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Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP) 0

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Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)

By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit, and search the data. This technology laid the groundwork for more advanced Intelligent Document Processing (IDP). IDP systems go beyond simple character recognition by using machine learning (ML) to provide high-quality data extraction in addition to contextual understanding and workflow automation support. Advanced IDP systems can process structured and unstructured data, an important capability for driving digital transformation within insurance providers, streamlining operations, and enhancing efficiency. In short, OCR turns pictures of words into text; IDP turns text into actionable data. This guide explores the evolution of data extraction from its OCR roots to modern AI-powered IDP systems. It gives you the context to decide which technology is best for your agency’s data extraction needs. What is OCR? Optical Character Recognition is a technology that converts text from scanned documents, images, or photos into machine-readable text. This enables the digitization of printed materials like books...

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Oklahoma Supreme Court Dismisses Reparations Lawsuit of Tulsa Race Massacre Survivors

Article 0 Comments OKLAHOMA CITY (AP) — The Oklahoma Supreme Court on Wednesday dismissed a lawsuit by survivors of the 1921 Tulsa Race Massacre, dampening the hope of advocates for racial justice that the city would make financial amends for one of the worst single acts of violence against Black people in U.S. history that left as many as 300 people dead and a once-thriving district in smoldering ruins. The nine-member court upheld the decision made by a district court judge in Tulsa last year, ruling that the plaintiff’s grievances about the destruction of the Greenwood district, although legitimate, did not fall within the scope of the state’s public nuisance statute. “Plaintiffs do not point to any physical injury to property in Greenwood rendering it uninhabitable that could be resolved by way of injunction or other civil remedy,” the court wrote in its decision. “Today we hold that relief is not possible under any set of facts that could be established consistent with plaintiff’s allegations.” Messages left Wednesday with the survivors’ attorney, Damario Solomon-Simmons, were not immediately returned. The city said in a statement that it “respects the court’s decision and affirms the significance of the work the City continues...

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Louisiana High Court Reopens Window for Adult Victims of Childhood Sex Abuse to Sue

Article 0 Comments NEW ORLEANS (AP) — Officially reversing a controversial March ruling, Louisiana’s highest court Wednesday gave childhood victims of sexual abuse a renewed opportunity to file damage lawsuits. The state Supreme Court’s 5-2 ruling Wednesday upholds a so-called look-back law that was passed in 2021 and amended in 2022. The law gave victims of past abuse, whose deadlines for filing civil lawsuits had expired, renewed opportunities to file lawsuits. The original legislation set a deadline of June 14 of this year. That deadline was later extended until June 2027. Wednesday’s move had been expected. The court had ruled 4-3 in March that the law couldn’t stand because it conflicted with due process rights in the state constitution. But the court agreed last month to reconsider the case. Justices Scott Crichton and Piper Griffin, part of the majority in March, joined justices joined Chief Justice John Weimer and justices Jay McCallum and William Crain to revive the law. “For many victims of child sexual abuse, the revival provision represents their first and only opportunity to bring suit,” Weimer wrote in the new ruling. “Providing that opportunity to those victims is a legitimate legislative purpose.” Justices James Genovese and Jefferson...

Customers Seek AI-led Comprehensive Security Expertise for Threat Detection and Vulnerability Management: OpenText Cybersecurity MSP/MSSP Survey 0

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Customers Seek AI-led Comprehensive Security Expertise for Threat Detection and Vulnerability Management: OpenText Cybersecurity MSP/MSSP Survey

OpenText Cybersecurity 2024 Global Managed Security Survey reveals enterprises and SMBs Need Holistic and Composable Security Waterloo, ON (June 10, 2024) – OpenText™ is pleased to announce it has released the findings of its annual OpenText Cybersecurity Global Managed Security Survey. The 2024 survey of over 1,500 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) found that the majority (92.5%) see increasing AI-led security and threat intelligence services as the major drivers of business growth over the next 12 months. Even with the AI buzz, comprehensive security and composable on-demand security expertise remain the primary reasons enterprise and SMB customers seek MSP/MSSP services. “Amid the growing excitement and interest in AI technologies, it’s crucial not to overlook the foundational need for composable security which provides the ability to adapt to changing security needs,” says Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. “MSPs and MSSPs play a critical role in safeguarding their customers’ sensitive data. As cyber threats escalate, our partners are prioritizing security and integrating AI-powered threat intelligence services into their offerings. This ensures our end customers can reap the benefits of AI technology without compromising security.” Key survey findings include: Priorities have shifted towards embedded AI and...

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People Moves: Hamilton Insurance DAC Promotes Reynolds as CEO; Dale Underwriting Partners Names Bridge as Active Underwriter, Succeeding Peters

Article 0 Comments This edition of International People Moves details appointments at Hamilton Insurance DAC, the Irish subsidiary of Hamilton Insurance Group, and Dale Underwriting Partners in London. A summary of these new hires follows here. Hamilton Insurance DAC Promotes Reynolds as CEO Hamilton Insurance DAC, the Irish designated activity company of Hamilton Insurance Group Ltd., announced that Ross Reynolds has been appointed as chief executive officer, subject to regulatory approval. Reynolds replaces Fiona Marry who will be departing from the company. Ross Reynolds Reynolds is based in Dublin and will report to Adrian Daws, chief executive officer of Hamilton Global Specialty. Reynolds will also join the board of Hamilton Insurance DAC, which is registered in Ireland and regulated by the Central Bank of Ireland. Reynolds has been with Hamilton since 2014, having joined during the company’s 2019 acquisition of Ironshore Europe DAC. At Hamilton, he most recently served as global head of Operations from 2021 and, before that, global head of Financial Planning & Analysis (FP&A) from 2019. Before Ironshore, Reynolds started his career with Irish Progressive Services International, followed by Zurich Insurance Co. Reynolds is a Fellow of the Association of Chartered Accountants. At the same time and...

