REINmaker allows a Machine Learning algorithm to interpret raw data documents and convert them into structured data. From that structured data, a Software Robot does the work of human data entry. Then, Subject Matter Experts (SMEs) validate the accuracy of the Machine Learning algorithm and provide feedback to improve the accuracy of the whole process.
The Current Situation
1 contract = 30 minutes
28,000 records = 840,000 minutes
1,750 workings days = 6.9 years without a break
A daunting task indeed.
As illustrated in the example to the left, in the amount of time a human would take to enter one record (30+ minutes), the bot takes 3 minutes to enter a single record. For a company with nearly 28,000 records to enter, the bot would take 58.3 days compared to the 6.9 years it would take a human. Organizations using REINmaker could continue to reduce this time span by half when adding another bot to complete the task, and so on and so forth.
REINmaker is revolutionizing the reinsurance industry through intelligent automation to process contract and claim entry between 2-3 hours with a 1% human error. The solution eliminates mundane job functions humans encounter daily and allows departments to increase productivity, evolve faster, and continually improve rather than solving one-off problems. REINmaker can be foundational to an insurance/reinsurance company. The newly conceptualized innovation moves these habitually old-school businesses from paper methods to a digital transformation to improve processes.
Sal Cardozo is OZ's VP of Consulting, Analytics & AI. He has extensive experience in the vision, strategy, architecture, delivery and support of innovative and scalable analytics, AI and IoT solutions that transform the customer experience.
Prior to OZ, Sal led consulting efforts for Accenture, Cambridge Technology Partners, and Capgemini. He recently held leadership positions at ADT and Ryder. Sal earned his B.S. in computer systems and economics from Southern Illinois University, Carbondale, and is a member of TDWI and DAMA International.
OZ is a leading global consulting company whose services and solutions enhance Customer Experience through digital innovation.