“Over the period of a few months, Multimodal delivered something that is traditionally impossible for a software company of any scale. Plus, they have the know-how needed to build AI that outperforms even major industry players.”
Optical Character Resolution (OCR) systems have one primary purpose: to convert images and scanned documents into machine-readable formats. This helps automate manual data entry processes and can reduce the risk of errors. Some OCR systems can also extract and verify data found in documents like insurance claims. However, even such more advanced systems don’t understand the data they’re processing. Their lack of contextual understanding makes them more prone to making mistakes, limits their versatility, and makes them unable to handle more complex tasks — such as making data-driven decisions.
Generative AI, on the other hand, does understand context. That’s why it can process and correctly categorize different types of claims, as well as unstructured documents, such as police reports. Unlike OCR systems, Generative AI also doesn’t rely on predefined rules to process claims; it learns how to do so on its own by examining different data. This makes it not only more versatile, but also likelier to accurately process claims it has never seen before. OCR, however, can’t accurately handle claims that don’t perfectly match its expected templates.
Robotic Process Automation (RPA) systems are a step up from OCR systems. By using software bots that mimic the actions of human insurance experts, they can automate multistep processes instead of just one partial task at a time. However, just like OCR systems, RPA systems have limited use cases as they need strict pre-defined rules to accurately process documents. This means they also can’t handle unstructured data.
Conversely, Generative AI can learn new rules on its own by handling different data, making its applications virtually endless. They help organizations achieve unattended automation, while RPA systems can, at best, enable attended automation. On top of that, Generative AI can also generate new data, such as claims processing reports and claim decision letters, and make data-based decisions.
Learn how we customize Generative AI models for your unique claims processing needs.