MARLBOROUGH, MASS. — Quantiphi, an award-winning, AI-first digital engineering services and platform company today announced it has received the prestigious ACORD Implementation Excellence Award 2023 for its commitment to innovation and excellence in the insurance and financial services sector through its product Dociphi.

ACORD, the global standards-setting body for the insurance and related financial services industries, presents the ACORD Awards annually to organizations and individuals who have demonstrated outstanding achievement in ACORD implementation and advocacy. This year, Quantiphi was specifically acknowledged for Dociphi, its groundbreaking AI-led Document Processing Product powered by Generative AI.

Dociphi, a Software as a Service (SaaS) Intelligent Document Processing Platform, allows businesses to seamlessly classify and extract important information from relevant documents for critical business functions. ACORD forms play a major role in the insurance sector, with the majority of carriers using them for underwriting submissions and claims. Dociphi’s patent-pending proprietary document extraction models empower customers to streamline document processing workflows, ensure compliance, expedite decision-making and enhance customer service. With Dociphi, customers benefit from:

• Seamless classification and data extraction from ACORD Forms
• Triangulation of extracted data fields in various ACORD formats and other documents, eliminating the need for manual data entry and validation
• Enrichment and validation of the extracted data fields with third-party data sources (like D&B) 
• Comprehensive support for existing and upcoming ACORD forms

Quantiphi’s Global Head of Financial Services and Insurance, Bhaskar Kalita said the ACORD recognition is a significant milestone for any company operating in the insurance sector, as it demonstrates a commitment to excellence and innovation.

"This award is a testament to Dociphi's exceptional coverage of ACORD Forms and its AI-led implementation capabilities," Kalita said. "We are thrilled to receive our first industry recognition for Dociphi.”

Quantiphi Product Owner for Dociphi, Arunima Gautam said Dociphi's capabilities offer a heightened level of efficiency and convenience for businesses.

“This recent milestone showcases our dedication to solving what matters for our customers through unparalleled productivity and efficiency, helping them scale their respective businesses like never before,” Gautam said.

“With this award, Quantiphi has cemented its place among the distinguished ACORD Trusted Implementation Partners,” Gautam said. “Dociphi, having already armed itself with ACORD's redistribution license, offers a comprehensive solution to address industry pain points, opening doors to new possibilities. It's a milestone that spells world class accuracy, efficiency, compliance, and a distinct competitive advantage for Quantiphi's insurance customers.”

About Quantiphi

Quantiphi is an award-winning AI-first digital transformation engineering company driven by the desire to reimagine and realize transformational opportunities at the heart of the business. Quantiphi solves the toughest and most complex business problems by combining deep industry experience, disciplined cloud and data engineering practices, and cutting-edge artificial intelligence research to achieve quantifiable business impact at unprecedented speed. We are passionate about our customers and obsessed with problem-solving to make products smarter, customer experiences frictionless, processes autonomous and businesses safer by detecting risks, threats, and anomalies. For more on Quantiphi’s capabilities, visit https://quantiphi.com/ and follow us on Linkedin, Twitter and Instagram.