Insurity Launches Document Intelligence, Powered by OIP Robotics, Utilizing AI to Enhance Data Extraction Accuracy and Efficiency for Insurers

October 01, 2024 at 10:35 AM EDT

Insurity Document Intelligence, powered by OIP Robotics, uses advanced AI to extract data from documents with 99% accuracy, reducing operational costs and enhancing efficiency and productivity

Insurity, the leading provider of cloud software for insurance carriers, brokers, and MGAs, today announced the launch of Insurity Document Intelligence, powered by OIP Robotics, to address the critical challenge insurers and MGAs face in needing accurate and efficient data extraction from documents. Insurity Document Intelligence, powered by OIP Robotics, exemplifies Insurity’s commitment to delivering high-quality data extraction solutions that address the specific needs of carriers and MGAs.

Insurity Document Intelligence introduces advanced capabilities in document AI vision and intelligent text extraction. These features leverage powerful machine learning tools to convert documents to structured data with 99% accuracy, importing it seamlessly into pre-integrated Insurity products. This high level of data extraction accuracy allows insurers to reduce operational costs by 60% and clear submissions 50% faster, enhancing overall efficiency and productivity.

The integration of Insurity with OIP Robotics enables carriers and MGAs to improve underwriting operations by significantly lowering submission turnaround times from hours to minutes. This allows underwriters to focus on complex risks while automating routine submissions, building better risk profiles, and improving market responsiveness.

In addition, Insurity Document Intelligence streamlines data collection processes by extracting full, complex datasets at high-speed using insurance-native AI models. Teams are empowered to complete work quickly, with built-in rules to review and resolve edge cases efficiently. The solution also minimizes costly errors by reducing human involvement in handwritten data extraction and ensuring data integrity through periodic checks and audits.

"We stand at a pivotal moment in the insurance industry, where AI-powered data understanding is no longer just a tool but the gateway to a revolution in workflow automation,” said Mladen Subasic, Chief Product Officer at OIP Robotics. “By integrating OIPR's state-of-the-art AI within Insurity's robust SaaS ecosystem, we enable our clients to achieve greater speed, insights, and growth. Together, we're leveraging the latest InsurTech advancements to redefine the future of commercial insurance."

“Insurity Document Intelligence, powered by OIP Robotics, provides significant value to carriers and MGAs by enhancing data extraction accuracy and operational efficiency,” said Chris Lafond, Chief Executive Officer at Insurity. “By pre-integrating with Insurity products we are showing our commitment to helping our clients maintain a competitive edge in the industry, further underscoring our dedication to innovation and excellence.”

For more information about how Insurity Document Intelligence can benefit your organization, please contact Elizabeth.Hutchinson@insurity.com.

About Insurity

Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform, unrivaled industry experience, and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.

About OIP Robotics

OIP Robotics is an InsurTech data and software solutions lab, with its primary offering being the flagship product, NT Extractor. This advanced solution combines AI-powered complex document understanding with the expertise of skilled insurance professionals to enable seamless data flow across the policy lifecycle. Having been in business for more than 11 years, OIPR has established itself as a trusted partner for more than 120 clients, including carriers, MGAs/MGUs, and brokers. OIPR specializes in complex PolicyOps and document understanding solutions.