About Felix
Felix is a leading vendor management and procurement platform, catering to over 6,000 users across various industries such as construction, mining, utilities, government, property and public infrastructure. Felix helps users simplify Vendor Management and Source-to-Contract (S2C) processes, leading to enhanced productivity, cost savings and better risk management. Trusted by global market leaders like CPB Contractors, Laing O’Rourke Australia and Fulton Hogan, Felix assists users to manage over 60,000 enterprise vendors globally.
Felix’s Unique Business Challenge & Requirements
Each new vendor working with Felix must upload insurance documents to ensure compliance. Vendors must also renew these insurance documents annually. These include:
- Public Liability Insurance
- Product Liability Insurance
- Professional Indemnity Insurance
- Public & Products Liability Insurance (combined policy)
- Contract Works Insurance
- Motor Vehicle Insurance
- Plant & Equipment Insurance
- WorkCover/Workers Compensation Insurance
Insurance documents present complexity, as each insurance company may utilise varying formats, have multiple pages, have multiple policies per document and hold diverse information. For example, a motor vehicle insurance document does not have the same information as a public liability insurance document. However, there is the possibility that one insurance company has issued a motor vehicle insurance policy and a public liability insurance policy on the same document, with multiple policy numbers and unique details present.
As a result, vendors had to manually enter the necessary insurance document details into Felix’s web app after uploading their documents, which proved to be time-consuming and tedious. This manual process often led to errors and inaccuracies, prompting manual intervention from businesses and causing delays in the onboarding process.
Due to the complexity of insurance documents and their information, Felix needed a custom AI document processing solution that could understand the necessary information on multiple different types of insurance documents and automatically extract that information into the required fields, including:
Felix also needed the custom AI-powered document processing solution to:
- Integrate seamlessly with its platform, enabling vendors to upload insurance documents into Felix's web app. It would then need to automatically process the documents and populate the required fields with the extracted data.
- Introduce Straight-Through Processing (STP) to minimise manual data input and errors related to it. This ensures that insurance data entered into Felix's web application is precise and does not need manual intervention, ultimately reducing the need for businesses to reach out to vendors to validate inaccurate information.
Successful Implementation of Affinda’s AI-Powered Document Processing Solution
Affinda’s AI experts worked closely with Felix to understand the data extraction required from complex insurance documents. The need for accurate data extraction from intricate insurance policy documents prompted Affinda’s solution: development of a custom AI-driven model. The model:
- Is unique and tailor-made for Felix’s specific use case, built to organise data by grouping elements of a policy with its features. Certain fields in a policy document are linked toother fields, so they are extracted and automatically filled based on the type of insurance document and policy.
- Seamlessly integrates into Felix’s platform. Once insurance documents are uploaded, the documents are processed via Affinda’s custom AI model and data extracted into relevant fields within seconds, greatly simplifying the onboarding process for Felix’s vendors.
- Is extremely accurate and drastically reduces the time and effort of manual data input by vendors by 76%. The reduced human interaction has the flow-on benefit of a vastly reduced frequency of inaccurate data being entered.
By streamlining the onboarding process for efficiency and simplifying compliance procedures through Affinda’s custom AI model, Felix can demonstrate ongoing commitment to providing a seamless experience for both clients and vendors. This enhancement reduces the necessity for organisations to conduct follow-ups for corrections, ultimately minimising friction with a smoother onboarding process and fostering stronger vendor relationships.
Innovative Custom Fields, Data Grouping and Associations
Below are the custom field elements and groups of a policy that Affinda’s AI model was built to automatically extract and pre-fill in Felix’s system, based on the type of insurance document and policy.
Policy elements:
- Document date
- Vendor registered name
- Broker name
- Document type
- Commencement date
- Expiry date
- Insurer name
- Insurer ABN
- Policy number
- Geography
Policy features:
- Policy
- Policy type
- Coverage
- Coverage amount
- Coverage type
- Number of Workers
Impact
By Integrating Affinda’s AI-powered document processing solution with its platform to accurately and automatically extract key data from insurance documents to pre-populate these details in Felix through custom field elements and groups:
- Reduced manual errors in compliance information by more than 30%
- Decreased the time spent on manual data entry for compliance documents by 76%
- Allows Felix to process over 85,000 compliance documents every year with incredible accuracy and speed
Ready to see how Affinda’s AI-powered document processing products can help your business? Chat with one of our experts today.