The partnership between CogniSure and Innoveo is expected to drive significant growth for both companies while also providing commercial insurers with enhanced underwriting capabilities.
CogniSure’s Submission Insights platform is an AI-powered solution that can extract important information from unstructured documents such as applications, loss runs, schedules, and SOVs in real-time with high accuracy levels.
The enhanced submission data output from this platform will be integrated into Innoveo’s Digital Underwriting Workbench accelerator, which automates underwriting workflows to provide a frictionless and end-to-end digital experience for underwriters.
No-Code innovation driving digital transformation
This partnership between CogniSure and Innoveo is expected to provide insurers with a significant reduction in the time and cost of processing submissions, while also boosting underwriting capacity. The no-code capabilities of Innoveo combined with the AI-powered automation capabilities of CogniSure will allow underwriters to focus more on risk analysis and decision-making.
The solutions offered by CogniSure and Innoveo are designed to empower enterprises in complex and regulated industries to reimagine application development by enabling them to be connected, innovative, quick, and nimble. Innoveo’s platform is backed by leading investors including Everstone Capital and Paulson & Co. With Innoveo, customers get the solutions and industry expertise they want, plus a thoughtful, no-nonsense experience delivered with a refreshing dose of honesty.
Algorithms validating and extracting data
CogniSure’s deep learning algorithms can also accurately extract, normalise, validate, and analyse data from unstructured insurance documents to develop insights that enhance risk decision-making capabilities, improve customer experience, and prevent losses. Commercial lines companies can transform their unstructured insurance documents into actionable insights with the help of CogniSure.
“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 maximise value for commercial insurers driving superior underwriting outcomes,” said Sai Raman, Founder & CEO, CogniSure.”
“Innoveo’s Digital Underwriting Workbench integrated with CogniSure’s Submission Insights platform is a great example of the Insurtech ecosystem at work,” explained Thiru Sivasubramanian, Chief Solutions Officer, Innoveo.
He added: “The integrated offering is truly a winning proposition for Commercial Insurers as it accelerates digitisation through trained ML models and enhances efficiency of submission intake and underwriting for the industry.”
Join CogniSure at Insurtech Insights USA 2023
Meet the experts at CogniSure at their stand at the USA’s fastest growing insurtech conference, Insurtech Insights USA 2023, on June 7th and 8th at the Javits Center in New York. To find out more, click here