The insurance form submission intake process faces multiple operational challenges – the traditional manual process is highly inconvenient, error-prone and brings unprecedented disruptions.
Underwriters and assistants spend up to 45% of their time on administrative activities, consolidating and enriching data, when their core focus should be on evaluating risk.
This increases process cycle time, increases costs, data processing errors, and leads to inefficient collaboration between agents and underwriters, and much more!
Garnet release revolutionizes document processing for insurance by introducing a zero-touch insurance submission process and builds industry-leading capability to intake a variety of ACORD Forms for processing.
Garnet release also strengthens the AP Invoice automation product by introducing powerful new features to increase productivity and enhance convenience. In addition, Garnet release brings to market a Kanverse+UIPath solution that delivers path breaking innovation to UIPath customers.
Here are the product features released with Garnet:
Insurance Document Processing
- Zero touch Insurance submission intake process
- The Kanverse system automatically detects and imports submission forms (ACORD and supplemental forms) from multiple channels (Digital mailroom, FTP, SharePoint, etc.) for processing
- Unmatched industry-leading extraction accuracy up to 99.5% is achieved by combining multiple AI technologies with OCR
- Kanverse vision model inspects to comprehend form elements while processing which ensures high accuracy
- Kanverse AI is built to accommodate layout changes across ACORD Forms seamlessly. Kanverse validates the form data for completeness before filing.
- The entire submission process is powered by an automated workflow that includes - forms ingestion, classification, extraction, validation, approval, and publish from the moment the ACORD Forms enters the system
- Unmatched industry-leading extraction accuracy up to 99.5% for ACORD 25 Forms processing - Achieved by uniting multiple AI technologies with OCR
- Validate extracted data from insurance ACORD Forms
- New generation business rules framework for insurance data validation - performs various lookups and validates the extracted data
- Users now can develop customer validation logic using an intuitive UI component built into the product
Enhancements to AP Invoice automation
- Detect and prevent AP Fraud
- The Garnet release brings new out-of-the-box fraud detection use cases – Enterprise can detect frauds seamlessly
- A new fraud analytics dashboard helps agents to understand invoice flow to detect and prevent malicious activities
- Completely redesigned - Error analytics dashboard
- Performance enhancements with a new refreshing user interface
- Users can now drill down into invoice processing errors using newly added widgets
- Users can now slice and dice the data based on requirements
- Additional features
- Support for horizontal documents (landscape view)
- Support for documents with multiple tables on same page
- Reject vendor emails with customizable "Sender’s Address" tab
- Visual indicator to nudge agents regarding pending actions on invoice
- New widget added to help agents understand auto-published PO invoices
UiPath Customers can now experience game changing innovations of Kanverse!
- Garnet release brings a new connector for UiPath; using which UiPath customers can install and deploy Kanverse across their business environments and enjoy seamless document processing with 99.5% extraction accuracy
Protect and prevent unauthorized access to Personally Identifiable Information (PII) data
- The Garnet release has built-in standards to recognize and mask Personally Identifiable Information (PII) across different document categories
- The system identifies and blurs out the PII sensitive information from agents who are processing the documents
- This release empowers tenant admins to build the perfect data protection policy while processing documents
Low Code Business Rule Engine
- Garnet release helps teams to build and deploy new business rules seamlessly though a simple and intuitive user interface and a low code approach