Cortical.io partners with Swiss Re
Cortical.io, an Austrian company offering document processing solutions, announced a strategic alliance with Swiss Re to facilitate the adoption of intelligent document processing among group insurance carriers.
Cortical.io’s IDP solution, SemanticPro, which has been in production at major insurance carriers for several years, will be offered to Swiss Re’s clients to accelerate the intake process and improve the quality and efficiency of quote preparation and policy comparison. Post implementation, the solution’s intelligent extraction and classification capabilities have proven to reduce review time by up to 30%, and increase quote accuracy by 17% compared to manual processes. Cortical.io’s solution will enable Swiss Re to better support its insurance clients in optimizing their policy processing workflows – by reducing errors in quotes, shortening response time to customers and improving operational efficiencies.
“The insurance industry grapples with legacy systems, manual workflows and siloed data that hinder operational efficiency. We quickly realized that one of the areas where we could add value was in helping our clients adopt automation and integrate AI-driven tools that streamline their processes and increase efficiency. Among the IDP vendors we evaluated, Cortical.io stands out for its ability to accurately process complex provisions and its user-friendly, no-code interface. I look forward to contributing to our clients’ business success through this collaboration.” – Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re.
“We are impressed by Swiss Re’s commitment to facilitating its clients’ access to innovative technologies, and deeply honored to have been chosen to help them deliver the best value for its clients. It is highly gratifying to see our expertise in the insurance industry recognized by one of the leaders of the sector and we look forward to offering Swiss Re’s clients the same benefits that our own insurance customer base enjoys with Cortical.io SemanticPro.” – Hans-Peter Riecken, SVP North America at Cortical.io.
