February 8, 2022 – Cortical.io today announced new releases of solutions that improve document processing speed, accuracy and usability for the most challenging business documents, messages, and attachments.
Contract Intelligence 4.6
Contract Intelligence 4.6 automatically and accurately searches, extracts, classifies and compares key information from agreements, contracts, and other business documents like insurance policies and financial reports. Contract Intelligence uses a unique Natural Language Understanding (NLU) approach to analyze relevant information from a document quickly and accurately. It achieves at scale what is difficult for manual labor or other contract analysis tools. The new version models relations between extractions, and includes performance and scale improvement. It also has a newly refined user interface for ease of use.
Message Intelligence 2.4
Message Intelligence automatically and accurately classifies and processes messages, attachments, and unstructured text based on meaning. When leveraging models built with Contract Intelligence, it also extracts and can leverage information buried in messages, attachments, and unstructured text. The new version contains explainable AI-supported classifiers, improved handling of messages and attachments, high availability, and an enhanced dashboard.
“Intelligent document processing is increasingly important to create operational efficiencies in business processes that need to extract information from semi-structured and unstructured data for further analysis, “according to Gartner® “These processes currently are majorly human-centric.”*
There are a wide variety of vendors offering IDP solutions. Most focus on structured documents such as forms or semi-structured documents such as invoices. What sets Cortical.io apart is its ability to deal with unstructured documents such as contracts, insurance policies, proposals, leases, emails with attachments, social media posts, etc. with both high accuracy and speed. It is due to Cortical.io’s semantic technology, which is based on a unique approach to NLU called Semantic Folding. Because the approach understands the meaning of text, it is highly accurate, and can be trained to meet a company’s specific needs with little training data.
Cortical.io’s Semantic Folding approach is a major boon for any enterprise that needs to process thousands of incoming documents, messages or attachments annually. For instance, insurance carriers and brokers can automatically review, extract and compare information from documents including policies and claims, speeding up the quoting process and improving responsiveness. Other verticals including management consulting, business process outsourcing, and finance have reaped enormous benefits as well, including time savings and better operational efficiencies. From a horizontal market perspective, organizations that need to review and extract information, and/or route a large number of incoming messages or unstructured documents, have the most to gain.
Benefits of Cortical.io Semantic Folding in IDP include:
- Increases operational efficiency of processing and reviewing incoming unstructured documents by up to 80%, increasing the bottom line by saving time and money
- Improves sales outcomes and customer satisfaction by reducing turnaround time for incoming requests, boosting responsiveness and enhancing the top line by increasing revenue
- Reduces risks and creates a competitive advantage by uncovering information hidden within unstructured documents.
- Enhances both efficiency and accuracy of document review more than other approaches
- Easy to customize to company requirements by subject matter experts and business users
“While many companies are selling NLU platforms that require months of implementation effort, or off-the-shelf solutions that cannot be easily customized for challenging use cases with unstructured content, businesses are looking for solutions that deliver quick results, while meeting their specific requirements,” said Thomas Reinemer, COO at Cortical.io. “So, we’ve built IDP solutions that are easy to customize and quick to implement in an enterprise environment, while achieving unmatched levels of accuracy when processing unstructured text.”
Pricing and availability
Products are available immediately. Pricing is based on annual volume of documents.
*Gartner, “Hype Cycle™ for Natural Language Technologies, 2021”, Bern Elliot, Anthony Mullen, Adrian Lee, Stephen Emmott, 21 July 2021. GARTNER and HYPE CYCLE are a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission
