Canadian Underwriter

AI surpasses humans at reading handwriting


March 26, 2018   by Staff


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Copyright: Monsit JangariyawongCaptricity says it has developed the first AI-powered software that can decipher handwriting with greater accuracy than humans.

Developed to extract data from written forms, Captricity READ is 91% accurate at reading a person’s handwriting, which the company says exceeds the rate of any existing text transcription software.

Related: AI will have profound impact on underwriting: AGCS report

“Surpassing humans with machine reading is a watershed moment for digital automation,” Kuang Chen, founder and CEO of Captricity, said in a news release. “Unlike any previous technology, Captricity READ is the missing link that drives intelligent automation enterprise-wide.”

Captricity says READ increases straight-through processing by more than 50% and reduces manual effort by 80%. The AI software contains a deep neural network that has been trained using tens of millions of data points—the equivalent of 35 lifetimes of reading experience. It was curated from 1,000,000,000 text transcription tasks it processed over a five-year period.

Captricity’s AI-powered automation is used by eight of the top 10 U.S. insurance companies.

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This story was originally published by Canadian Insurance Top Broker.