Insurers and other organisations have to process vast amounts of unstructured documents with irregular layouts: contracts, invoices, forms, financial statements, and more. Manual data extraction is inefficient and prone to human error, while custom solutions are costly and time-consuming to build.

To alleviate this problem, AI software company, Upstage, which specialises in large language models, came up with Upstage Information Extract, its system to turn unstructured insurance documents into instant and actionable data. In doing so, the firm has won the award this year for analytics solution of the year.

The product looks to deliver high-accuracy structured data extraction instantly from any document type, extracting structured insights from any document with no setup, no templates, and no retaining.

In giving the award to Upstage, the judges said the product produced "massive time savings" while reducing the risk of data-input error. They also felt the entry provided exceptional, highly granular case studies with specific operational metrics, such as reducing processing times from up to two hours to under five minutes and reclaiming capacity per week that is equivalent to one-and-a-half full time employees.

In particular, the judges felt that the submission demonstrated exactly how the technology eliminates manual data extraction bottlenecks to facilitate faster, more efficient underwriting workflows, and SLA compliance without requiring headcount growth.