Document processing with AI was the topic of Konfuzio CEO Christopher Helm, who was a guest in a recent msg Group format. The so-called Cookhouse Lab is creating a global InsurTech community that addresses current and future industry challenges through co-creation, collaboration and open communication. He addressed the question "How can document processing with AI automate processes and create new insights?"
Why do companies process documents with AI?
Nowadays data is considered to be one of the world's most valuable resources. In contrast to this, it is a generally known fact that only a few percent of data is being used. Especially in industries such as insurance, traditional OCR software just can't keep up with the pace at which AI can understand documents.
The AI is really good at combining Natural Language Processing and Computer Vision features which helps the users of Konfuzio to process documents with AI and use the information in data management systems, enterprise resource planning systems and their own analytical models, e. g. in Python. Our document AI has proven itself to be able to help our large enterprise customers such as Allianz to process documents automatically much cheaper than using traditional OCR software and gain more insights from data. The AI can be trained on any type of document. With days in not weeks, as other OCR software vendors would need, users categorize and extract data from documents automatically.. It is great to see how AI evolved over the past 6 years and we´re constantly working on new features to enable customers to process even the most complex documents.
What use cases exist for processing documents with AI?
Experts use Konfuzio to use structured information in automated processes. The technology combines the traditional functionality of OCR software and AI. It can not only recognize handwriting, but also extract data from documents that contain an unfamiliar layout or unusual wording. The AI can be easily used via web browser without installation and does not require any IT capacity. However, a Python SDK is available that allows experts to customize the platform to your needs. Successful use cases include automatically extracting patient data from medical documents or analyzing health claims for fraud detection. Konfuzio offers an AI platform for arbitrary documents to classify them into arbitrary categories, to extract information or to blacken them automatically.
How does AI save 80 % of the time people spend reading?
Insight-driven experts use any document type to extract data across processes, creating structured information and thereby making data-driven insights available for new data services. Document processing with AI saves time by automatically classifying or extracting information from documents. Recently, we also published an expert tutorial on how to summarize paragraphs in documents, reducing length by more than 80 % while still retaining the most important information. Offering more value than OCR software, these cutting-edge technologies allow people to focus on what matters instead of drowning in a sea of unstructured data, saving companies huge amounts of staff and opportunity costs. Are you a data scientist? Then take a look at our technical blog post on text summarization.
How do you train AI to process documents and start now?
A few sample documents are all you need. Customers have seen impressive automation results using a relatively small number of documents. Our support can even help you get started and train your first AI model. We provide the infrastructure and help you become a document AI expert so you can develop your models on your own. Experts use our API and Python SDK to customize our service and go beyond document extraction and classification.