SemanticPro, Cortical.io’s Intelligent Document Processing (IDP) solution that helps insurance carriers streamline their quoting process and standardize global policies by extracting, classifying and comparing terms and conditions with high accuracy, wins the Data Breakthrough Award “Data Solution of the Year for Insurance 2023”.
Cortical.io, a provider of AI-based solutions, including SemanticPro, its Intelligent Document Processing (IDP) solution, announced April 13 that market intelligence firm Data Breakthrough has selected its IDP solution as the winner of the Data Solution of the Year for Insurance 2023 award in the industry applications category.
James Johnson, Managing Director at Data Breakthrough, explained: “Insurers face huge challenges when it comes to paperwork. From submissions to claims and loss run reports, the sheer volume of documents makes manual work tedious, time-consuming, and prone to errors. Unfortunately, most available automation tools often fail at accurately processing unstructured content because of too many variations in formats and language. This is where Cortical.io proprietary methodology makes the difference with other Intelligent Document Processing software. Cortical.io meaning-based software is able to accurately process complex documents that usually require a lot of time-consuming human intervention.”
Rainer Kegel, CEO at Cortical.io, said: “We are proud to be working with leading insurance companies around the globe. We are helping them to automate document-centric workflows that are traditionally labor intensive because of the necessity to interpret terms and conditions. Our meaning-based software is able to extract and classify provisions independently of how they are formulated. As a result, our customers can prepare complex quotes quicker and with less errors, leading to shorter response times and better operational efficiencies.”
Last October, Cortical.io was one of three IDP providers included in FinTech Global’s InsurTech100 report.
Vienna-headquartered Cortical.io delivers AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). SemanticPro, its Intelligent Document Processing (IDP) solution, accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation.
The full press release can be found here.
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