PriyaPatel
TLDR:
- Cortical.io partners with Swiss Re to promote intelligent document processing (IDP) in group insurance carriers
- The collaboration aims to streamline insurance processes and improve efficiency
Full Article:
Cortical.io, a pioneer in efficient artificial intelligence (AI) solutions, has partnered with Swiss Re to promote the adoption of intelligent document processing (IDP) among group insurance carriers, facilitating streamlined insurance processes. The strategic alliance will see Cortical.io’s IDP solution, SemanticPro, offered to Swiss Re’s clients to accelerate the intake process and improve quote preparation and policy comparison efficiency. The offering’s intelligent extraction and classification capabilities have shown significant improvements in reducing review time and increasing quote accuracy compared to manual processes.
This collaboration will enable Swiss Re to better support its insurance clients by optimizing policy processing workflows, reducing errors, shortening response times, and enhancing operational efficiencies. Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, commented, “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. 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.”
Hans-Peter Riecken, SVP North America at Cortical.io, remarked, “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. 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.”
