Mark Myers, – CEO at Meridian informed us “… I have been waiting twenty-five years for this technology to arrive! This is really going to drive down our operational costs by allowing us to use fewer people....
Anaheim, CA (PRWEB) June 18, 2015
Axis Technical Group, a trusted business Software Developer and IT Advisor to leading companies in Mortgage and Title is excited to announce the implementation Axis AI – Advanced Document Classification and Data Extraction software at Meridian Title. The Axis AI software is utilized for the extraction of complex document index information from a variety of mortgage and public recorded land records related documents used in Title Plant operations. The process of installing the solution is underway and will be completed in a matter of weeks and will be a part of Meridians Title Plant automation initiative going forward.
Traditionally Meridian had tasked the extraction of key data fields from the land records to a manual key-from-image service. The challenge with this manual solution was slow processing and turnaround times, often prone to errors and, therefore, a significant percentage of the information required manual, labor-intensive correction from internal teams. Much of the operational cost of doing business was tied up having a huge staff to do simple keying and correcting of the information from title documents.
By implementing Axis AI to automate their data acquisition from complex documents regarding the chain of title, Meridian’s staff can now spend more timing focusing their subject matter expertise on examining the data, not manually keying the content. Mark Myers – CEO at Meridian said, “Unfortunately, the sad reality of this aspect of our business is that over time we’ve lost many of the people that were trained, knowledgeable and experienced in this area of our industry. We’re counting on Axis AI to bridge the gap between the group we have left and continued need to develop our plants and their databases accurately on a daily basis”.
Extracting unstructured data such as, the highly variable, full legal description or grantor/grantee with the vesting information from unstructured documents like deeds and mortgage-related documents is a costly and time-consuming process, especially when a company relies on hundreds of thousands—or even millions—of these documents to do business. It’s a labor-intensive activity that is expensive, slow, and error-prone that adversely affects business processes and customer service.
Axis AI offers a far better choice with a revolutionary solution for extracting information from the unstructured content. Using proprietary algorithms, including those used to perform Natural Language Processing (NLP), Axis AI reads and extracts data from sentences, paragraphs, or entire pages written in natural English like the aforementioned legal description and vesting information. The result is unparalleled data extraction results that minimize or eliminate time-consuming and expensive manual keying processes—and far exceed the results obtained from competing systems, which are typically complex, cost-prohibitive, and ineffective.
In choosing Axis AI Mark Myers, – CEO at Meridian informed us “… I have been waiting twenty-five years for this technology to arrive! This is really going to drive down our operational costs by allowing us to use fewer people at the data entry level and ultimately at the verification level too. In addition to the benefits going forward, the system also has the ability to take stale data and have it converted into the new system. We had a plant that we capped a few years ago but continued to buy the electronic images from the County. The OCR was perfect and we used that group of documents to set the system up and then will load it all into the database when we’re finished with the set-up, thereby closing the gap in the plant and allowing us to use our own plant and data internally again. That process took a few weeks instead of a number of months because of the Axis AI system.”
“By offering Axis AI as a Service (SaaS) organizations like Meridian with smaller budgets, IT departments and supporting staff now have access to the power and sophistication from a solution previously only available to large corporations,” said Greg Lovett, Chief Executive Officer of Axis Technical Group. “As a hosted service, midsize companies like Meridian can now utilize the technology without having to maintain the accompanying IT infrastructure and staffing requirements. This is a true differentiator as it levels the playing field for the regional title plants.”
About Axis - Axis Technical Group is a trusted business Software Developer and IT advisor to leading companies in the Mortgage, Title, healthcare, oil and gas, and financial services industries, and provides the industry leading Axis AI solution for advanced data extraction. The global Axis team provides the sophisticated skills and resources of a global consulting firm with a personal, solution-oriented approach. It’s not just about the technology – it’s what it can do for your business.
About Meridian Title - Established in 1938 as the Abstract Company of St. Joseph County, Inc., Meridian Title Corporation has over 75 years of experience in the title insurance industry. As one of the nation’s largest independent title agencies, Meridian Title has established itself as a mainstay through the development of products, services and specialty departments that meet the evolving demands of the real estate industry. These tools, combined with a focus on customer service, a commitment to exceed expectations, and a continued effort to create partnerships with its customers and communities, allow Meridian Title to remain poised to navigate the ever-changing industry.