Overview

What is intelligent document processing?

Intelligent document processing (IDP) uses artificial intelligence to automate data processing, disrupting fintech by augmenting human intelligence. Unlike robotic process automation (RPA) and simple data extraction, AI for document insights enables knowledge management digital transformation with streamlined search, synthesis and analysis across large volumes of complex documents, helping employees quickly make better business decisions.

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Saves knowledge worker time

50%

Reduction in time spent by knowledge workers that dedicate 20% of their time on text analysis and search tasks¹

Delivers rapid return on investment

383%

Potential return on IBM Watson Discovery IT investment over a 13-month period²

Generates revenue and profit

USD 6.1M

By leveraging efficiencies, organizations see additional growth when using Watson Discovery.³

Use cases

Financial analysis

Three computer screens with financial data on them

Aid decision-making

Financial institutions and the banking industry can use AI for document insights to improve decision-making across functions and banking services like investment banking, wealth management, mergers and acquisitions (M&A) and alternative investments such as hedge funds. Research analysts and associates can extract data in near real-time from complex document types to inform reports, create M&A pitchbooks, assess client investment management strategies and verify the integrity of their findings.

Insurance

Stack of paper

Speed processes

Insurance companies' use of AI accelerates internal processes such as pricing insurance products, underwriting, claims processing and claims management procedures. Insurance agents and underwriters use AI to analyze policyholder and customer data, claim requests and insurance policies for adequate information, validation and authenticity.

Audit

Clipboard with 2 to-do items checked off

Improve risk management

Procurement professionals, auditors and other back-office financial functions use AI to enhance compliance, risk management, due diligence and fraud detection. Document insights AI solutions accelerate financial statement, accounting, legal and contractual document analysis.

Legal

Save research time

AI helps law firms strategically help legal professionals spend less time on mundane tasks and create a contract lifecycle management system. With document insights, lawyers, paralegals and contract managers save time on legal research, drafting contracts, document review, and legal document and contract analysis. This AI legal technology helps with document classification, so employees can quickly find relevant information and deliver legal services.

Featured offering

Case studies

Ernst & Young

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Ernst & Young

EquBot is turning unstructured data into investment insights with AiPEX, the world’s first AI-powered stock index family. The AiPEX Total Return Index has outperformed the S&P 500 Total Return Index by 4.79%.

EquBot

EquBot logo

EquBot

EquBot is turning unstructured data into investment insights with AiPEX, the world’s first AI-powered stock index family. The AiPEX Total Return Index has outperformed the S&P 500 Total Return Index by 4.79%.

Everest Reinsurance

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Everest Reinsurance

Everest Reinsurance is changing the way it processes claims. This re-insurance carrier used deep learning to automate the internal insurance claims process. It has contributed over USD 5 million in premium growth and USD 3.5 million in efficiency gains across multiple areas of underwriting and claims.

ContractpodAi

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ContractpodAi

An end-to-end contract management solution designed by lawyers for lawyers, which is helping individual firms analyze and categorize over 400,000 contracts. Leveraging document insights, lawyers use AI for risk assessment to maintain 100% compliance. With this new technology, ContractpodAi clients are speed contract renewal time by more than 50%.

KPMG

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KPMG

KPMG is using document insights to help tax professionals determine tax relief eligibility. Intelligent automation helped tax advisors to examine massive amounts of information and find critical data points to create an insight-filled audit trail and offer clients richer recommendations.

Legalmation

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Legalmation

AI is helping lawyers automate and accelerate repetitive aspects of legal practice. Document insights have shifted crafting of early-phase response documentation from a 6–10-hour process to under a 2-minute task. With this solution, Legalmation is achieving operational efficiency with an 80% in cost reduction.

Next steps

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