Base64.ai April Newsletter: ACORD 25 COI, Health insurance SBC, Face recognition, and more!
NEWS FROM BASE64.AI
Welcome to the Base64.ai newsletter. Here you can stay up to date with our cutting-edge AI solutions and exciting new product updates.
Base64.ai is an artificial intelligence solution that instantly extracts data from 500+ types of documents without any templates or hardware. It can understand the document type, normalize the data, and integrate it into your existing system with a simple API call. This past month we’ve added functionality for complex document types such as ACORD 25 Certificate of Liability Insurance forms (COI) and Summary of Benefits and Coverage form (SBC) for major healthcare providers.
Interested in automating the processing of a particular document? Please shoot us an email and keep scrolling for bigger news! The possibilities are endless!
THREE PRODUCT UPDATES
Check out the newest features at Base64.ai; including extracting data from the ACORD 25 Certificate of Liability Insurance form for contractors, the Summary of Benefits and Coverage form for healthcare providers, and new face recognition & tracking features.
1. ACORD 25 Certificate of Liability Insurance (COI)
ACORD 25 forms represent the contractual agreements between the insured clients and the insurance agencies. It is used widely to mitigate risks and liabilities in contracting, manufacturing, and lessor/lessee agreements.
Our market research shows that they sometimes have to wait days for manual entry specialists to digitize all the data. Base64.ai can process and extract all 93 fields of COI forms in just a few seconds, greatly improving operational speed at any company that handles COIs!
2. Summary of Benefits and Coverage (SBC)
Insurance companies and healthcare providers commonly use SBC forms. They outline the coverage of a health insurance plan.
SBC documents can be between 6 to 12 pages long. Base64.ai can extract more than 100 fields and tables in seconds, giving benefits coordinators the information they need for fast and detailed health plan comparison.
3. Enhanced Face Recognition and Tracking
In the pandemic era, more companies have adopted remote onboarding & KYC. Base64.ai can help with automating the extra verification steps necessary to mitigate fraud. Our AI verifies IDs via selfies, understands the liveness of an image, tracks and recognizes faces from security cameras, unlocks doors with face recognition, and more!
FEATURED ARTICLE: “Not every AI is the same: Google Document AI vs. Base64.ai”
“Just because Company X already has it doesn’t mean it’s better than the new product. In fact, a startup’s dedicated attention to perfecting a new AI tool often results in products that outperform satellite features of big tech product suites. We can see this very plainly in the shortcomings of Google’s Document AI vs. an AI document extractor developed by startup Base64.ai. Google’s tool has many capabilities when it comes to parsing documents. But in terms of extracting data and understanding the context of a document, Base64.ai runs circles around Google’s tool….”
WE’RE HERE TO HELP
Base64.ai is here to help to automate your document processing and data extraction needs. Feel free to reach out to us for anything! Let’s talk!
Thank you for checking out our updates! We can’t wait to share more with you!
The Base64.ai Team