Cortical.io and Swiss Re collaborate to transform insurance document processing

Cortical.io, renowned for its innovative artificial intelligence (AI) solutions, has teamed up with Swiss Re to advocate for the widespread adoption of intelligent document processing (IDP) among group insurance carriers, streamlining insurance operations.

Through this strategic partnership, Cortical.io’s cutting-edge IDP solution, SemanticPro, will be extended to Swiss Re’s clientele, aiming to expedite the intake process and enhance efficiency in quote preparation and policy comparison.

The intelligent extraction and classification capabilities offered by SemanticPro have demonstrated remarkable improvements in reducing review time and enhancing quote accuracy when compared to traditional manual processes.

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This collaboration empowers Swiss Re to better assist its insurance clients by optimizing policy processing workflows, minimizing errors, reducing response times, and improving operational efficiencies.

Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, emphasized, “The insurance industry faces challenges with legacy systems, manual workflows, and fragmented data, hindering operational efficiency. Recognizing the need for automation and AI-driven tools to streamline processes and enhance efficiency, we identified Cortical.io as a standout among IDP vendors. Its ability to accurately process complex provisions and its user-friendly, no-code interface set it apart. We eagerly anticipate contributing to our clients’ business success through this collaboration.”

Hans-Peter Riecken, SVP North America at Cortical.io, added, “We are impressed by Swiss Re’s dedication to providing its clients with access to innovative technologies and deeply honored to have been selected to support them in delivering optimal value. It is incredibly rewarding to have our expertise in the insurance industry acknowledged by one of the sector’s leaders, and we are excited to offer Swiss Re’s clients the same benefits enjoyed by our own insurance customer base with Cortical.io SemanticPro.”

Source: fintech.global