Industry Analysis: Focus on Parascript

Zinnov annually evaluates global Hyper Intelligent Automation (HIA) companies across technologies, platforms, service lines and use cases. Zinnov rated Parascript in the Leadership zone of its latest 2021 rating because of its advanced AI/Machine Learning capabilities through Parascript Smart Learning, which allows for out-of-the-box and custom implementations.

“Parascript has established itself as a formidable player within the Intelligent Document Processing space,” stated Nischay Mittal, Principal and Global Head – Automation & AI at Zinnov. “Parascript’s unique approach of ‘Smart Learning’ that supports easy system configuration, adaptation in production environments, as well as custom and out-of-the-box template-free integrations, enables Parascript to provide extensive coverage across numerous use cases, especially to Banking and Financial Services and Insurance clients.”

Over the last 12 years, Zinnov has comprehensively assessed global technology providers on their competencies and capabilities across different segments. The evaluation spans technological acumen, scale of operations and overall capabilities across the automation lifecycle. The distinct capabilities for which Parascript ranked high included:

• IDP Value Chain Coverage. Extensive coverage across capture, extraction, classification and validation steps.
• Accuracy/Confidence Scores. Automatically locates, extracts, classifies and verifies data with 95%+ accuracy.
• AI/ML Maturity. Demonstrates highly advanced capabilities based on the ability of the platform to leverage machine learning algorithms to train the solution on different documents.
• Language Support. Provides support for over 10 recognized languages including English, French, German, Russian and Spanish, etc.
• Use Case Coverage. Provides coverage across multiple use cases such as loan and mortgage processing, KYC, compliance, mobile onboarding, medical claim processing, insurance policies and invoices, etc.
• Input Documents. Provides coverage across a wide range of document types including emails, images, scanned documents, PDFs, handwritten documents, identity documents, legal contracts, financial statements, signatures, etc.

Constantly innovating, Parascript advanced classification and data extraction software is considered ideal for automating non-standard claims adjudication, loan document processing, plan data conversion as well as auditing and compliance. Parascript has enabled clients within the Banking, Insurance, Government, and Logistics sectors effectively solve their document automation since 1996. Each year, Parascript software processes tens of billions of postal items, tens of billions of bank checks, medical, insurance and accounting forms in the United States and abroad.

Founded in 2002, Zinnov is a global management consulting firm, with a presence across 4 continents. Zinnov has successfully consulted with 250+ Fortune 500 enterprises to enable them to accelerate their Digital Transformation outcomes by leveraging technologies such as Hyper Intelligent Automation (HIA), AI/ML, Cloud, and IOT.