In this section, we cover news, insights and trivia about Intelligent Document Processing (IDP), share interesting articles, podcasts, reports and more.
What we cover in this week’s recap:
News:
Four IDP providers on FinTech Global’s 2023 InsurTech100 list FinTech Global, the FinTech information services provider, has released its latest InsurTech100 list, featuring the most innovative companies in the insurance industry. With Appian, Cortical.io, expert.ai and Instabase, four Intelligent Document Processing (IDP) providers have been included in this year’s InsurTech100. Richard Sachar, Director of FinTech Global, explained: “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalisation and insurance firms need to be prepared.” For Cortical.io and Instabase, it is the second year in a row that they have been included in the list. Bastiaan de Goei, Insurance Leader at Instabase, commented: “The recognition by the InsurTech100 comes on the back of significant growth in insurance for Instabase. We are grateful for the trust that all our insurance customers place in us. The enthusiasm by the wider insurance sector for, and interest in, Large Language Models is incredible. Instabase’s launch of AI Hub earlier this year now makes the most advanced AI technologies to understand, automate, analyze and action highly complex data securely not only accessible to the world’s largest carriers but also individual agents, MGAs, regional brokers and more. The initial response to AI Hub has been very encouraging. We are therefore incredibly excited to continue serving the wider insurance industry with our applied AI solutions and aim to rank again next year in the InsurTech100!”
Mely.ai introduces OTO-Customs for customs brokers IDP vendor Mely.ai has introduced OTO-Customs, its new IDP solution tailored specifically to the needs of customs brokers. With Mely.ai’s new flagship software, customs brokers now benefit among other things from improved efficiency and speed (by automating requests for information and other trade documents), maximum compliance (through the fully compliant platform with industry data security standards), better risk mitigation (by flagging discrepancies in documents) and seamless integration with other systems used by customs brokers, such as Descartes.
Automation Anywhere unveils generative AI-powered platform Intelligent automation solutions provider Automation Anywhere has announced the expansion of its Automation Success Platform with the addition of a new Responsible AI Layer, as well as expanded features in Automation Co-Pilot for Business Users, Automation Co-Pilot for Automators, and Document Automation. The expanded Document Automation capabilities are now designed to leverage generative AI for faster understanding, extraction and summarization of data to support semi-structured and unstructured document types and supply chain use cases, such as waybills, packing slips, purchase orders and contracts.
Konfuzio joins forces with SYMPLASSON (DE only) IDP vendor Konfuzio has announced a strategic partnership with IT service provider SYMPLASSON in conjunction with DMS platform M-Files. This combination helps companies organize and use documents and document-related workflows more efficiently and enables unique and flexible solutions with low implementation effort. Complemented by Konfuzio’s document AI, Symplasson can thus offer its customers highly automated document and document-related workflows that are easy to customize and further develop.
Automat launches Intelligent Document Processing solution AI company Automat has launched its Intelligent Document Processing solution as a standalone offering. According to Automat, its IDP solution is capable of processing any unstructured data by using vision models to understand and analyze input documents or images, and then integrating these PDF and image extractions into its comprehensive workflow automations.
Article:
Kofax presents its generative AI plans Probably one of the last IDP vendors, Kofax has finally unveiled its plans for generative AI. Read this article by Dan Lucarini from analyst firm Deep Analysis, in which he provides great insights into Kofax’s generative AI roadmap and shares his views on the rather cautious rollout. The first step in its generative AI roadmap came a month ago when Kofax launched the Azure OpenAI Connector on its Marketplace, which allows customers to create workflows that integrate generative AI to benefit from summarization, content generation and sentiment-based insights.
Market report:
What’s the state of the global Capture & IDP market? Read the ‘State of the global information Capture and IDP market 2022/2023’ report from market analyst firm Infosource to get a great overview of recent market developments, global demand, key use cases and industry sectors, main input sources, and a market forecast to 2027.
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