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How This Bank Rep Took the Leap to Independence

That was instrumental in helping me with issues like: Who do you use for 401(k) work? Who do you use for payroll? How does this work and that work? She was a huge help. My partner Collin and I … are happy to pay that forward. If any other advisor is looking to transition and wants to pick my brain, we’re happy to do so and to help Commonwealth in any way that we can. Jess was a huge help to us. I remember asking her, “Everything about running a business seems daunting, right?” And she said, ‘It’s like before you have a baby. You don’t know how people do it. Then when you have the baby, it just all happens.” Shortly after we signed our agreement with Commonwealth, we went up to visit the home office [in Waltham, Massachusetts]. We went through transition training, met with CEO Wayne Bloom, and we all had dinner together, along with his wife. This was over the weekend before Thanksgiving — the home-office staff members were having to come in to see us, and I felt bad. Can you tell us a bit more about your official move?  The day we resigned from...

Geopolitical uncertainty, trade restrictions and divergence on AI top risks to growth for global companies 0

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Geopolitical uncertainty, trade restrictions and divergence on AI top risks to growth for global companies

New KPMG International report reveals the three key risks to growth in 2024 and beyond Divergence on AI governance, geopolitical vulnerability and trade policy restrictions threatening long-term sustainable growth for many organizations Energy and natural resources sector ‘most exposed’ industry group in 2024 Toronto, ON (June 1, 2024) – Businesses operating across borders are facing slowing growth and an increasing battle for long-term sustainability, according to a new report from KPMG International. The findings in KPMG’s Top risks forecast: Bottom lines for business in 2024 and beyond shine a light on the multifaceted, complex challenges facing companies looking to grow internationally at a time of increasing divergence on regulation, conflict, technological advancement and political uncertainty. The report’s analysis identifies the three most critical risks for businesses right now, known as ‘bottom lines’, likely to impact operations this year and beyond: Trade policy restrictions: Global trade restrictions have been on the rise, with approximately 3,000 restrictions imposed, nearly tripling since 2019. This trend of protectionist trade policies poses challenges for organizations operating in international markets. Such restrictions can create barriers and hinder economic growth, affecting supply chains and market access. Organizations should be prepared to navigate these trade policy restrictions and...

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HHS Says UnitedHealth Can Notify Patients of Data Breach

Article 0 Comments U.S. healthcare providers can ask UnitedHealth Group to notify people whose data was exposed during a hack on the company’s Change Healthcare unit in February, according to an update on the health department’s website. The news comes as a relief for U.S. hospitals and healthcare providers that had urged the Department of Health and Human Services (HHS) to shift the notification responsibility to UnitedHealth and its unit. “Affected covered entities that want Change Healthcare to provide breach notifications on their behalf should contact Change Healthcare,” the HHS’ Office for Civil Rights (OCR) said in an update dated May 31. U.S. law states data breaches must be reported to individual patients within 60 days of discovery. A UnitedHealth spokesperson said the company appreciates the clarification from OCR, which “reiterates our stated preference to ease the reporting obligations of our customers.” Earlier in May, the healthcare conglomerate’s CEO Andrew Witty told a Congressional committee that hackers potentially stole a third of Americans’ data in the Feb. 21 cyber attack that led to disruptions in processing medical claims. The company is still trying to fix the processing snags. Witty had also said the company continued to investigate the amount of...

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Social Security COLA Estimate for 2025 Drops to 3%

Over the last 12 months, the all items index increased 3.3% before seasonal adjustment. More than offsetting a decline in gasoline, the index for shelter rose in May, up 0.4% for the fourth consecutive month. The index for food increased 0.1% in May. The food away from home index rose 0.4% over the month, while the food at home index was unchanged. The energy index fell 2% over the month, led by a 3.6% decrease in the gasoline index. The index for all items less food and energy rose 0.2% in May, after rising 0.3% the preceding month. Indexes that increased in May include shelter, medical care, used cars and trucks, and education. The indexes for airline fares, new vehicles, communication, recreation and apparel were among those that decreased over the month. Credit: David Palmer/ALM

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Missouri Appeals Court Sides With Transgender Student in Discrimination Case

Article 0 Comments BLUE SPRINGS, Mo. (AP) — A $4.2 million verdict that jurors ordered a Missouri school district to pay a transgender student is under consideration again. The Western District Missouri Court of Appeals found last Tuesday that a judge erred in ordering a new trial in a lawsuit over bathroom and locker room access. The decision sends the case against the Blue Springs School District back to the trial court to determine the reasonableness of the sum jurors awarded in 2021. Judge Anthony Rex Gabbert, who authored the appeals court’s unanimous decision, wrote that the district discriminated because the student did not fit their stereotype of what a male should be. “This is no different than discriminating against a male because he is not tall enough or not muscular enough,” Gabbert wrote. The school district said in a statement that it was disappointed by the reversal and is weighing its legal options. It said it couldn’t comment further because the case is pending. The student, identified in court documents as R.M.A., legally changed his name in 2010 and amended his birth certificate to reflect his gender and new name in 2014, according to the lawsuit, which was filed...