- Cortical.io and Swiss Re collaborate to enhance digital transformation in group insurance.
- The partnership aims to promote the adoption of intelligent document processing (IDP) among insurance carriers.
- Cortical.io’s IDP solution, SemanticPro, promises to streamline intake processes and improve quote accuracy.
- Swiss Re seeks to optimize policy processing workflows and enhance operational efficiencies for its insurance clients.
- The collaboration signifies a significant step towards automation and integration of AI-driven tools within the insurance landscape.
Main AI News:
Cortical.io, the AI pioneer, has entered into a strategic partnership with Swiss Re, a renowned global leader in reinsurance, aiming to bolster digital transformation within group insurance. This collaboration underscores a pivotal move towards fostering the adoption of intelligent document processing (IDP) among group insurance carriers, promising to revolutionize traditional processes.
Founded in Austria in 2011, Cortical.io has emerged as a trailblazer in efficient artificial intelligence solutions, particularly in automating labor-intensive insurance procedures such as intake, submission, and quoting. Leveraging its flagship IDP solution, SemanticPro, Cortical.io seeks to empower Swiss Re’s clients with cutting-edge capabilities, designed to expedite intake processes and elevate the quality and efficiency of quote preparation and policy comparison.
SemanticPro, a proven solution already operational at major insurance carriers for several years, stands poised to redefine industry standards. By harnessing its intelligent extraction and classification functionalities, this solution has consistently demonstrated the potential to reduce review time by up to 30% and enhance quote accuracy by an impressive 17% when compared to manual processes.
Through the implementation of Cortical.io’s innovative solution, Swiss Re aims to fortify its ability to assist insurance clients in optimizing policy processing workflows. This transformative initiative is projected to mitigate errors in quotes, shorten response times to customers, and bolster operational efficiencies, thereby delivering unparalleled value to clients.
Commenting on this strategic collaboration, Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, emphasized the pressing need for automation and integration of AI-driven tools within the insurance landscape. Howley lauded Cortical.io for its standout ability to accurately process complex provisions and its intuitive, no-code interface, expressing confidence in the collaboration’s potential to drive business success for clients.
In response, Hans-Peter Riecken, SVP North America at Cortical.io, expressed gratitude for Swiss Re’s endorsement, underscoring the profound honor of being chosen to spearhead technological innovation within the insurance sector. Riecken affirmed Cortical.io’s unwavering commitment to delivering transformative benefits to Swiss Re’s esteemed clientele, echoing the success stories witnessed within their own insurance customer base. This partnership signals a landmark moment in the journey towards digital transformation, heralding a new era of efficiency, accuracy, and client-centricity within the realm of group insurance.
Conclusion:
The strategic partnership between Cortical.io and Swiss Re represents a pivotal moment in the insurance market, signaling a shift towards greater efficiency, accuracy, and innovation. By leveraging cutting-edge AI solutions to streamline processes and enhance client service, this collaboration sets a new standard for digital transformation within the group insurance sector, positioning both companies as leaders in driving industry-wide change.
