AI-insurtech Cortical announced a strategic alliance with Swiss Re, a global leader in reinsurance. The collaboration aims to facilitate the adoption of intelligent document processing (IDP) among group insurance carriers.
Founded in 2011 in Austria, Cortical is a pioneer for efficient artificial intelligence (AI) solutions that automate labor-intensive insurance processes like intake, submission and quoting.
Cortical’s IDP solution, SemanticPro, which has been in production at major insurance carriers for several years, will be offered to Swiss Re’s clients to accelerate the intake process and improve the quality and efficiency of quote preparation and policy comparison.
Post implementation, the solution’s intelligent extraction and classification capabilities have proven to reduce review time by up to 30%, and increase quote accuracy by 17% compared to manual processes.
Cortical’s solution will enable Swiss Re to better support its insurance clients in optimizing their policy processing workflows – by reducing errors in quotes, shortening response time to customers and improving operational efficiencies.
The insurance industry grapples with legacy systems, manual workflows and siloed data that hinder operational efficiency
Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re
“We realized that one of the areas where we could add value was in helping our clients adopt automation and integrate AI-driven tools that streamline their processes and increase efficiency”.
“It is highly gratifying to see our expertise in the insurance industry recognized by one of the leaders of the sector and we look forward to offering Swiss Re’s clients the same benefits that our own insurance customer base enjoys with SemanticPro,”said Hans-Peter Riecken, SVP North America at Cortical.
Cortical 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 is an intelligent document processing solution that extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation.
