Overview: High volume of invoices for insurance claims
Wolters Kluwer, a Dutch information services company, operates in over 150 countries
The company serves legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare markets.
Wolters Kluwer’s enterprise legal management solutions business unit provides legal spend and matter management, contract lifecycle management, and legal analytics solutions. They receive a high volume of legal and insuranceclaim invoices; paper invoices can account for 3-5% of customers’ total legal spend.
The challenge: Speeding up legal invoice operations
There was a lack of a standard file format for invoices, which then had to be manually processed; the entire process was time-consuming, cumbersome, and resulted in inaccuracies.
To overcome these challenges, the client was looking to streamline invoicing.
The solution: Smart e-billing solution with DML
TCS helped Wolters Kluwer deploy a neural-network-based DML model, a part of TCS’ Cognitive Computing Suite (CCS), to derive better insights.
Underpinned by natural language and digital image processing, TCS’ neural network pre-processes and enhances structured and unstructured data from all invoice formats. The solution involves stitching the gap between human parsing experts and DML (deep machine learning) algorithms with a workflow. This combination ensures high quality, efficient, and consistent extraction of all key data elements. Unformatted raw pdfs across thousands of formats are transitioned into a LEDES-formatted data feed, which is integrated directly into an enterprise legal management spend system.
What Made it happen