Chisel uses natural language processing (NLP) and named entity recognition (NER) to read documents and extract critical data from digital native documents in many file formats such as Word, PDF and Excel.
What is a Digital Native Document?
A digital native document is a word document or generated PDF (not scanned). Working with scanned documents reduces the accuracy and processing speed due to the use of Optical Character Recognition technology (OCR).
What can Chisel be used for?
Our insurance customers use Chisel to read their policy and report documents quickly and then extract specific policy-level data that they then use to make faster and better decisions, ultimately reducing costs and improving customer service.
How long would it take to implement a Chisel solution inside my company?
It depends on the use-case or more importantly the problem we’re trying to help you solve. Historically we have seen times in the 8-12 week range.
How does the Chisel solution compare to an outsourced solution?
Outsourced solutions rely on an “economies of scale” model. Outsourcers apply the same knowledge workers to the problem that you have in-house, but they’re able to take advantage of a lower cost-base and higher volumes (aggregated across many customers).
Introducing NLP into your operations is based on a strategic decision to keep your operations in-house and to begin the evolution of leveraging NLP to reduce risk and increase profit margins across all lines of business.
Where would I use the Chisel platform inside my business?
Whenever you have workers reading documents on a regular basis, Chisel can automate that process.
If you have workers reading, highlighting specific content, pulling-out or hiding specific content, Chisel can automate that process.
How are insurance companies using it today?
Our customers are using Chisel AI for data extraction and to automate Errors & Omission Checking, Quote Comparison, Submission Triage, and Submission Prioritization, with other use-cases under development.
Do you work with Brokers or Carriers or both?
We have built use-cases for both brokers and carriers and continue to build more all the time.
What are the policy volume limits of the Chisel platform?
The Chisel platform has no volume limits due to the elasticity of the platform and our access to cloud computing resources. If you doubled your policy volume we can easily increase your dedicated computing capacity in the cloud.
How long does it take to read a document and extract critical data?
It takes less than a second to read an average document. It can be as fast as 100ms.
We already have an AMS or BMS in-house - do we still need Chisel?
Yes. Most major AMS and BMS platforms do not use AI to read documents and therefore will always be limited in their ability to deliver speed and accuracy.