April 13, 2023 – Cortical.io announced today that its SemanticPro solution for Intelligent Document Processing (IDP) has been selected as winner of the “Data Solution of the Year for Insurance” in the 4th annual Data Breakthrough Awards program conducted by Data Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global data technology market today.
SemanticPro leverages an innovative approach to natural language understanding to process large volumes of complex documents with a unique combination of high efficiency and accuracy. In the insurance sector, Cortical.io’s IDP solution helps insurance carriers streamline their quoting process and standardize global policies by extracting, classifying and comparing terms and conditions with high accuracy.
“Insurers face huge challenges when it comes to paperwork. From submissions to claims and loss run reports, the sheer volume of documents makes manual work tedious, time-consuming, and prone to errors. Unfortunately, most available automation tools often fail at accurately processing unstructured content because of too many variations in formats and language,” said James Johnson, Managing Director, Data Breakthrough. “This is where Cortical.io proprietary methodology makes the difference with other Intelligent Document Processing software. Cortical.io meaning-based software is able to accurately process complex documents that usually require a lot of time-consuming human intervention. We extend our sincere congratulations to Cortical.io for taking home a well-deserved 2023 Data Breakthrough Award’.”
The annual Data Breakthrough Awards is the premier awards program founded to recognize the data technology innovators, leaders and visionaries from around the world in a range of categories, including Data Analytics, Big Data, Business Intelligence, Data Storage and many more. The 4th annual Data Breakthrough Award program attracted more than 2,000 nominations from across the globe.
“We are proud to be working with leading insurance companies around the globe,” said Rainer Kegel, CEO at Cortical.io. “We are helping them to automate document-centric workflows that are traditionally labor intensive because of the necessity to interpret terms and conditions. Our meaning-based software is able to extract and classify provisions independently of how they are formulated. As a result, our customers can prepare complex quotes quicker and with less errors, leading to shorter response times and better operational efficiencies.”
