In its latest report, the London-based specialist research firm has revealed the most innovative companies in the InsurTech industry. Among them are three intelligent automation solution providers, which also offer Intelligent Document Processing solutions.
FinTech Global, a leading provider of FinTech information services, B2B media products and industry events, released its latest InsurTech100 report on October 25, featuring the most innovative companies in the industry. Three Intelligent Document Processing providers, Cortical.io, Instabase and Quantiphi, are represented in this year’s list.
Richard Sachar, FinTech Global’s director, explained: “Faced with seismic shifts in consumer behaviour, the so-called “race to digitalise” and challenging market conditions, insurers have their work cut out for them. The InsurTech100 lists helps senior insurance executives in the industry filter through the noise in the market by highlighting the tech companies transforming sectors such as underwriting, pricing, distribution and data & analytics.”
Cortical.io: The provider of AI-based solutions including SemanticPro, its Intelligent Document Processing solution, helps insurers automate workflows that involve processing complex documents.
Francisco Webber, CEO of Cortical.io, commented on the recognition: “I’m thrilled that FinTech Global recognizes the contribution of Cortical.io to transforming error-prone, labor-intensive workflows in the insurance industry. Our meaning-based technology can sort and analyze policies and quotes with an accuracy level that minimizes the necessity of human intervention. Alleviating a major industry problem is pretty exciting and being awarded for that is truly humbling. Our approach to intelligent document processing opens a whole new avenue of opportunities for insurers that can set them apart from competitors in the race for digitization.”
Cortical.io recently made waves with its breakthrough prototype for classifying large volumes of unstructured text.
Instabase: The San Francisco-based company has built its automation platform for unstructured data, enabling organizations to drive transformation across business processes by unlocking unstructured data with deep learning. In the insurance industry, Instabase is helping insurance carriers and brokers handle large volumes of unstructured data by accessing data trapped in complex and variable documents to automate their end-to-end workflows.
Bastiaan de Goei, Insurance Leader at Instabase, said: “2022 is shaping up to be a really good year for Instabase in insurance, and it is fantastic to see our success being recognized by FinTech Global. The Instabase Automation Platform for Unstructured Data enables our enterprise insurance customers to leverage Deep Learning technology in a simple building block approach to tackle the most complex insurance workflows. Whether that is a highly variable and unstructured broker submission or an injury claim supported by a medical record. Leveraging Instabase to get to value in days rather than months or years is clearly resonating with our customers and we are excited to continue building out our partnership with the global insurance industry.”
Quantiphi: The AI-first digital engineering company makes the InsurTech100 list for the third year in a row. Quantiphi provides next-generation services, including its AI-powered document processing platform Dociphi, to reshape the future of the insurance industry.
Following the recently announced partnership with Unqork, Bhaskar Kalita, Global Head of Financial Services and Insurance at Quantiphi, explained the situation insurers find themselves in: “Carriers are facing the ever-increasing pressure to digitize and modernize their core underwriting and claims processes in order to increase customer experience, insure risks faster and drive costs lower. The Dociphi platform provides a unique value proposition of digitizing the document intake process with the help of AI/ML.”
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