The Problem:
Within the insurance sector, claim settlements consist of multiple, semi-structured documents with arbitrary layouts. To ensure proper reimbursements and to prevent fraud, these documents need to be checked for completeness and formal requirements. Preparatory data extraction is time-intensive and currently requires a lot of manual work. To remain competitive, enterprises need reliable, fast and efficient automated document processing. Businesses in the insurance sector, including insurance companies, brokers and online service providers, process 85% of their claims manually. With 7.2 billion claims and 5.2 billion contract documents processed annually worldwide (5.8 billion contracts and claims in the EU), the sector could save an estimated €73 billion in processing costs worldwide by efficient automation of these processes.
Importance for society:
Successful market launch of omni:us will be the first step in a wider disruptive process that has been recognised by the European Commission, i.e. the digitisation of manual document processing. Qidenus wants to be the global leader in this field and aims to set the bar high.
Implementation of omni:us is expected to:
- Replace current manual labour by a digitisation solution with domain focused use case process extensions. By pushing the boundaries of AI, we aim to redefine and improve the work environment. Through the radical substitution of repetitive processes, we will free employees to unleash their full potential, granting freedom to engage in more productive and challenging tasks.
- Increase the competitiveness of EU SMEs in the insurance domain due to more time-efficient processing of documents, enabling the reduction of the time and size of contract and claim handling categories. More cost-efficient processing is expected to result in more competitive execution of services and products.
- Open up new development opportunities for European software enterprises and developers, as further implementation of omni:us will result in customisation/optimisation of individual document processing steps.
- Promote Technology Transfer: omni:us is a direct result from European Technology Transfer of academic achievements (our R&D collaboration with CVC, Barcelona and UPV, Valencia) into the full commercial uptake on a European, and later, a global scale.
Overall Objectives:
The overall objective of the project is, that omni:us will provide enterprises with automated document processing software to reduce the cost and increase the efficiency, speed and quality of data extraction and archiving compared to existing manual and digital methods. Therefore, we plan to further upscale our TRL6 prototype as a B2B SaaS solution for the insurance industry.
The omni:us SaaS architecture will:
1.) Provide our customers with the software tool to improve their processes and turnover;
2.) Provide a platform on which 3rd party developers can offer novel features, extensions and add-ons.
