Parascript—a developer of cognitive capture software, driven by data science that processes over 100 billion documents annually—announced today that Zinnov recognized Parascript’s advanced Artificial Intelligence/Machine Learning (AI/ML) capabilities in its latest Zinnov Zones for Hyper Intelligent Automation – H1 2021 ratings. Zinnov, a leading global management consulting and strategy advisory firm, annually evaluates global Hyper Intelligent Automation (HIA) companies across technologies, platforms, service lines and use cases. Zinnov rated Parascript in the Leadership zone of its latest rating because of its advanced AI/ML capabilities through Parascript Smart Learning, which allows for out-of-the-box and custom implementations.
“Parascript has established itself as a formidable player within the Intelligent Document Processing space,” stated Nischay Mittal, Principal and Global Head – Automation & AI at Zinnov. “Parascript’s unique approach of ‘Smart Learning’ that supports easy system configuration, adaptation in production environments, as well as custom and out-of-the-box template-free integrations, enables Parascript to provide extensive coverage across numerous use cases, especially to Banking and Financial Services and Insurance clients.”
Over the last 12 years, Zinnov has comprehensively assessed global technology providers on their competencies and capabilities across different segments. The evaluation spans technological acumen, scale of operations and overall capabilities across the automation lifecycle. The distinct capabilities for which Parascript ranked high included:
- IDP Value Chain Coverage. Extensive coverage across capture, extraction, classification and validation steps.
- Accuracy/Confidence Scores. Automatically locates, extracts, classifies and verifies data with 95%+ accuracy.
- AI/ML Maturity. Demonstrates highly advanced capabilities based on the ability of the platform to leverage machine learning algorithms to train the solution on different documents.
- Language Support. Provides support for over 10 recognized languages including English, French, German, Russian and Spanish, etc.
- Use Case Coverage. Provides coverage across multiple use cases such as loan and mortgage processing, KYC, compliance, mobile onboarding, medical claim processing, insurance policies and invoices, etc.
- Input Documents. Provides coverage across a wide range of document types including emails, images, scanned documents, PDFs, handwritten documents, identity documents, legal contracts, financial statements, signatures, etc.
“As an IDP specialist, Parascript provides leading AI/ML capabilities enabling automated capture, extraction, classification and validation of data from complex documents such as loan applications, legal contracts and policy documents, etc.,” Nischay Mittal further explained.
Given the highly competitive landscape and the presence of over 500 platform players, Zinnov’s evaluation also included assessment of the participants’ Intelligent Document Processing (IDP) capabilities focused on the scope and strength of the technology solutions, technical capabilities and product vision based on a rigorous RFI process, followed by interviews with over 100 customers, 500 developers, partners as well as industry experts.
“We are very happy with the industry recognition that Parascript is receiving, especially from such a reputable consulting and analyst firm as Zinnov. Our Smart Learning software delivers the highest levels of data accuracy in the industry and that commitment to the highest quality data results is what leads to so many of our customer referrals, and most recently, the acknowledgement by Zinnov,” said Greg Council, Vice President of Marketing and Product Management at Parascript. “Today more than ever, enterprises are tasked to automate their document-intensive processes to increase efficiency and improve on data-driven customer experience, right from medical claims to loan processing.”
Constantly innovating, Parascript advanced classification and data extraction software is considered ideal for automating non-standard claims adjudication, loan document processing, plan data conversion as well as auditing and compliance. Parascript has enabled clients within the Banking, Insurance, Government, and Logistics sectors effectively solve their document automation since 1996. Each year, Parascript software processes tens of billions of postal items, tens of billions of bank checks, medical, insurance and accounting forms in the United States and abroad.
Founded in 2002, Zinnov is a global management consulting firm, with a presence across 4 continents. Zinnov has successfully consulted with 250+ Fortune 500 enterprises to enable them to accelerate their Digital Transformation outcomes by leveraging technologies such as Hyper Intelligent Automation (HIA), AI/ML, Cloud, IOT, etc. For more information, visit Zinnov.
About Parascript, LLC
Parascript develops Intelligent Capture that works like you want. Parascript software, driven by data science and powered by machine learning, automates simple and complex document-oriented tasks such as document classification, document separation, and data entry for industries including banking, insurance, logistics, and government. It puts the power of a team of data scientists and machine learning experts in your hands. Every year, more than 100 billion documents for financial services, government organizations, and the healthcare industry are processed by Parascript software. Visit Parascript.