ITC DIA Europe

Konfuzio: Solving confusion by extracting actionable insights from text.

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Feb 8, 2020

The B2B AI-software Konfuzio extract, categorizes and validates information in text. Companies use Konfuzio to create new sales opportunities and accelerates business processes. Until now corporates like insurers and banks waste thousands of valuable hours and the concentration of their highly skilled employees. These employees read, extract and review information from unstructured text data for only a handful of important details. Konfuzio leverages Artificial Intelligence to build a software that allows employees to be more effective by taking over repetitive work. This allows employees to stay focussed on the tasks where human cleverness is crucial. Konfuzio solves confusion, takes over tedious text intensive jobs and lets humans perform higher value work.

Customers of Konfuzio use their algorithm to review insurance contracts, extract actionable insights for the sales force from annual reports, or to process payment advices by clearing open receivables and/or payables automatically. 


Konfuzio offers the technology to really understand the content of text in documents, scans or images. Solutions with simple rulesets or ui-based integrations, do no longer offer any competitive advantage. Compared to any other system on the market, you can customize Konfuzio through your data using artificial intelligence in the background. Konfuzio works on complicated B2B documents independent of their layout. Their solution gives knowledge workers superhuman performance in text comprehension.

 

Key benefits

  • Customers use Konfuzio in production 24/7
  • Successful pilot with 1:1 AssekuranzService AG, rollout of extended solution is ongoing
  • Cooperation with Payxtron for SAP integration

How it works
Image a key account manager of a fund wants to screen hundreds of annual reports of his accounts – having ten thousands of pages in total – for relevant information he could use for calling clients. First the single key account manager uploads a small collection of documents. Second the manager gave a few examples of the concepts that they want to extract. For example, the CEO has changed, indicating a strategic shift in investment interest. Third after the examples are provided, the deep learning model is trained. Finally, any number of documents can be uploaded. Konfuzio takes care of the character recognition and user management. As soon as the results are ready, you can download them as an Excel File or directly use Konfuzio’s API.

Why we selected Konfuzio for DIA Munich
Konfuzio is the Swiss Army knife supporting enterprise software to easily cut through unstructured text data. Important developments in the insurance industry are happening in the field of customer interaction, AI and automation. Konfuzio has built an AI software that helps insurer to speed up their process and to make it easier to close new clients by automating repetitive work.

At DIA Munich, Christopher Helm CEO showcased the solution.

Check out their live demo here:
https://www.itcdiaeurope.com/dia-tv/video/supporting-enterprise-software-to-easily-cut-through-unstructured-text-data/

Who is Konfuzio?
Konfuzio is founded in 2016 by Christopher Helm and Florian Zyprian.  They started started as a data science boutique, as they are both passionate about solving problems within the financial and insurance industry using artificial intelligence.

During this time, they found out that their clients were looking for a software which could provide an easy to customize way to access information in text-based documents. In 2018 they decided to put their knowledge and experiences into a software which they call “Konfuzio”.

The startup is located in Munich. The growth of Konfuzio is organic. Their reference customers are Siemens, Sparkassen Finanzinformatik and the 1:1 Assekuranzservice AG (subsidiary of WWK). 

Christopher and Florian met in 2014 during their master studies in Finance & Information Management (FIM) and TUM.

“Konfuzio is the swiss army knife which supports enterprises to easily cut

through unstructured text data.” Christopher Helm, CEO


Left: Florian Zyprian(CTO), Right: Christopher Helm (CEO))

https://www.konfuzio.com

 

London 27-28 January

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