Indico Data releases industry-first large language model benchmark for document understanding tasks

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May 13, 2024, 08:45 ET

New quarterly benchmarking calculates accuracy and costs of major LLM providers using verified industry evaluation methods

BOSTON, May 13, 2024 /PRNewswire/ -- Indico Data, the industry's leading solution for the automating of critical intake workflows across insurance, financial services, and healthcare, has announced the release of an industry-first benchmark site evaluating large language models (LLMs) for document understanding tasks. This landmark analysis is the first of its kind to provide an objective, unbiased review of the performance of leading LLMs across essential tasks including data extraction, document classification, and summarization. Designed for IT executives, data scientists, and strategic decision-makers, this site is a crucial asset for anyone relying on concrete, data-driven insights for technology implementation.

Indico Data has been a guiding force in the AI industry since its inception, consistently emphasizing practical AI applications and real customer outcomes amidst a landscape often clouded by overhype. Indico was the first in the industry to deploy a large language model-based application inside the enterprise and the first to integrate explainability and auditability directly into its products, setting a standard for transparency and trust.

While the vast majority of LLM benchmarking is focused on chatbot-related tasks, Indico recognized the need to understand the performance of large language models for more deterministic tasks such as extraction and classification, and further to understand the performance and costs based on assumptions related to context length and task complexity.

"Indico has been committed to fostering transparency and trust within the AI industry since our founding," stated Tom Wilde, CEO of Indico Data. "Our latest initiative, the LLM benchmark site, fills a critical gap in the market by offering factual, unbiased information. This platform is essential for enterprises, providing them with the reliable data they need to select solutions that optimally align with their operational requirements"

Key features of the site include in-depth evaluations of each model's performance under various operational conditions, providing enterprises with a clear understanding of which models offer the best efficiency and value. By comparing metrics such as relative runtime, extraction accuracy ranking, and classification accuracy ranking, the LLM benchmark site allows users to assess and select the most suitable models for their needs. The site also includes complete detail of the benchmarking methodology for peer review and comment. Indico will run the benchmarks on a quarterly basis. You can access the benchmark site here - https://indicodata.ai/llm/

About Indico Data

Indico Data automates critical workflows for enterprises in document-intensive industries, including insurance, financial services, and healthcare. With the Indico Intelligent Intake^™ Solution, organizations can free their experts from tedious, manual tasks, allowing them to drive better decisions with better data. Visit https://indicodata.ai to learn more.

SOURCE Indico Data