Title Insurance Automation

Process 2x the number of Payoff Documents with the same team over the same time period

A U.S. top three Title Insurance provider used internal resources to configure and deploy an intelligent data processing (IDP) platform to extract data from Payoff Documents. The IDP platform implemented was Automation Anywhere’s IQBot.

In the initial deployment, data extraction accuracy was less than 60% and straight through processing (STP) metrics were less than 50%, well below the necessary thresholds, resulting in increased manual efforts to validate the documents.

Instead of reducing the time-to-close, the automation platform actually increased it: the high number of incorrectly extracted data values and the increased manual effort negated all automation benefits, causing a potential negative impact to the Title Insurer’s top line.

The Solution

The MOZAIQ team was deployed to re-architect and re-implement the IQBot data extraction automation solution, re-configuring and re-deploying the platform and incorporating a document indexing front-end to alleviate the risks and to accelerate the document throughput.

  1. The Indexing platform was trained to identify document types by vendor
  2. The Indexing platform was also trained to remove the supporting pages from the input stream of documents and submit only the required pages to the IQBot engine
  3. The OCR function was updated, and pre-processing settings were iterated on and applied
  4. Custom post-processing logic was built to optimize the quality of the extracted results

The Benefits

The results of the re-architecture and re-implementation were significant: accuracy targets of 90% and a straight through processing objective of 85% were achieved after the first iteration.

  1. The Indexing platform streamlined the process and positively impacted the Payoff Process throughput
  2. OCR optimization reduced data extraction errors, reducing manual validation needs
  3. Post-processing logic resulted in significantly more accurate results for both table and form fields

The Title Insurer was able to process twice the number of Payoff Documents using the same team over a similar period of time, reducing payoff delays, minimizing the potential losses and incrementing their top line.

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