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Financial Services Case Study: Using Automation to Manage Influx of Documents

No one was prepared for the effects COVID-19 would have on the world. Many companies continue to struggle with the high demand of services being requested by their customers. In the financial services industry, they are seeing an influx in document processing requests and the legacy technology in place is not keeping up with the demand. Banks and lenders are witnessing first hand this strained process and how it is effecting their customers.

Recently, a large financial service company was facing a similar issue.. With the advances in automation and machine learning, companies are leaving their legacy technologies behind and turning to faster, more efficient solutions.

In this session, Patricia Diaz-Hymes, Director of Product Marketing at Hyperscience, talks about automation and how it can assist banks with the influxes they are seeing. Join us to hear about:

-Reasons banks and lenders are struggling to serve their customers
-A case study on how automation has helped financial services companies
-What an automation solution offers
-How ML-driven document processing can reduce human interaction
-Why a solution that can handle imperfections is critical
-What Hyperscience does
Recorded Jan 26 2021 16 mins
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Presented by
Patricia Diaz-Hymes, Director of Product Marketing at Hyperscience
Presentation preview: Financial Services Case Study: Using Automation to Manage Influx of Documents

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  • Scaling Your Automation Program with ML-powered Document Processing May 5 2021 9:00 am UTC 63 mins
    Vinay Ghule - RPA CoE Leader at Principal Financial Group, Neeraj Nagpal - CTO at Acronotics
    According to reports, 80% to 90% of data within organizations are unstructured, and most of it is locked in scanned or printed documents. Analysts suggest that over 70% of organizations still have paper-based process dependencies, from customer applications, through contracts, to purchase orders. Even if successful in automating some of these processes away, enterprises often rely on error-prone manual processes to extract and convert the data into a usable format. This is where the need for an end-to-end document extraction, processing, and comprehension solution comes in.

    In this webinar, Vinay Ghule - RPA CoE Leader at Principal Financial Group, Max Lien - Head of Strategic Partnerships and Corporate Development at Hyperscience, and Neeraj Nagpal - CTO at Acronotics, explore how to move from RPA centric automation program to Hyper Automation with the power of ML-powered document processing solutions. We will discuss:
    - Industry trends in document processing space
    - How Principal Financial Group is approaching Intelligent Automation
    - The role of advanced technologies, such as AI and Machine Learning, in hyperautomation
    - The differences between Intelligent Document Processing (IDP) and OCR
    - Best practices and lessons learnt when initiating automation strategies
    - Tips for keeping humans in the loop
  • Integrate AI and Machine Learning into the Claims Process to Unlock Efficiencies Apr 29 2021 9:00 am UTC 62 mins
    Generali, Zurich, AXA and Hyperscience
    Changing market dynamics are driving an automation revolution within an insurance marketplace that competes on two key factors: cost and customer experience. The ability for insurance companies to deliver on this (faster service, greater transparency, increased control) begins with data.

    Yet, the insurance industry today continues to struggle with the first mile of data processing, relying on a complex patchwork of outdated, legacy technology and cumbersome, manual processes. This creates an informational and operational bottleneck that affects all downstream processes, preventing customers from getting the experience they deserve and putting an insurance organization’s competitive position in jeopardy.

    Insurance leaders everywhere are rethinking their existing operations, leveraging the latest technologies to reduce manual work, streamline processes, unlock employee capacity, and enhance overall customer experience. Intelligent automation technologies that utilize Artificial Intelligence (AI) and Machine Learning (ML) are becoming the critical driver to higher quality data and faster, more reliable insurance processing and decision-making – whether that’s handling a claim or processing an application.

    Watch this webinar to gain insight into the cutting-edge technologies being used by insurers to streamline claims processing and improve customer experience. Change is always a challenge, and it takes time to fully integrate new tech. But by focusing on some of the tips and best practices mentioned here by these experts, you can help your firm become more agile and responsive to future needs.

    Taking part in the discussion are:
    • Mario Riccò, Head of Group Claims, Generali
    • Liz Ryan, Head of Claims Performance & Insights, Zurich
    • Joël Farvault, Head of Data Analytics and Data Innovation, AXA
    • Patricia Diaz, Director of Product Marketing, Hyperscience
    • Moderator: Wyn Jenkins, Managing Editor, Intelligent Insurer
  • Achieving New Levels of Accuracy with Intelligent Document Processing Apr 22 2021 9:00 am UTC 21 mins
    Harry Nicholson, Senior Product Manager at Blue Turtle and Nay Odutola, VP EMEA at Hyperscience
    Recent breakthroughs in AI and Machine Learning enable many organizations to automate tasks that previously required the judgement of humans. AI and its related technologies, including IDP, are creating a sea change across all industries, automating everything from employee onboarding and invoice processing, to industry-specific processes, like underwriting, mortgage applications, or insurance claims. But with the average industry accuracy rate hovering around 55%, many enterprises find themselves choosing between accuracy and automation.

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    Courtney Halpern, Director of Implementation at Hyperscience
    Customer experience is valued across all industries and it has the power to affect companies at all levels. For a customer, nothing is worse than an inefficient and broken experience. It has become a large factor in where customers base their loyalty. Customers expect speed and efficiency. Many industries continue to struggle with the experience they provide for their customers, specifically in those two factors.

    With the advancement of technology, CX should not be lacking in the way it is. Great customer experience starts in the back office. Document processing could be a first step in transforming processes. Companies should not be letting poor internal processes and outdated manual workflow be the reason they can not provide sufficient CX.

