March 1, 2022 – Cortical.io today announced that Gartner, has included the company as a Representative Vendor in 2022 Gartner® Market Guide for Intelligent Document Processing (IDP)*.
As noted in the report, “Vendors were selected based on the following: Those whose core product met the definition of “IDP”; Those most mentioned in client interactions; Broad awareness in the market, as identified through external review of publications and other public research.”
Cortical.io solutions, leveraging its Semantic Folding NLU approach, are disrupting numerous markets due to their ability to efficiently process thousands of complex business documents, messages or attachments. They were singled out in the insurance category as they provide carriers and brokers with automated solutions to accurately review, extract and compare information from documents including policies and benefit booklets. After implementing Cortical.io IDP solutions, insurance carriers like Unum report a significant decrease in the error rate of quotes generated by users, and an overall improvement in quality.
Cortical.io Contract Intelligence accurately searches, extracts, classifies and compare key information from insurance policies, contracts, and other business documents, leveraging human-in-the-loop review to improve results over time. It achieves at scale what is difficult for manual labor or other text analysis tools. Cortical.io Message Intelligence automatically classifies and processes messages, attachments, and unstructured text based on meaning. Both products are easily customizable by business users who can train and refine their extraction models and classifiers through no-code and low-code interfaces.
“The high variability of business documents poses a problem for automation tools. Most IDP vendors need tens of thousands of documents to train their systems and that’s why they focus on very specific use cases. Thanks to our different approach to NLU, our products can solve new use cases with comparatively little training data,” said Thomas Reinemer, COO at Cortical.io. “This is game-changing for the IDP market.”
*Gartner, “Market Guide for Intelligent Document Processing Solutions”, Shubhangi Vashisth, Anthony Mullen, Stephen Emmott, Alejandra Lozada, 16 February 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
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