CogniSure AI, a provider of insurance document extraction and analytics, has partnered with no-code platform provider Innoveo to drive underwriting efficiencies and pricing accuracy for commercial insurers.
CogniSure helps commercial lines companies to transform unstructured insurance documents into actionable insights.
The company’s deep learning algorithms accurately extract, normalise, validate, and analyse data from documents to develop insights to enhance risk decision-making capabilities, improve customer experience and prevent losses.
CogniSure’s Submission Insights platform unlocks understandings trapped in unstructured documents such as loss runs, applications and schedules.
The enhanced submission data output is integrated into Innoveo’s Digital Underwriting Workbench accelerator that automates underwriting workflows.
According to CogniSure, this partnership combines the power of two “revolutionary technologies” – the no-code capabilities of Innoveo with the AI-powered automation capabilities of CogniSure.
The company added that the pre-built integration between CogniSure and Innoveo will help insurers cut down the time and cost of processing submissions and boost underwriting capacity while allowing underwriters to focus on risk analysis and decision-making.
Sai Raman, founder & CEO, CogniSure, said, “We are excited to partner with Innoveo who is committed to the cause of improving time to value and innovation for the insurance industry. We are thoroughly impressed by their no-code capabilities, and I believe the unique combination of our solutions will maximize value for commercial insurers driving superior underwriting outcomes.”
Thiru Sivasubramanian, chief solutions officer, Innoveo, added, “Innoveo’s Digital Underwriting Workbench integrated with CogniSure’s Submission Insights platform is a great example of the Insurtech ecosystem at work.
“The integrated offering is truly a winning proposition for Commercial Insurers as it accelerates digitization through trained ML models and enhances efficiency of submission intake and underwriting for the industry.”
Last year, Innoveo rolled out its enhanced Digital Underwriting Workbench solutions for property & casualty (P&C) insurance carriers.
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