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    In this webinar, Rich Medina, Principal Consultant and Cofounder at Doculabs and Tim Kalimov, Chief Customer Officer at Hyperscience talk about how to fully maximize automation within your organization. They will cover:
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  • How to Reduce Inefficiencies in Healthcare with ML Apr 13 2021 9:00 am UTC 24 mins
    Grant Proctor, Account Executive at Hyperscience
    The healthcare industry is massive and the growth is not going to slow down any time soon. The industry itself is built on information, billions of documents are generated and moved around every day. It is critical these documents get into the right hands at the right time. As well as, the information on the documents must be recorded and transferred as accurately as possible. Currently, the inaccuracy rate for these documents is extremely high due to the manual process of entering data.

    The industry sees a wide variety of documents which is why there has not been a reliable solution to date. Though there are systems that can reduce the inefficiencies doctors and healthcare professionals are seeing. With the assistance of machine learning, the healthcare industry could see vast improvements.

    In this session, Grant Proctor, Account Executive at Hyperscience, takes a deep dive into the healthcare industry and talks about how automation could be a part of the solution. Watch to hear more about:

    -Types of documents the healthcare industry receives and why the differences are so important
    -Why the legacy tech is not working anymore for the industry
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    Max Lien, Head of Partnerships at Hyperscience, Ahmed Zaidi, Chief Automation Officer at Accelirate
    AI is expected to deliver $16 trillion in gains over the next decade, however, not all technologies are created equal. As organizations everywhere rethink the ways in which they operate to stay competitive, they need a strategy in place to select, implement and successfully scale these cutting-edge technologies.

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  • Financial Services Case Study: Using Automation to Manage Influx of Documents Recorded: Apr 1 2021 17 mins
    Patricia Diaz-Hymes, Director of Product Marketing at Hyperscience
    No one was prepared for the effects COVID-19 would have on the world. Many companies continue to struggle with the high demand of services being requested by their customers. In the financial services industry, they are seeing an influx in document processing requests and the legacy technology in place is not keeping up with the demand. Banks and lenders are witnessing first hand this strained process and how it is effecting their customers.

    Recently, a large financial service company was facing a similar issue.. With the advances in automation and machine learning, companies are leaving their legacy technologies behind and turning to faster, more efficient solutions.

    In this session, Patricia Diaz-Hymes, Director of Product Marketing at Hyperscience, talks about automation and how it can assist banks with the influxes they are seeing. Join us to hear about:

    -Reasons banks and lenders are struggling to serve their customers
    -A case study on how automation has helped financial services companies
    -What an automation solution offers
    -How ML-driven document processing can reduce human interaction
    -Why a solution that can handle imperfections is critical
    -What Hyperscience does
  • Integrate AI and Machine Learning into the Claims Process to Unlock Efficiencies Recorded: Mar 2 2021 61 mins
    Head of Group Claims at Generali, Head of Claims Performance & Insights at Zurich, Head of Data Analytics at AXA
    Changing market dynamics are driving an automation revolution within an insurance marketplace that competes on two key factors: cost and customer experience. The ability for insurance companies to deliver on this (faster service, greater transparency, increased control) begins with data.

    Yet, the insurance industry today continues to struggle with the first mile of data processing, relying on a complex patchwork of outdated, legacy technology and cumbersome, manual processes. This creates an informational and operational bottleneck that affects all downstream processes, preventing customers from getting the experience they deserve and putting an insurance organization’s competitive position in jeopardy.

    Insurance leaders everywhere are rethinking their existing operations, leveraging the latest technologies to reduce manual work, streamline processes, unlock employee capacity, and enhance overall customer experience. Intelligent automation technologies that utilize Artificial Intelligence (AI) and Machine Learning (ML) are becoming the critical driver to higher quality data and faster, more reliable insurance processing and decision-making – whether that’s handling a claim or processing an application.

    In this webinar we will:
    - Share insight into the cutting-edge technologies being used by insurers to streamline claims processing
    - Teach you how to leverage these technologies to improve customer experience
    - Share tips and best practices from experts in the field on becoming more agile

    Taking part in the discussion are:
    • Mario Riccò, Head of Group Claims, Generali
    • Liz Ryan, Head of Claims Performance & Insights, Zurich
    • Joël Farvault, Head of Data Analytics and Data Innovation, AXA
    • Patricia Diaz, Director of Product Marketing, Hyperscience
    • Moderator: Wyn Jenkins, Managing Editor, Intelligent Insurer
The Automation Company
Hyperscience modernizes mission-critical processes and operations for Global 2000 organizations and governments. Since 2014, Hyperscience’s automation technology has helped data-centric companies parse through vast amounts of unstructured inputs and raw information to get to swifter and smarter business outcomes. Through the Hyperscience Platform, enterprises are empowered to transform their operations, and drive operational efficiency as well as human productivity by fully unlocking the power of their data. Ranked on the Inc. Fastest-Growing Company List, Hyperscience has raised $190M+ from investors including Tiger Global, BOND, Bessemer Venture Partners, Stripes, and FirstMark. The company has a global footprint with offices in New York City, Sofia, Bulgaria, and London, UK. For more information please visit www.hyperscience.com.

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  • Live at: Jan 26 2021 4:00 pm
  • Presented by: Patricia Diaz-Hymes, Director of Product Marketing at Hyperscience
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