Customer Story
How Jones streamlined Certificate of Insurance automation using Docsumo
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About the customer
Jones is a real estate liability solution provider that assists real estate owners, property managers and contractors manage insurance for apartment complexes. Serving hundreds of commercial properties, this New York based prop-tech company helps customers manage insurance compliance.
Industry
Proptech
Company size
50+ Employees
Insurance Compliance
50,000+
Documents processed
5,000+
per Month
per Month
The case study: In a nutshell
Before
Manually scanning Acord forms & Lease Contracts
The operation team manually process insurance compliance for 50,000+ apartments
Scanning data from Acord forms and unstructured lease contracts manually is cumbersome
Little to no validation done on captured data
All documents had to undergo double manual entry
After
Capture data from unstructured documents with smart AI-based APIs
Employees review only exceptions
All the variations in layout is taken care by ML-based smart data extraction API
Docsumo's algorithms auto-classify letters and validate data with custom rules in real-time
95%+ straight through processing
The Challenge
Process Acord forms & lease contracts
- Jones collects Certificate of insurace and lease contracts for insurance compliance.
Identify & classify documents
- Collected certificate of insurance & lease contracts need to be classified before getting processed
- Data to extract includes property and insurance compliance details
Capture data from unstructured lease contracts
- Not only did the structures vary for different lease contracts but the position of data to capture varies for these documents
- This information to capture was in paragraphs instead of arranged in key-value pairs.
Categorize & derive attributes from extracted data
- The manual extraction lacked a logical validation of payment and trasaction details.
The Docsumo Solution
Ingesting Acord forms and Lease contracts
API-based direct integration that seamlessly ingests Certificate of insurace and Lease contracts onto Docsumo.
Pre-processing and getting ready for data extraction
Inbuilt document pre-processors identified the letter formats (JPG, PDF, PNG etc.) and queued them up for data extraction.
Data extraction from unstructured text
Docsumo's OCR module used the vectorized position reference in the contract to extract data.
The OCR not only parsed through letters with varying fonts, layouts, image quality, and resolution; it even extracted data from the tables with 95%+ accuracy.
Intelligent categorization of key value pairs
Our proprietary NLP-based classification framework started rapidly learning from all the documents. It was trained to categorize key value pairs and line items.
Another algorithm started making intelligent predictions to identify the data within a letter.
Rule-based data validation
Once the data is extracted, a rule-based validation engine applied contextual data validation and correction algorithms.
Integration with downstream software
The data was extracted in a JSON format that was easily integrated into the database via APIs and iframe.
Result: 99%+ Data extraction accuracy
<8sec
Processing time of
unstructured Data
unstructured Data
95%
Touchless processing using smart validation rules
99%
Data accuracy with intelligent automation
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Let's talk.
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