CogniSure will deliver unstructured insurance text extraction solutions on InsureMO Ecosystem and Marketplace.
JERSEY CITY, N.J., July 26, 2022 /PRNewswire/ -- InsureMO® and CogniSure announced a partnership that CogniSure, the leading insurance-specific unstructured text ingestion platform for P&C and health insurance using AI technologies, will unlock valuable insights trapped in unstructured data leveraging InsureMO® digital insurance platform. With 3,000+ product SKUs and thousands insurance and non-insurance APIs, InsureMO® (for "Insurance Middle Office") will enable CogniSure provide its world class products and solutions to its clients in North America.
P&C insurers face daunting tasks to identify key trends and insights that are locked within unstructured text documents such as loss runs, Schedules, SOV, and supplemental forms, that are attached to submission emails.
CogniSure alleviates this challenge and automates the ability to highlight thresholds and key data indicators to allow insurance personnel gain efficiencies and accuracy when processing and evaluating insurance transactions.
InsureMO® is a global leading insurance middleware platform which enables various use cases across 300+ insurers, 5,000+ channels and insurtechs in nearly 40 countries globally and powers more than $20 billion in premiums per year. CogniSure will leverage InsureMO's platform, ecosystem and marketplace including the following products:
- Digital Insurance Product Library
Digital Insurance Product Library (DIPL) a one-stop depository of global insurance products, models, templates, components to enable fast and automatic launch of a massive number of products and variations.
- Insurance Services
Insurance industry specific microservices, APIs, and other capabilities to enable fast insurance innovations.
- Non-Insurance Services
Typical and relevant non-insurance services and APIs that are commonly required in insurance sales and services, such as payment, communication, AI and robot assisted automation, OCR, and so on.
- Utility and Admin
For managing insurance products, services, APIs, users, tenants, DevOps, and operation monitoring.
In addition to this partnership, InsureMO will offer its clients extended functionality available through APIs and on its eco-marketplace.
"At CogniSure, we digitize insurance document processing, helping insurers unlock insights that are otherwise difficult and costly to harness. When processing these unstructured documents with CogniSure, insurers are no longer burdened with tedious manual entry and can focus more on analysis instead. We are excited to bring our solution to InsureMO clients." said Sai Raman, Founder & CEO, CogniSure.
This partnership reflects the ongoing need to simplify and automate what traditionally has been supported by inefficient and error-prone back office manual processes.
"E&S, specialty, MGA, and middle market segments of P&C and A&H have traditionally been supported by many manual-prone back-office processes in support of underwriting and claims. CogniSure is a leader in the AI/ML field of solution providers that offer unstructured text ingestion engines," said Chuck Gomez, Head of North America Operations, InsureMO.
InsureMO® (for "Insurance Middle Office") is designed to accelerate insurance innovation, improve connectivity among stakeholders, and handle the massive volume, variation, and velocity of insurance business in the "Digital Age." As a platform-as-a-service (PaaS), InsureMO acts as middleware for the insurance industry, freeing insurers from legacy constraints, and unlocking their ability to innovate and connect to stakeholders. With a full set of insurance APIs and microservices for general (P&C), life, and health insurance businesses covering the entire policy lifecycle, InsureMO supports Open API collaboration, is managed via Cloud Container (based on Docker and Kubernetes), and enables third parties to develop applications. Explore more or sign up now at InsureMO.com
The CogniSure AI Platform unlocks insights trapped in unstructured documents such as loss runs, submissions, quotes, and policies. Its deep learning algorithms accurately extract, validate and analyze data from these documents to create new growth opportunities, develop risk insights, reduce costs, and help customers prevent losses. Learn more at www.CogniSure.ai or email@example.com.
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