IRVINE, Calif. and SINGAPORE, Nov. 5, 2019 /PRNewswire-PRWeb/ -- Ephesoft, Inc., an industry leader in enterprise content capture and data discovery solutions, today announced its collaboration with Tokio Marine Asia, the regional headquarters of the global insurance group that offers an extensive selection of General and Life insurance products and solutions worldwide. Ephesoft and Tokio Marine Asia, along with Tokio Marine Life Insurance (Thailand), will work together to solve language, data and document challenges that are prevalent throughout Thailand.
The collaboration marks the insurance company's focus on expanding its footprint of automation in the fast-burgeoning Thai economy. Improving its approach by automating various manual heavy documentation processes across the insurance space will benefit both their customers and employees.
"Ephesoft has a strong commitment to meeting our customers where they are and addressing their unique challenges, regardless of geographic location," said Ike Kavas, founder and CEO at Ephesoft. "This collaboration will address challenges specific to Thai organizations that seek to better manage and process unstructured data within their operations, and ultimately minimize manual processes to drive efficiency, accuracy and productivity. Having companies like Tokio Marine Asia who are willing to collaborate with us to solve complex challenges are critical to our continued growth throughout the region."
The collaboration of Ephesoft and Tokio Marine Asia is expected to yield an innovative approach in analyzing Thai-language unstructured data. With Ephesoft Transact technology, both partners are expecting to solve document challenges in order to help take Thailand's enterprises to the next level of automation.
"Tokio Marine Asia is excited to work with Ephesoft among other promising tech companies to overcome our data extraction and language hurdles so we can give our customers a better experience," said Hidemi Harada, vice president and head of digital strategy of Tokio Marine Asia. "We hope that by using Ephesoft, we will be able to alleviate manual data entry and streamline processes, accelerating our claim processing to provide better customer service. Together, we'll work to gain a deeper level of understanding for characters and language, which has been a long-time challenge to international business in Thailand."
Using a specialized type of artificial intelligence (AI) called supervised machine learning, Ephesoft automates the process of classifying and extracting valuable information from unstructured data. Only 2 to 5 samples of each type of claim are required to use Ephesoft's patented machine learning tool, which learns to recognize the document type. Ephesoft's supervised machine learning system dramatically accelerates the data extraction process and improves accuracy, enabling Ephesoft clients to effectively use this data to their advantage by providing improved service, lower costs and deeper insights into customer and industry trends. It becomes more efficient as more language and industry-specific samples are fed into the Ephesoft system.
"I am very much looking forward to what this collaboration will bring to our company. This will absolutely raise the visibility of our strategy aiming at digitalized insurance services to deliver the best to our customers and Thai society," said Shin Tanimoto, chief executive of Tokio Marine Life Insurance (Thailand).
Tokio Marine's intimate understanding of the business environment and ecosystems in Thailand, along with their nuances, culture and challenges, make this collaboration highly valuable and significant to Ephesoft's growth and customer support. Working together, Ephesoft aims to tailor solutions to local businesses, providing an enterprise-level, intelligent document capture solution.
Tokio Marine's strong presence in Thailand, a high-growth economy, will benefit the collaboration in shaping solutions to local needs, enabling Ephesoft to tailor its capture solutions for businesses there. Ephesoft has a proven track record of providing vital solutions in other Asian markets and the company is poised to provide its services to Thailand's thriving economy.
About Tokio Marine Asia
Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions in 45 countries and expanding. Tokio Marine ranks as one of the world's most globally diversified and financially secure insurance groups.
Tokio Marine Asia is an established regional headquarters and intermediate holding company, located at the Tokio Marine Centre in Singapore. The organization oversees 7 P&C Insurance companies and 5 Life Insurance companies in 7 countries, which employs over 10,000 people across the region. Tokio Marine Asia also provides support to new and current business activities for both Tokio Marine P&C and Life insurance operations within the region.
In October 2018, Tokio Marine Innovation Lab set up its Singapore's home at Tokio Marine Centre. The Tokio Marine Holdings' Digital Innovation Lab in Singapore is the third innovation lab for the Group, following the ones in Tokyo (established July 2016) and Silicon Valley (established November 2016). It will be welcoming the Group's colleagues, start-ups and innovative companies in the region to share ideas and collaborate in the name of disruption and innovation in the InsurTech space. For more information, visit http://www.tokiomarine.com/asia.
About Ephesoft
Ephesoft, Inc. develops technology that makes meaning out of unstructured data for decision-makers worldwide. Using supervised machine learning and a focus on efficiency and reliability, Ephesoft has crafted the next generation of enterprise content capture and data discovery solutions. Organizations use this power to automate any document-based business processes, improving accuracy, increasing productivity and reducing costs. Ephesoft is headquartered in Irvine, Calif., with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 50 countries. To learn more, visit ephesoft.com.
SOURCE Ephesoft
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