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What You Need to Know About Robotic Process Automation: How It Works & Real-World Success Stories
This document discusses robotic process automation (RPA) and how it can be used to digitize paper documents and processes. It describes Captricity's RPA solution which uses machine learning and crowdsourcing to extract and verify data from paper forms. The solution allows users to upload documents, automatically index them using predefined templates, shred fields of data which are then processed one at a time for human verification. This achieves over 99.5% accuracy and can deliver electronic data within hours. Examples are given of how insurance companies have used it to extract data from millions of historical documents like death certificates to gain insights from new data sources and improve underwriting.
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What You Need to Know About Robotic Process Automation: How It Works & Real-World Success Stories
- 1. What You Needto Know About Robotic Process Automation: How It Works & Real-World Success Stories October 14, 2015
- 2. Today’s Guest Speaker– Paul Patterson o VP, Sales & Account Management – Captricity o 15+ years of enterprise software sales experience o Special focus in financial services and insurance o Professional mission is to help manufacturers build to higher quality standards, CIOs deliver IT more efficiently, engineers design products faster, and retailers sell more products
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- 4. “Paperless” is hardif you want to serve a large and diverse population.
- 5. We Serve Highly-RegulatedCustomers Insurance Government Health Federal Election Commission
- 6. …The TimeTo DisruptLife Insurance Is Now… …Another dull year ahead for US life insurers… …Stagnant Life Insurance Industry Spells Changes for the Future… …The Life Insurance Industry Is Ripe ForThe Picking… …Transformation most likely path to sustain long-term growth…
- 7. Doc Prep ScanningRecognition Indexing Verification Release
- 8. Data Reality of Today’sUnderwriting Process
- 9. A 6-Week LifeInsurance Application Flow The underwriting process is long, expensive and invasive Complete Forms 1 Day Paramed Exam 1 Week Review 2-4 Weeks Policy Signed 2-3 Days 2-3 Days Planned In Force
- 10. So How DoWe Bridge Reality with Expectations? A Century of Experience… to a Lifetime of Engagement? Apply for financial protection.
- 11. Existing Electronic Data Non-TraditionalData Unlocking Data from Historical Paper Electronic Health Records Step 1: Acquire an Arsenal of Data
- 12. POLL QUESTION #1 Whichof these data sources are you actively collecting now (select all that apply)? • Existing electronic data (operational data) • Non-traditional data (ex: public records, marketing data) • Electronic health records • Data from historical paper
- 13. A Modern Approachto an Old Problem MACHINE LEARNINGCROWDSOURCING
- 14. How Captricity Works CaptureTransform Deliver Machine + Human Hybrid-Intelligence 99%+ Accuracy Dynamic Scaling OR
- 15. A Robotic ProcessAutomation Solution SET-UP UPLOAD SORT CROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 DELIVER 1 Create a Template • Highlight and name desired fields for data capture • A one-time setup process that is self-serve and fully automated moving forward
- 16. SET-UP UPLOAD SORTCROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 DELIVER 2 Upload documents • Variety of structured/semi-structured formats supported • Cloud-native platform can scale up and down automatically unlike restrictive licensed-based solutions i i Advanced integration options available to streamline process for enterprise level service A Robotic Process Automation Solution
- 17. a SET-UP UPLOAD SORTCROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 DELIVER 3 Documents are automatically indexed • Forms can be uploaded as-is and Captricity will classify and sort according to the pre-defined templates A Robotic Process Automation Solution
- 18. SET-UP UPLOAD SORTCROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 DELIVER 4 Fields are “Shredded” and processed via crowd-guided machine learning • Only one “Shred” of data is served up at a time for a worker to verify, ensuring PII and sensitive individual data remain confidential • Platform and process is protected, HIPAA certified i Advanced integration options available to streamline process for enterprise level service A Robotic Process Automation Solution
- 19. SET-UP UPLOAD SORTCROWD GUIDED MACHINE LEARNING First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 DELIVER 5 i i Advanced integration options available to streamline process for enterprise level service First Name Last Name Phone Number Address City State Zip Code John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 John Smith 555-555-5555 123 ABC St. New York NY 11222 Jane Doe 444-444-4444 345 ABC St. New York NY 11222 Electronic data is delivered at 99.5%+ accuracy • Typically ready 4-12 hours after submission • Simple click and download, just like an email attachment • Export options include EDI, XML, ACORD XML, CSV file, etc., or load the data into business applications such as Salesforce. A Robotic Process Automation Solution
- 20. Finally, Accurate HandwritingExtraction! • New Business Forms (Life + Annunities) • Claims Forms • Beneficiary Change Forms • Death Claims / Death Certificates • Policy Surrender Forms • Lab / Exam Forms • Electronic Payment Authorizations • Business Reply Cards
- 21. POLL QUESTION #2 Howdo you digitize your paper data currently? • In house manual data entry • Outsourced BPO services • Optical character recognition (OCR) or other digitization technologies • We don’t use paper
- 22. CHALLENGE: No easy accessto “cause of death” data from death certificates, which are submitted along with death claims but typically filed away without further analysis GOAL: Enable big-data analytics for underwriting innovation and fraud detection Extracting Data from 1M Death Claims
- 23. LA Death CertificateLA Death Certificate New York Life now has access to over 50 million new data points after digitizing ten years of legacy death certificates with Captricity Not Easy, But Now Possible
- 24. New (Old) DataSources Application Forms Payment AuthorizationsDeath Claims Customer service efficiency, Analytics, Fraud detection
- 25. Data Access toImprove Underwriting Existing Electronic Data Non-Traditional Data Unlocking Data from Historical Paper EHR Death Certificates Applications Public Records Marketing Data Credit MVR RxMIB Electronic App Tele Interview Mortality Experience Probability of clean labs Auto-Issue Policy New Markets & Products Electronic Health Records
- 26. A Better UX.Happier Customers.
- 27.