Tokio Marine Asia and Ephesoft, a US-based content capture and data discovery firm, have announced a collaboration to improve Thai language recognition technology.
The project, which also involves Tokio Marine Life Insurance (Thailand), will work to solve language, data and document challenges that are prevalent throughout Thailand, a statement from the firms said.
This is part of Tokio Marine’s focus on expanding its footprint in the fast growing Thai economy. According to the insurer, improving its approach by automating various manual heavy documentation processes across the insurance space will benefit both their customers and employees in this market.
Using a specialized type of artificial intelligence called supervised machine learning, Ephesoft will automate the process of classifying and extracting valuable information from unstructured data. It claims that only two to five samples of each type of claim are required to use its patented machine learning tool, which learns to recognize the document type.
According to Ephesoft, the supervised machine learning system significantly accelerates the data extraction process and improves accuracy, enabling clients to effectively use this data to their advantage by providing improved service, lower costs and deeper insights into customer and industry trends. It also becomes more efficient as more language and industry-specific samples are fed into the system.
“This collaboration will address challenges specific to Thai organizations that seek to better manage and process unstructured data within their operations, and ultimately minimise manual processes to drive efficiency, accuracy and productivity,” said Ike Kavas, founder and CEO of Ephesoft. “Having companies like Tokio Marine Asia who are willing to collaborate with us to solve complex challenges are critical to our continued growth throughout the region.”
“I am very much looking forward to what this collaboration will bring to our company,” said Shin Tanimoto, chief executive of Tokio Marine Life Insurance (Thailand). “This will absolutely raise the visibility of our strategy aiming at digitalized insurance services to deliver the best to our customers and Thai society.”
