Swiss Re to boost digital transformation in group insurance with Cortical.io partnership

Swiss Re has partnered with Cortical.io, a collaboration that aims to boost digital transformation by facilitating the adoption of intelligent document processing (IDP) among group insurance carriers.

Founded in 2011, Cortical.io is described as a pioneer for efficient artificial intelligence (AI) solutions that automate labour-intensive insurance processes like intake, submission and quoting.

Through this partnership, its IDP solution, SemanticPro, 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 Austrian company explains, 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.

By leveraging Cortical.io’s solution Swiss Re will be able to better support its insurance clients in optimising their policy processing workflows.

This will be achieved by reducing errors in quotes, shortening response time to customers and improving operational efficiencies, through the use of the solution.

Chris Howley, Head of Group Life & LTD Reinsurance & Vice President, Americas at Swiss Re, said: “The insurance industry grapples with legacy systems, manual workflows and siloed data that hinder operational efficiency. We quickly realised 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.”

“We are impressed by Swiss Re’s commitment to facilitating its clients’ access to innovative technologies, and deeply honoured to have been chosen to help them deliver the best value for its clients,” said Hans-Peter Riecken, SVP North America at Cortical.io.

Who added: “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.”

The post Swiss Re to boost digital transformation in group insurance with Cortical.io partnership appeared first on ReinsuranceNe.ws.

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