NEW YORK CITY, N.Y., and OAKLAND, CA, Oct. 04, 2017 (GLOBE NEWSWIRE) -- 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.
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