Parascript —a developer of intelligent capture software, driven by data science that processes over 100 billion documents annually— has been awarded the 5-Star Insurance Technology Provider award from Insurance Business America, a unique offering in the insurance space as an aspirational business magazine featuring a series of industry reports that recognize the achievements of key individuals and businesses as well as providing the latest in business best practice in a continually evolving industry.
Insurance Business America assessed participants on the way they are helping the insurance industry align with the demands of today’s consumers, surveying brokers “to find out which technology providers have been the most dogged trailblazers in the digital realm.”
Parascript won in two categories for its FormXtra.AI platform, which manages the intake and processing of documents for claims, prior authorization requests, and medical case reviews. This documentation is often submitted as a monolithic PDF file that requires staff to review, separate, and then locate key data to index; FormXtra.AI automates these time-consuming tasks.
“Our solutions can take a large data dump of medical records and automatically identify, separate and parse them at automation rates of close to 90%,” Greg Council, VP of Marketing & Product Development at Parascript, says. “This enables a wide range of applications, such as records data preparation needed for claim review or to support quality-of-care audits where it can be costly to assess medical conditions through manual review.”
About Insurance Business
Insurance Business provides a unique offering in the insurance space as an aspirational business magazine featuring a series of industry reports that recognize the achievements of key individuals and businesses as well as providing the latest in business best practice in a continually evolving industry.
The monthly magazine is supported by an online industry hub offering daily news and business intelligence via a website and daily e-newsletter. Committed to delivering the latest industry news, opinion, and analysis, Insurance Business Online takes a fresh approach to covering the need-to-know developments of the day from government and regulatory bodies, platforms, underwriters, and insurance firms, as well as industry service providers.
Parascript software, driven by data science and powered by machine learning, configures and optimizes itself to automate simple and complex document-oriented tasks such as document classification, document separation, and data entry for payments, lending, and AP/AR processes. Every year, over 100 billion documents involved in banking, government, and insurance are processed by Parascript software. Parascript offers its technology both as software products and as software-enabled services to our partners. Our BPO, service provider, OEM, and value-added reseller network partners leverage, integrate, and distribute Parascript software in the U.S. and across the world.