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:
Instabase brings its AI Hub to companies of all sizes IDP vendor Instabase has announced that it is making AI Hub, its repository of AI apps focused on content understanding and a suite of generative AI tools, available to companies of all sizes to simplify solution creation and enable them to automate manual processes with unstructured data. While this is not yet a “big bang” announcement, as Bastiaan de Goei, Insurance Leader at Instabase pointed out, the article provides a good look at what Instabase’s platform can do for the midmarket: “In the background, our Product & Engineering teams have been working extremely hard on a version of our platform for the mid market. We’re not quite yet doing a big bang announcement, but you can start checking this out right now. It means that any agency, mid size broker, or MGA can start using the world’s most advanced generative AI to tackle unstructured data in insurance.” In June, Instabase launched AI Hub while also announcing that it had raised $45 million in a Series C funding round.
Eigen Technologies achieves SOC2 Type 2 certification IDP vendor Eigen Technologies has announced that it has achieved SOC2 Type 2 certification. This certification, set by the American Institute of Certified Public Accountants (AICPA), is critical for companies that handle sensitive customer data. The audit was conducted by Sensiba. Simon Hogg, Chief Information Security Officer at Eigen Technologies, explained: “Earning our SOC2 Type 2 certification is both a major milestone and the culmination of all our efforts in placing security at the heart of our company. With this now secured, we have the full gamut of leading security certifications, including SOC2 Types 1 and 2, HIPPAA and five ISO certifications. While we are of course proud of this, we know that we must maintain our focus to ensure that we continue to build on what we have achieved. For an AI business such as ours the highest standards of cybersecurity are a non-negotiable and always will be.” In addition to successfully completing SOC2 Type 2 audit, Eigen Technologies also successfully renewed all five of its International Organization for Standardization (ISO) security certifications.
Indico Data appoints strategic advisor to support next phase of growth IDP vendor Indico Data has announced the appointment of Michael Duncan as strategic advisor. Duncan is the former Group Head of Underwriting Excellence at Zurich Insurance Group, bringing a wealth of experience in commercial insurance to Indico Data. Tom Wilde, CEO of Indico Data, said: “Michael will provide invaluable guidance as an advisor to Indico Data. His experience in understanding the challenges and opportunities in the commercial insurance segment is a perfect fit as Indico continues to gain momentum there. For carriers the new battleground is decisioning, as the industry evolves past the data era. Carriers will need to build sophisticated decisioning “supply chains” to optimize both speed and robustness of critical middle office processes. Michaels guidance will be instrumental as we look to guide carriers through this next phase.”
AntWorks integrates generative AI into CMR+ IDP vendor AntWorks has announced that it has integrated generative AI into CMR+, its IDP solution. Generative AI extends the capabilities of CMR+ by now providing enhanced extraction from documents without extensive training or configuration, analysis of multiple documents through a user-friendly conversational interface, comparison of clauses against a defined benchmark, search across a library of documents, and the ability to determine the next-best action based on incoming data and defined policy.
Microsoft introduces a series of updates in Syntex Software giant Microsoft has announced a series of updates in Syntex, its AI content understanding service. These updates include the general availability of Syntex Taxonomy Tagging (using AI to tag documents automatically with descriptive keywords based on a taxonomy defined in SharePoint) and Syntex Image Tagging (using AI to tag and organize images automatically with descriptive keywords); new features in preview for Syntex pay-as-you-go users such as content queries and universal annotations; the general availability of Syntex OCR (Optical Character Recognition) (for automatically extracting printed or handwritten text from images, now with PDF and TIFF support); and last but not least, Syntex Structured document processing.
Roboyo receives Value Award for Customer Success from Appian Hyperautomation company Roboyo has announced that it has won Appian’s 2023 APJ Value Award for Customer Success. With the annual APJ Partner Awards, Appian recognizes strategic partners that help companies in the region execute exceptional transformation programs using the Appian platform.
Where does UiPath stand on its journey to iPaaS? Read this article by Deep Analysis’ Alan Pelz-Sharpe for great insights straight from UiPath’s Forward VI conference in Las Vegas and where UiPath currently stands on its journey to iPaaS (integration Platform as a Service).
The future of insurance with generative AI Register for this webinar on October 19, 2023, as Tom Wilde, CEO of IDP vendor Indico Data, and Jim DeMarco, Americas Insurance Leader at Microsoft, discuss how generative AI is revolutionizing risk assessment, claims processing, and customer engagement in the insurance industry.
See you next week!
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