In its latest InsurTech100, FinTech Global has named the world’s most innovative InsurTech companies. The list also includes four Intelligent Document Processing (IDP) providers.
FinTech Global, a provider of FinTech information services, on September 20 released its 2023 InsurTech100 list, featuring the most innovative companies in the insurance industry. With Appian, Cortical.io, expert.ai and Instabase, four Intelligent Document Processing (IDP) providers have been included in this year’s list.
Richard Sachar, Director of FinTech Global, said: “The widespread availability of generative AI capabilities has opened the doors for even greater innovation within insurance. We’re entering a new wave of digitalisation and insurance firms need to be prepared. The InsurTech100 will help top-level insurance executives in discerning the tech pioneers revolutionising key areas like underwriting, pricing, distribution, and data analytics.”
Appian: Headquartered in McLean, Virginia, Appian provides end-to-end process automation through its unified platform that combines data fabric, Process Mining, Intelligent Document Processing (IDP), Robotic Process Automation (RPA) and workflow automation.
In January, Appian introduced Connected Underwriting, its pre-built solution that helps insurers accelerate their underwriting processes by eliminating redundant manual data entry through the use of artificial intelligence, Intelligent Document Processing and Robotic Process Automation.
Cortical.io: Headquartered in Vienna, Austria, Cortical.io delivers AI-based solutions that help enterprises unlock the value of unstructured text by leveraging an innovative 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.
Cortical.io stated: “Proud and deeply honoured to be recognized as one of the top 100 most innovative insurtech companies by FinTech Global – for the 2nd consecutive year!”
expert.ai: Headquartered in Boston, expert.ai provides a hybrid natural language (NL) platform that is built for the complexity of unstructured language data. The hybrid AI approach combines natural language understanding and processing, Machine Learning, knowledge-based AI, Large Language Models, and Intelligent Document Processing (IDP) capabilities to help companies understand the context, meaning and relationships in language.
The AI company stated: “expert.ai is thrilled to be included in the FinTech Global InsurTech100 list as recognition of our strong commitment to innovation and the value we are providing across the insurtech ecosystem! And congratulations to the other insurtech innovators on the list!”
Instabase: Headquartered in San Francisco, Instabase provides a unified platform with AI, including Intelligent Document Processing (IDP) functionalities that understands and analyzes unstructured data, and workflow automation capabilities that allow organizations to solve their most pressing business challenges at scale.
Bastiaan de Goei, Insurance Leader at Instabase, commented: “The recognition by the InsurTech100 comes on the back of significant growth in insurance for Instabase. We are grateful for the trust that all our insurance customers place in us. The enthusiasm by the wider insurance sector for, and interest in, Large Language Models is incredible. Instabase’s launch of AI Hub earlier this year now makes the most advanced AI technologies to understand, automate, analyze and action highly complex data securely not only accessible to the world’s largest carriers but also individual agents, MGAs, regional brokers and more. The initial response to AI Hub has been very encouraging. We are therefore incredibly excited to continue serving the wider insurance industry with our applied AI solutions and aim to rank again next year in the InsurTech100!”
Following last year’s nomination, this is the second year in a row that Instabase has been included in the FinTech Global InsurTech100 list.
Headquartered in London, FinTech Global is a leading provider of FinTech information services, B2B media products and industry events. Its InsurTech100 is an annual list of 100 of the world’s most innovative InsurTech companies, selected by a panel of industry experts and analysts.
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