With Docsumo we are now processing thousands of ACORD Forms in a day
“We were looking for a tech partner to automate analysis of certificates of insurance for our real estate liability management software. We are really happy with Docsumo’s APIs and theirteam’s dedication to solving our problem. We are now able to process thousands of ACORD forms a day automatically while being able to get accurate analytics from over 100 data points.“
About the customer
The case study: In a nutshell
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 transaction 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 manual extraction lacked a logical validation of payment and trasaction details.The data was extracted in a JSON format that was easily integrated into the database via APIs and iframe.
Result: 99%+ Data extraction accuracy
Fill up the form to speak with an automation expert.