For an Australian insurance major Interfund Clearance Certificate Request Process and Transfer Certificate Request Process was becoming a data intensive process leading to higher operational cost & risk to data inaccuracy.
Spectar implemented an automation program as a part of which intelligent image recognition technology was introduced for automating their data recognizing and extracting capability from 37 different fund providers templates powered by robust data validation algorithms. The project resulted in reducing the firm’s SLA from 3+ days to less than a day for 90% of the transactions at one-fifth of the cost with real-time compliance reporting.
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