Automating Invoice Processing for Sigma, Part of Vienna Insurance Group
SIGMA is a market leader in the insurance industry in Albania and Kosovo, offering a wide range of non-life insurance products, including motor vehicle, property, and health insurance. Established in 1999, SIGMA has built a strong reputation for providing reliable and comprehensive insurance solutions. Since 2007, it has been a part of Vienna Insurance Group, the largest insurance group in Austria and Central and Eastern Europe, further strengthening its position in the regional market.
Data Max helped SIGMA automate their invoice processing process to increase efficiency, eliminate errors, and free capacity.
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Technologies: Python, AI Agents, Streamlit
Challenge
Invoice processing at Sigma was a labor-intensive and inefficient task. Every month, the accounting department would spend around 10 person-days manually processing invoices. This involved tedious steps such as data entry, matching purchase orders with invoices, and ensuring all relevant details were correctly captured. The process was slow, prone to human error, and demoralizing for the team, contributing to frustration and inefficiency.
The accounting department faced significant challenges due to the manual nature of the process, and the company realized that a more efficient and scalable solution was needed.
Solution
We developed and deployed an AI Agentic approach using Python and locally hosted AI models to automate the extraction and processing of invoice data.
Using Generative AI and machine learning (ML) models, we developed a solution that could automatically read and extract critical data from a variety of invoice formats.
To ensure data security and compliance with Sigma’s internal policies, we deployed the AI models locally on Sigma’s infrastructure. This meant that all data processing was done on-site, maintaining control over sensitive information.
We integrated the AI agent into Sigma’s existing systems to automatically process invoices, match them with relevant purchase orders, and populate the necessary fields into their accounting system.
Result
The results were remarkable:
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Time Reduction: What once took 10 person-days per month was reduced to just 10 minutes.
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Error Elimination: By automating the process, human errors were significantly minimized, improving the accuracy of data entry.
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Efficiency Boost: The accounting department was freed from mundane, repetitive tasks, allowing them to focus on more value-added activities, improving overall team morale.
Elvis Hasani, Head of Risk Management
My team and I have enjoyed collaborating with Data Max. Their technical expertise facilitated the seamless integration and optimization of our invoice processing process.
We found the Data Max team to be dependable, demonstrating professionalism and dedication to meeting our project requirements. Their work quality and attention to detail stood out impressively. They actively provided detailed presentations and offered extended support to ensure a smooth transition of the project to our team, which was greatly appreciated.
I am pleased to recommend working with Data Max.