Leverage Exdion's AI-Powered Data Extraction Engine To Improve Sales

Did you know that there is 2.5 quintillion bytes of data created every day?

Data is ubiquitous. We're generating it each time we search on the internet, when we make a purchase, or we log into our social media accounts. The amount of data being created today is indeed mind boggling and it's growing exponentially. In fact, according to Forbes, 90% of all data in the world has been created in the last two years.

Although data is being generated by stupendous amounts, it is surprising that 80% of it is not analysed and acted upon. This abundance of unstructured data is posing huge problems for companies in indexing the data, storing it, ensuring security, and formatting it. This gap between data creation and analysis means that companies are leaving huge unstructured data in potential profit on the table. So, it is high time that companies convert this unstructured data into useful information. But not all companies are able to do this themselves which means they're missing out on a huge opportunity for growth.

Exdion has developed an AI powered data extraction engine, where you can extract valuable information from your unstructured data and organize it into structured sets that can be leveraged by your business. This signifies that you no longer have to worry about manually going through all your unstructured data and organizing it yourself—the engine does it for you. It saves time and effort, which means more profits for your business.

What is data extraction?

Why data extraction is important

Data extraction is a process of changing data from one format to another. It is a form of data conversion that involves transforming raw or unstructured data into a form that can be used by applications. The information is extracted from a variety of sources, such as documents, spreadsheets and emails. It is used in many industries, predominantly in insurance sector, where it helps companies to analyse claims and adjust premiums accordingly.

Data extraction can be performed manually or automatically by using different extraction tools. However, manual data extraction is time-consuming, inaccurate, and expensive. On the other hand, automatic data extraction is faster and more cost effective but it's not reliable to produce accurate results all the time. This is where AI powered data extraction engine comes in handy by making it easier for businesses to extract their data in a quick and reliable manner.

What research says about AI-powered data extraction?

Power of AI in insurance

According to a report published by Japanese insurer Fukoku Mutual Life Insurance, AI-powered data extraction has increased productivity by 50%. What started out as an experiment has now become a universal practice worldwide. As more insurers are turning to AI to make their businesses better, researchers at the Wharton School of the University of Pennsylvania have forecasted that in less than ten years, it will become “the single most important application for business”. This popularity is further confirmed by a recent study conducted by PwC – the world's largest professional services company.

Benefits of Exdion's AI-powered data extraction engine

Exdion’s AI-powered data extraction is changing the way businesses operate. In the insurance sector, AI can help parse large amounts of data and identify patterns that can help companies make better decisions. For instance, claims data can be used to improve customer service, prevent fraud and even predict future claims costs. Here are some benefits that you can expect from AI-powered data extraction.

  • Improved customer experience

  • AI-powered data extraction helps insurers collect accurate information from their customers at every stage of their relationship with them. This results in a better understanding of their needs and preferences, which can be used to provide customized solutions. For instance, an insurer can provide quotes based on a user's previous claims history and offer discounts. The result is that clients will be more satisfied with the personalised services and will become loyal customers in the future.

  • Improved efficiency

  • Insurance companies have been using human labour to extract data from documents for decades. This process is slow and error prone, making it difficult to meet modern expectations around service speed and accuracy. By automating this process, AI technology can turn hours of manual work into seconds of automated processing. This allows insurers to get claims paid more quickly and accurately while improving customer satisfaction.

  • Lowered costs

  • AI-powered data extraction helps insurers reduce costs by allowing them to process claims faster than ever before. This means fewer resources will be spent on processing claims manually. This leaves more money available for other important expenses such as marketing campaigns and product development initiatives.

  • Reduced Risks

  • The risk exposure faced by an insurance company is reduced significantly when they have access to an AI-powered data extraction engine. This is because they will be able to identify any potential problems with their claim process before they happen. This means that the companies can suitable take steps to minimize these risks before they have a negative impact on their business.

  • Detect Frauds

  • AI-powered data extraction engine can help detect frauds in insurance industry as it is capable of analyzing huge amount of data. For example, let us assume you have a database containing information about all the claims made by your customers over the past year.  You could use AI-powered data extraction engine to analyze how many claims were fraudulent compared to non-fraudulent ones from this information. Later, this analysis can be leveraged to make better decisions about future claims and save money by preventing fraud.

  • Increase Sales

  • Many insurance companies are struggling to find new customers, as the market is saturated with many players. In order to stand out from the crowd, insurance companies must find a way to increase sales by large amounts. AI-powered data extraction engines can help you achieve this goal by automating the manual processes that are currently used to gather information about potential customers. This will allow you to quickly and easily get in touch with potential clients and create personalized proposals that are tailored to their needs.

How Exdion’s AI-powered, data driven platforms are revolutionising the Insurance industry?

Data-driven decision-making has never been more important in the insurance industry than it is in today's digital world. However, humans can't read millions of files across multiple formats each day. At the same time, we are generating enormous amount of data on a daily basis and it becomes too much for any human to comprehend.

Exdion makes it possible for you to receive alerts and reports directly without the need of a human resource at all. With AI powered data extraction, you get reliable insights that are extracted from your raw data by our smart assistants. So, you can improve your strategies, focus on your core business, use data driven decisions much easier than before and save tons of money not spending time for mundane tasks anymore! Contact Exdion now to revolutionise your business!

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