October 9, 2024 –Cortical.io today announced its recognition in the 2024 InsurTech100 List by FinTech Global. This seventh edition celebrates the leading innovators who are developing solutions to address the critical challenges facing the insurance industry in the years ahead.
Despite challenging macroeconomic and funding environment recently, the InsurTech industry continues to show resilience, recording a strong year-on-year growth of 38% in 2024. This year’s contest to make the InsurTech100 ranking was the most competitive to date. A panel of seasoned analysts and industry veterans reviewed over 2,100 nominations to compile the list. Each application was assessed on its ability to either tackle a significant industry challenge, or enhance efficiency across the insurance value chain, with only the most innovative and impactful companies making the final cut.
FinTech Global recognizes Cortical.io as an insurtech innovation leader for the third consecutive time. FinTech CEO Richard Sachar said, “The InsurTech100 list for 2024 recognizes Cortical.io for addressing some of the industry’s most critical challenges by enhancing the accuracy and efficiency of underwriting processes and improving customer service. Cortical.io’s meaning-based technology impressed the jury, earning its place among the most innovative solution providers in the insurance industry.”
“Launching an intelligent chatbot is not enough anymore. To build a competitive advantage, insurance carriers must go beyond the hype around generative AI and identify technologies that will improve their long-term resilience,” said Rainer Kegel, CEO of Cortical.io. “With our meaning-based technology, insurance carriers improve the efficiency of processes that are difficult to automate because they involve complex, lengthy documents from various sources and specific insurance jargon. The transformation of such processes creates long-term value for the business, as it helps shorten the response time to customer inquiries, improve productivity, and prevent losses due to underwriting errors.”
Cortical.io’s intelligent document processing solution, SemanticPro, leverages a unique approach to natural language understanding to efficiently process large volumes of documents with greater accuracy than manual methods. For example, SemanticPro extracts terms and conditions from complex insurance policies with over 90% accuracy and achieves a 94% success rate in identifying the optimal product that matches a competitor’s offer. This capability has helped major insurance companies to enhance the quality of their underwriting processes like quoting group benefits and also convinced SwissRe US to enter a strategic alliance with Cortical.io in May 2024.
A full list of the InsurTech100 for 2024 and detailed information about each company is available to download for free at www.TheInsurTech100.com.
