Impact at a Glance
- 100% accuracy in extraction of key information
- 7s processing time per cheque
- 2.5 minutes to process one plan document
- 40% improved efficiency
About the client
The client specializes in healthcare cost containment. They offer comprehensive consulting services, legal expertise, plan document drafting, subrogation and overpayment recovery, and claim negotiation.
Their innovative solutions help manage and reduce healthcare costs, ensuring efficient and effective benefit plan administration.
Business Challenge: Operational Inefficiencies in Processing Financial Documents
The client received tens of thousands of cheques and other financial documents. As a result, the team spent several weeks to get relevant information about their customers.
- Manual processing of a huge volume of cheques for subrogation claims was labor-intensive, increasing the risk of human error and inefficient operations.
- Lack of standardization due to receipt of documents in multiple formats.
- Missing key information due to manual evaluation and processing.
- Manual translation of case notes into a compatible language led to delays in legal inquiries and case processing
Cognida.ai Solution: Standardized Cheque Processing with AI
The client deployed Zunō.Lens to streamline the input, validation, and integration of high-volume cheque data, ensuring both speed and accuracy.
Zunō.Lens processes data from multiple sources and automatically standardizes it according to a pre-set compliance template, making diverse data formats uniform and ready for downstream processing.
The system rigorously checks each document against the client’s regulatory and compliance requirements, flagging and correcting inconsistencies or errors. It ensures only fully validated data advances, eliminating the risk of non-compliant data.
Once validated, Zunō.Lens transfers the error-free data directly into the client’s accounting software, setting up the next set of resource planning processes. The client can now process thousands of cheque documents in just few minutes unlike the manual system that took days or weeks.
Automating cheque processing allows the client to quickly identify issues such as bounced cheques, enabling faster recovery actions. Timely updates on inflows improved cash flow management. Prompt, accurate communication improves customer service, reduces operational costs, and allows scalability to handle growing loan volumes.
“We are envisioning a world where we are building automation to remove non-value-added tasks. Cognida.ai’s tailored AI solution seamlessly integrated with our existing systems, improving efficiency and unlocking insights we didn’t know were possible.” – Phia Financials
Zunō.Lens helped the client accelerate loan recovery, making it more cost-effective and responsive.
