AntWorks IDP looks to transform Commercial Insurance

Intelligent Document Processing (IDP) vendor AntWorks is promising to transform the way commercial insurance companies manage and process their documents with the launch of Insurants.

Working with the world’s largest brokers, Insurants is trained to read, compare, and understand commercial insurance documents. By using advanced IDP and Generative AI capabilities, Insurants can easily automate the data extraction and processing of complex insurance policies, quotes, financial statements, endorsements, binders, slips, as well as loss run statements.

It empowers brokers and carriers to simplify their workflows, drastically cut down processing time, and boost data precision.

These new capabilities are the culmination of more than four years of working with Marsh McLennan, the world’s largest broker specializing in providing data-driven risk advisory services and insurance solutions to commercial and consumer clients. AntWorks was brought in to help eliminate the time consuming, error prone and costly process of manual data entry.

By collaborating with Marsh McLennan, AntWorks has trained the Insurants model on 10,000’s of documents, from 475 carriers and subsidiaries in US and Canada, for 50 insurance classes and 150 data fields. These documents are often 600 pages in length, so any automation solution needed to be capable of handling document complexity while having a deep understanding of the semantics and heuristics of the insurance industry.

This solution helps insurers classify, extract, and digitize data from structured and unstructured documents, including images and handwriting.

Utilizing sophisticated IDP and Generative AI capabilities, Insurants pre-trained and accelerated solutions extract data and transform it ready for downstream systems, eliminating manual data entry processes. The UI enables quality control by a small, trained team of Citizen Developers, which helps improve the model as more data gets processed.

“AntWorks is taking Intelligent Document Processing (IDP) and Generative AI to new levels with Insurants,” says Mike Hobday, CEO of AntWorks.

“We can classify, extract, and digitize the insurance documents that other vendors can’t. More importantly we help our clients convert this data into actionable insights, faster response times and a better overall customer experience.”

The integration of Generative AI capabilities in Insurants facilitates complex search and comparison of key terms and clauses against a benchmark text. In this way, Insurants is enabling insurers to streamline their workflows, significantly reducing processing time and enhancing data accuracy.