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The value Groundspeed delivers goes far beyond pulling raw data from documents. This initial data extraction is fundamental to what we do, and it provides valuable data via auto-extraction to customers. Drawing on our deep industry knowledge and ever-growing experience in the market, we’ve also developed and delivered an increasing number of enhancements that provide our customers with clean, immediately actionable data as well as predictive insights that leverage our massive insurance data set.

Brokers and carriers put a considerable amount of time and effort trying to gather the data, manually extract the data, clean the data, augment the data, and other activities. Powered by one of the largest commercial insurance data sets, Rapid Fusion, and AI models, Groundspeed not only captures raw data quickly and accurately, it enriches the data to provide greater insights and analysis.

Imagine a world where the manual exercise of working with insurance documents is transformed into immediately actionable extracted, and enhanced data, that tell you more about the risk profile of the business. Groundspeed is helping the insurance industry elevate the use of unstructured data with the following types of enhancements:

• OCR Correction and QA Checks ensure the accurate capture of hard to read documents, our pipeline includes a series of QA checks to proactively catch any potential issues.
• Calculations are used to fill in missing financial values, calculate others (ex. lag days for a claim), and ultimately, summarize customer data in a unified way across different document presentations. This represents significant time savings and cost savings for clients.
• Normalizations (ex. Subcoverage and litigation status) allow us to present raw data in a standardized way that renders it easily legible and comparable. This represents significant time savings and cost savings for clients.
• 3rd Party Integrations allow us to provide additional features that we don’t support in house, such as address completion and geocoding.
• Industry specific heuristics are used to identify features of interest such as clash claims and zero claims in loss runs
• AI-based Predictions leverage our expansive data set to provide additional information not present in any form on the source document. For example, when a line type is not present in a document, likely a loss run, this adds time and expense to determine the line type. This is not only time and money, it also causes delays. Backed with one of the industry’s largest data sets, Groundspeed can predict the line type saving time, money, and improving the responsiveness to the market. Groundspeed can also predict whether the insured was at fault given an auto claim, allowing us to highlight this critical distinction for clients.

Simply put, manual extraction methods e.g. BPOs and other technologies don’t offer this level of enrichment. Moreover, the time and cost savings that come with Groundspeed enhanced data are unrivaled.

Groundspeed continues to add enrichments as our insurance data set grows. Additional enrichments are planned, prioritized, and released based upon Groundspeed’s understanding of market needs and customer requests.