Generate More Profitable Business & Improve Operational Efficiency
with Intelligent Automation of Document-Centric Processes like Quoting, Re-Insurance Coverage and Intake Management
Eliminate errors
Improve the accuracy of quotes and grow profitable gross written premiums
Increase speed
Shorten the time to process requests and improve customer satisfaction
Improve operational efficiencies
Reduce labor-intensive workflows and automate data-driven decision making
Automate Insurance Processes with Intelligent Document Processing
Insurers face challenges when it comes to handling their paperwork, including submissions, quotes, and customer requests. While the sheer volume of content makes it tedious, time-consuming, and expensive to process manually, automation tools often fail at accurately processing unstructured content with no pre-defined formats and many language variations. This is where Cortical.io proprietary methodology based on state-of-the-art AI and neurosciences makes the difference with other Intelligent Document Processing software.
Cortical.io’s meaning-based software can accurately process complex documents that typically require extensive, time-consuming human intervention. Our solution extracts and classifies information with consistently high accuracy, and does so within seconds, even for lengthy documents. Our no-code platform is specifically designed for business users, allowing them to train custom models with just a few hundred documents and easily annotate and review them.
The accuracy and speed of our semantic technology enables insurance companies to improve their operational efficiency, generate more profitable business, and reduce contract risks.
We are working with leading insurance companies around the globe.
The main benefits our customers find in using our IDP software include:
More than 90% accuracy
extracting and comparing information from complex insurance policies
Seconds, not minutes
to extract dozens of provisions from lengthy documents
94% accuracy
identifying the best product matching a competitor’s offer
30% less manual labor
Thousands of hours saved on manual review can be reallocated to other tasks
“In production for over a year, we recently conducted an internal study that reported a decrease in the error rate of quotes generated by users and an overall improvement in quality by using Cortical.io.”
– Tim Harper, Head of Quote, UNUM Operations.
“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.”
– Christopher Howley, Head of Group Life & LTD Reinsurance, VP, Swiss Re America.
See how easy it is to review insurance policies with SemanticPro
4 Insurance Use Cases Where Cortical.io Document Automation Can Help
Improve quoting efficiency
Quoting group benefits is probably one of the most challenging quoting processes and requires the analysis of many documents of variable types and structures. Our IDP solution extracts, interprets and classifies key information found in terms and provisions and is able to detect the best plan matching a competitor’s policy. As a result, underwriting teams can prepare more accurate quotes faster and close more deals.
Mitigate risks
Monitoring the gaps between standard global policies and locally-issued documents is a manual, error-prone process that can be drastically improved with our meaning-based IDP software which performs accurate comparisons both at the policy and clause level, and redlines deviations. It helps reduce both the risks of losses and the personal resources required to manually sift through thousands of policies.
Go beyond simple claim processing
Our IDP software can be used to extract and compare complex information from documents like First Notice of Loss (FNOL) and witness reports, and to generate new data for claim decisioning and claim validity checking.
Accelerate the intake process
Large insurers receive hundreds of customer requests per email or via online forms every day. Our IDP solution speeds up the intake process by classifying incoming messages based on their content, extracting key information and making it ready for further processing in a quoting or CRM platform. Our solution can select the correct answer template, or relay the message to the appropriate teams, shortening the response time and improving customer satisfaction.
How does Cortical.io improve the efficiency of the quoting process?
Watch this 2-min video to understand how Cortical.io IDP software helps you:
Extract accurate information from thousands of policies
Interpret provisions
Deliver more timely, higher quality quotes
Why is SemanticPro For Insurance Different?
Easy to customize
Only a few hundred documents to train custom models
No code platform
Intuitive UI for business users to train models and annotate documents
Short time to value
Production-ready within a few weeks – No in-house AI experts required
Proven results
100% license renewal from our insurance customers for 3 years in a row
Interpretation of provisions (inferences)
Inferences are a way to interpret and categorize extracted data. Disability insurance policies, for example, contain beneficiary and funding method provisions that must be matched to the correct option from among multiple possibilities. Using meaning-based interpretation, SemanticPro is able to correctly interpret the phrases “you do not pay for the cost of coverage” as “100% employer-paid” (funding method) and “you, your spouse or children” as “family” (beneficiary), respectively.
SemanticPro versus Generative AI
Cost – Efficiency – Complexity – Security & More:
Explore the difference between Large Language Models and SemanticPro >>
Grouping of extractions
Cortical.io SemanticPro extracts complex information from insurance plans and is able to group extractions, for example by employee class or service-type in dental plans.
Comparison by extractions
With SemanticPro, you can compare documents on the basis of the extractions, instead of the whole document: either via a redline of the extracted provisions, or via a similarity score that tells the similarity of two provisions based on their meaning.
Meaning-based search
SemanticPro uses meaning-based search that distinguishes context and relationships between words and phrases that keyword-based search engines simply can’t achieve. For users, this means faster search times and more accurate results.
No code platform, specially built for business users
Business users define extraction targets and inferences, upload documents and start training the system to automatically perform extractions without the need or cost of an in-house AI expert. Only a few hundred training documents are required to train custom models – far less than for fine-tuning Large Language Models.
Business rules for automated decision making
SemanticPro offers the possibility to define custom business rules and apply them to the extracted information. For example, SemanticPro can identify the best plan matching a competitor’s offer and pre-fill the appropriate quote template with the extracted information. The transparent scoring system enables full explainability of results.
Table extraction & Visualization in tabular format
Insurance policy documents typically organize policy details about coverage, benefit amounts, exclusions and more into tables with multiple columns and rows that are often visually stylized. Cortical.io utilizes robust OCR to cleanly and accurately parse the text from these tables and render the data for easy review. Our system also enables subject matter experts to visualize data in a tabular format matching their quoting tools for easier annotation.
Learn how you can improve operational efficiency within a few weeks with our proven IDP solution
Explore Additional Resources about
Intelligent Document Processing for Insurance
Videos
GPT or not GPT, that is the question
The AI-Dilemma in the insurance industry
How Unum Improved Speed and Accuracy of the Insurance Quoting Process with Cortical.io SemanticPro
Articles
How AI Ensures the Long-Term Resilience of Insurance
Will AI fully automate underwriting by 2030?
To Go Deeper
Evaluating the ROI of IDP for Insurance
Explore SemanticPro, our meaning-based IDP Solution
