Unpacking the Everest Group IDP Report: Indico listed as insurance IDP leader
Welcome to Season 2 of Unstructured Unlocked! As the season begins, we’re thrilled to announce that Tom Wilde, CEO of Indico, is joining as our new co-host alongside Michelle Gouveia. We’re so excited to have Indico’s leader not just at the helm of the ship, but taking part in industry-shaping, AI- and insurance-focused conversations with other innovators on our podcast.
In this episode, Michelle and Tom dove into the latest Everest Group IDP Peak Matrix report, where Indico was classified as a Leader in the insurance vertical. Together, they explored the Peak Matrix’s significance as a benchmark report and the evolving landscape of intelligent document processing (IDP)—focusing on the insurance industry specifically.
The Everest Group IDP report: a benchmark for excellence
Tom Wilde began by emphasizing the importance of the Everest Group IDP report, which has become the gold standard for evaluating the IDP landscape. “Everest was very early to carefully dimensioning this space and reporting on the vendors and trends,” Tom noted. For Indico, we feel that being included in this report as a Leader in the insurance vertical is a testament to our innovative approach and consistent performance in the market.
Tom, with over 25 years of experience working with analysts, shed light on the rigorous process behind these reports. Contrary to popular belief, these are not “pay-to-play” listings. The Everest Group’s analysts serve end users—primarily large enterprises—by providing insights into emerging technologies and vendors. “No analyst report… that I’ve been a part of has ever required any kind of payment to be included,” Tom clarified, highlighting the integrity and value of these reports.
Indico’s unique positioning
One standout feature that’s helped Indico maintain its leadership status in the Everest Group reports is its long-term, unwavering focus on enterprise AI solutions for unstructured data. From the very beginning, Indico had positioned itself as a leader in this space. Tom recalled, “I found an old mouse pad… from 2018, and it said ‘enterprise AI for unstructured data.’ So that’s how long we’ve been focused on this space.”
This year, the Everest Group introduced an insurance-specific IDP report, recognizing the unique challenges and opportunities within the industry. Indico’s strong performance in this vertical underscored its expertise in addressing insurance use cases of IDP. “Underwriting… policy servicing… financial operations… these are all very unstructured-centric, document-centric business problems, and the customer has a specific outcome they’re trying to achieve,” Tom explained. Understanding these challenges and delivering tailored solutions has been key to Indico’s success.
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Insurance use cases: from underwriting to claims
In the insurance industry, Indico’s solutions have been particularly impactful in areas such as underwriting, claims processing, and policy servicing. These processes often involve handling large volumes of unstructured data, and Indico’s AI-driven approach helps streamline operations, reduce fraud, and improve customer satisfaction. For underwriting, it’s about quickly getting at the right kind of risks and quoting those as quickly as possible, and for claims, it’s imperative to ensure that the right claims are adjudicated quickly and accurately, avoiding fraud and enhancing customer service.
Looking ahead, Tom envisions a future where AI helps insurers make faster, more accurate decisions. According to him, customers are increasingly looking for solutions that help them get to the decision at the end of their business process—“‘Should I approve this claim? Should I underwrite this risk?’” This shift towards decision-centric AI solutions is where Indico has focused its innovation efforts. By continually adapting to new technologies and industry needs, Indico aims to stay at the forefront of the IDP landscape.
The three-part IDP problem
As Tom elaborated on the significance of generative AI, he broke down the IDP problem into three parts: extractive, interpretive, and predictive. Indico has set the bar around extractive capabilities, such as classification and extraction, by using our technology to turn unstructured data into structured data. Meanwhile, predictive capabilities, rooted in traditional machine learning, have been around for decades. But it wasn’t until the arrival of large language models that powerful interpretive capabilities came into play, enabling advanced use cases like summarization and dynamic content generation.
Customers are hoping that new AI technologies like generative AI will help them make decisions more efficiently. “I think at Indico we’re starting to aggressively talk about the beginning of the decision era,” Tom remarked. “Nobody needs to be told they need a data strategy—that’s a 20-year-old thought at this point… It doesn’t matter what industry you’re in, everyone is a data company.” This new phase in AI technology promised to transform how companies, especially in insurance, approach decision-making processes.
Wrapping up
As Unstructured Unlocked begins its second season along with Tom Wilde as co-host, we aim to continue providing valuable insights into the world of unstructured data and AI. Thank you for joining us for this episode, be sure to subscribe and stay updated on future episodes, and check out the full podcast episode on your favorite platforms,?including: