CAPTRICITY PARTNERS WITH METLIFE TO LAUNCH NEW AI-POWERED SOLUTION TO TRANSFORM GROUP LIFE OPERATIONS
October 04 2017 - 5:30PM
Captricity today announced the launch of CaseCorrect, a new
solution designed to automate workflow processes for life insurance
carriers. To drive competitive advantage using artificial
intelligence, MetLife (NYSE:MET) developed the solution with
Captricity, which is delivered as an addition to Captricity’s
existing cloud-based AI platform.
Intelligent automation is a core component of the new solution,
and determines how workflow processes can be managed in a more
streamlined way. CaseCorrect validates insurance cases against
hundreds of business rules automatically and enables increased
accuracy for determining which policies a carrier should
underwrite.
“In order to transform our exception handling processes and
reduce manual errors, MetLife and Captricity co-developed
CaseCorrect,” said Eoin O’Reilly, vice president process
automation, Global Technology & Operations, MetLife. “With
CaseCorrect, errors are detected automatically and corrected by the
operations team in an easy-to-use digital interface, reducing cycle
times and ensuring a more accurate process for our customers.”
Captricity and MetLife worked together to build the initial
beta-technology by following a rapid development methodology.
Following a successful pilot of the solution within MetLife’s Group
Life Operations business in the U.S., MetLife is now the first to
use CaseCorrect. Initial results indicate that the solution is
enabling the company to improve end-to-end automation, decreasing
the time and manual effort required to process beneficiary
designation forms by up to 55 percent, improving responsiveness and
quality of service for MetLife's customers.
“The entire project was successfully completed in three months,
driven by both teams’ commitment to pursuing quick-to-market
solutions that improve quality of service and experience for
customers,” said Kuang Chen, CEO and Founder of Captricity. “We
were thrilled to be able to work in such an iterative and
collaborative way with MetLife and are excited to be launching the
result, CaseCorrect, to the market today.”
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 countries and holds
leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information,
visit metlife.com.
About Captricity
Captricity’s AI-powered intelligent automation solution extracts
and enhances data at 99.9% accuracy from any customer channel —
including handwritten documents — and delivers it seamlessly into
downstream systems and workflows. Thirteen of the top 20 US life
insurers use high-quality, normalized data from Captricity to
deliver business insights that increase revenue, lower costs, and
drive a deeper understanding of risk. Captricity is headquartered
in Oakland, C.A. For more information, visit captricity.com.
Attachments:
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/3001945e-6e0b-469b-b7ba-895732688f5d
Lauren Yildirim
Captricity
(267) 864 6488
laureny@captricity.com
Kayla Goodwin
MetLife
(212) 578 8592
kayla.goodwin@metlife.com
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