Cortical.io today 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. Cortical.io’s IDP solution, SemanticPro, 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.

VIENNA, May 15, 2024 /PRNewswire-PRWeb/ — Cortical.io today 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.io is a pioneer for efficient artificial intelligence (AI) solutions that automate labor-intensive insurance processes like intake, submission and quoting.

Cortical.io’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.io’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. We quickly 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,” said Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re. “Among the IDP vendors we evaluated, Cortical.io stands out for its ability to accurately process complex provisions and its user-friendly, no-code interface. I look forward to contributing to our clients’ business success through this collaboration.”

“We are impressed by Swiss Re’s commitment to facilitating its clients’ access to innovative technologies, and deeply honored to have been chosen to help them deliver the best value for its clients,” said Hans-Peter Riecken, SVP North America at Cortical.io. “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 Cortical.io SemanticPro.”

About Cortical.io

Cortical.io delivers highly efficient AI-based solutions that help enterprises unlock the value of unstructured text by leveraging a game-changing approach to Natural Language Understanding (NLU). Cortical.io SemanticPro is an intelligent document processing solution that accurately extracts, analyzes and classifies information based on meaning and builds the basis for document workflow automation. With more than 10 years of expertise in implementing NLU solutions in the enterprise, Cortical.io has demonstrated its ability to solve the challenges of language ambiguity and variability across many use cases for Fortune 500 companies. Cortical.io has offices in the U.S. (New York and San Francisco) and Europe (Vienna). For more information, visit https://www.cortical.io or follow us on LinkedIn.

Media Contact

Marie-Pierre Garnier, Cortical.io, 43 06642629329, mp.garnier@cortical.io, https://Cortical.io

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SOURCE Cortical.io