor Hyperscience has announced a strategic partnership with tech consulting firm iTech AG. Together, the two companies aim to provide government customers with process automation capabilities to drive greater efficiencies, more accurate decision making and improved citizen interactions. Brian Bridger, Director-Federal Partner Sales at Hyperscience, explained: “Hyperscience is committed to harnessing AI so people can work more effectively. The partnership with iTech AG will allow us to expand our work within the federal government, where greater efficiencies can better protect warfighters, serve citizens and accomplish critical missions. Our technology, coupled with iTech AG and both our teams’ agile, human-centric approach to IT modernization, will serve a crucial need for the public sector.”
Eigen Technologies joins Guidewire Insurtech Vanguards program IDP vendor Eigen Technologies has announced that it has joined the Guidewire Insurtech Vanguards program. Insurtech Vanguards is a community of selected startups and technology providers that are bringing novel solutions to the property and casualty (P&C) industry. Brian Troesch, Chief Revenue Officer of Eigen Technologies, said: “We are excited to join the Guidewire Insurtech Vanguards program. As one of the sector’s most experienced AI companies we have years of experience automating a wide variety of costly processes in insurance from submission triage through to claims validation and beyond. At Eigen, we firmly believe in the power of strong collaborations and know from experience their ability to deliver value for the customer. We are looking forward to bringing our best-in-class AI technology to the Insurtech Vanguards Program.”
Metamaze named a finalist for Rising Star award by Deloitte IDP vendor Metamaze has announced that it has been named a finalist for the 2023 Rising Star award by Deloitte. With the Rising Star, Deloitte recognises and supports young companies with great growth potential that have been in business for less than four years. Niels Van Weereld, CEO of Metamaze, commented: “We are honored to be named a finalist for the 2023 Rising Star award by Deloitte. This recognition is a testament to our team’s hard work, innovative spirit, and unwavering commitment to pushing the boundaries of what’s possible with Artificial Intelligence. We believe that our Adaptive Intelligent Document Processing platform is a game-changer, offering businesses the tools they need to thrive in a rapidly evolving digital landscape.”
Ocrolus introduces enhanced dashboard for mortgage lenders IDP provider Ocrolus has launched an advanced dashboard that enables mortgage lenders to automate a large portion of their workflow, including income calculations for both traditional and self-employed borrowers, to make faster and more accurate lending decisions.
Ripcord joins the AWS ISV Accelerate Program IDP provider Ripcord has announced that it has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program. This provides Ripcord with co-sell support and benefits to meet customer needs by working with AWS sales representatives around the world.
expert.ai launches Enterprise Language Model for Insurance expert.ai, the AI company with its hybrid natural language (NL) platform, has launched its Enterprise Language Model for Insurance (ELMI). With ELMI, expert.ai offers insurers a cost-effective, accurate, and flexible language model built specifically to accelerate core processes from underwriting to claims. Walt Mayo, CEO of expert.ai, said: “Delivering on our commitment to innovation and higher level of efficiencies in the insurance sector, ELMI sets a new standard for AI-driven language solutions. As part of the expert.ai Platform for Insurance, ELMI equips insurers with the generative AI tools they need to automate the complex landscape of language-driven processes, while also offering substantial cost savings.”
See you next week!
🟡Get industry news distilled, every week: