The newly-announced partnership between Ephesoft and Tokio Marine Asia demonstrates how fintech and insurtech are playing a role in the advancement of Thai language recognition technology. Tokio Marine Asia, the regional headquarters of Japan’s first life insurance company, will collaborate with the enterprise content capture and data discovery solutions provider to bring greater automation to the Thai insurance market.
Ephesoft’s technology leverages supervised machine learning to automate the classification and extraction of key information from unstructured data. The technology is sensitive enough to recognize document types and the machine learning system requires only two to five samples of the data in order to perform. Faster data extraction, with fewer opportunities for manual entry-based error, gives businesses in a variety of industries lower costs, deeper insight into business trends, and the ability to offer improved service to customers.
“We hope that by using Ephesoft, we will be able to alleviate manual data entry and streamline processes, accelerating our claim processing to provide better customer service,” VP and head of digital strategy of Tokio Marine Asia Hidemi Harada said.
In addition to bringing digital efficiencies to the Thai insurance industry, the partnership hopes to break new ground in the analysis of Thai language unstructured data. Pledging to overcome data, document, and language challenges that are “prevalent throughout Thailand,” Ephesoft CEO and founder Ike Kavas said, “Ephesoft has a strong commitment to meeting our customers where they are and addressing their unique challenges, regardless of geographic location.” Harada added that the collaboration will help them “gain a deeper level of understanding for characters and language, which has been a long-time challenge to international business in Thailand.”
The deal with Tokio Marine Asia is the latest partnership from Ephesoft, which unveiled a major alliance with Grant Thornton over the summer. That partnership will enable Grant Thornton to make Ephesoft Smart Capture available to its customers to improve back office operations such as invoicing, accounts payable, and contract management.
Last month, Ephesoft announced that it had partnered with IT, BPO, and consulting services firm Hexaware Technologies to help businesses successfully undertake automation-led, process transformations. In September, the company announced that it was collaborating with Robotic Process Automation (RPA) specialist Automation Anywhere to help customers take advantage of the combined benefits of RPA and document capture technologies.
Ephesoft demonstrated its smart document capture and analytics platform at FinovateSpring 2018, highlighting how the technology leverages data mining and analytics to enhance mortgage document processing. Founded in 2010, the company has raised $15 million in funding and includes Mercato Partners among its investors.