October, 2022 – Cortical.io today announced that they have been named to FinTech Global’s Fifth Edition of its prestigious InsurTech100 list for 2022. The ranking recognises the innovators and pioneers providing solutions to address the most pressing challenges faced by the insurance industry.
A panel of analysts and industry experts voted from an extensive list of over 1,800 companies produced by FinTech Global. The finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the insurance value chain.
“I’m thrilled that FinTech Global recognizes the contribution of Cortical.io to transforming error-prone, labor-intensive workflows in the insurance industry. Our meaning-based technology can sort and analyze policies and quotes with an accuracy level that minimizes the necessity of human intervention,” said Francisco Webber, CEO at Cortical.io. “Alleviating a major industry problem is pretty exciting and being awarded for that is truly humbling. Our approach to intelligent document processing opens a whole new avenue of opportunities for insurers that can set them apart from competitors in the race for digitization.”
Many insurance companies face similar challenges when it comes to handling paperwork, including submissions, quotes, and loss run reports. The unstructured nature of the data, the sheer volume of content, and inconsistent language between carriers makes it tedious, time-consuming, and expensive to process manually. “Large insurance carriers employ hundreds of people to manually review policies before submitting a quote for group benefits,” said Webber. “Our solutions help them increase the accuracy and efficiency of the quoting process.”
Cortical.io’s Intelligent Document Processing (IDP) solutions leverage a unique approach to natural language understanding called Semantic Folding to reach unmatched levels of accuracy with unstructured text. Cortical.io’s solutions automatically search, extract and classify key information from complex documents such as insurance policies and emails with attachment, helping insurance companies eliminate quoting errors, improve customer response times and reduce labor intensive workflows.
FinTech Global director Richard Sachar said, “Faced with seismic shifts in consumer behaviour, the so-called “race to digitalise” and challenging market conditions, insurers have their work cut out for them. The InsurTech100 lists helps senior insurance executives in the industry filter through the noise in the market by highlighting the tech companies transforming sectors such as underwriting, embedded insurance, pricing, distribution and data & analytics.”
A full list of the InsurTech100 for 2022 and detailed information about each company is available to download for free at www.TheInsurTech100.com.
