Customer Story
How National Debt Relief achieved 99%+ accuracy while processing debt settlement letters with Docsumo
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Docsumo is your go-to solution if you need a flexible solution to capture data from unstructured documents
Daniel Tilipman
Co-Founder & Executive Board Member, National Debt Relief
About the customer
National Debt Relief is one of the largest debt settlement companies in the United States. The company negotiates on behalf of consumers to lower their debt amounts with creditors.
Industry
Financial services
Company size
780+ Employees
Customers served
450,000+
Debt settled
$10 Billion+
The case study: In a nutshell
Before
Manually scanning debt settlement letters
50 agents scanned 350,000 debt
settlement letters annually
settlement letters annually
Varying vendor formats was challenging for
the team to parse
the team to parse
Little to no validation done on captured data
All documents had to undergo double manual entry
After
Using intelligent document processing
software to extract data
software to extract data
Employees review only exceptions
All letters are now digitized with key data extracted from them
Docsumo's algorithms auto-classify letters and validate data with custom rules in real-time
95%+ straight through processing
The Challenge
Process large amounts of debt settlement letters
- National Debt Relief (NDR) needed to process 350K debt settlement letters received from creditors annually.
- The team of 50 agents were stretched as they tried to manually reconcile the letters with the negotiated deal.
Extract accurate data from letters
- NDR had to scan and extract accurate data from unstructured settlement letters and feed it into Salesforce.
- Data included names, account numbers, settlement amounts, payment terms etc.
Letters had varying structures and mostly had running text
- Not only did the structures vary for different debt collectors, but the payment schedule was often written as running text.
- Some of them were in tabular formats.
No in-built validation procedures
- The manual extraction lacked a logical validation of debt amounts or instalments.
The Docsumo Solution
Ingesting debt settlement letters
API-based direct integration that seamlessly ingests debt settlement letters 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 a letter 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 the debt settlement letter templates. 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 was extracted, a rule-based validation engine applied contextual data validation and correction algorithms.
For example, the validation ensured 12 instalments of $50 each amounted to $600 within the letter.
Integration with Salesforce
The data was extracted in a JSON format that was easily integrated into NDR's Salesforce instance via APIs and iframe.
Result: 99%+ Data extraction accuracy
10x
Faster processing of unstructured data
95%
Touchless processing using smart validation rules
99%
Data accuracy with intelligent automation
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