Digital Insurance Agenda

Cortical.io: Helping enterprises unlock value from unstructured text with game-changing AI 

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Apr 8, 2022

Cortical.io is an innovation-driven AI company that helps insurance carriers and brokers with Intelligent Document Processing (IDP) solutions that accurately review, extract, classify and compare information from documents including policies, benefit booklets and claims. Cortical.io leverages its innovative approach to natural language understanding, providing higher accuracy when extracting and classifying information found in unstructured text such as complex business documents, messages, or attachments. After implementing Cortical.io IDP solutions, insurance carriers report a decrease in the error rate of quotes generated, faster turnaround of quotes and an overall improvement in service quality.  

Cortical.io IDP solutions use an innovative approach to Natural Language Understanding by its focus on the extraction and classification of information in unstructured documents, unlike other IDP solutions, that focus on structured or semi-structured documents. Its solutions enable organizations to quickly build highly accurate models based on their unique needs. Group benefits and Commercial P&C insurance carriers in Europe and the US currently use its solutions to extract information from policies and benefit booklets.  

Many insurers are still used to manually review documents as they deal with unstructured documents. With Cortical.io solutions they are able to automate parts of the workflow, while still allowing a human in the loop for validation. Customers have seen up to 80% reduction in time and effort.  

How it works 

Cortical.io SemanticPro Extract & Analyze automatically extracts elements from e.g. policy based on concepts, not just keywords. It finds and classifies unstructured text and sentences, even if the language in the sentences or documents is different, has powerful semantic search and compare functionality for accurate meaning-based results, and can connect to a variety of BI tools for business analysis and insights. Insurance carriers use the solution to review their documents more quickly and accurately.

Cortical.io Message Intelligence automatically classifies, and routes message streams such as social media Cortical.io SemanticPro Classify & Automate automatically classifies, and routes message streams such as social media text or email messages (including attachments) to appropriate mailboxes or business tools in real time. In the insurance submission use case, it can also extract information from these messages and attached documents with high accuracy based on the meaning of the content.

Why did we select Cortical.io to present at DIA Amsterdam 2022 

The solution of Cortical.io taps into the use of Intelligent Document Processing to handle unstructured documents and text such as policies, submissions and claims. There is a huge potential in many parts of the insurance process leading to time and cost savings and customer happiness.

At DIA, Brian Stern, EVP Sales, will be demonstrating an end-to-end Intelligent Document Processing solution for extracting meaning from unstructured content, to improve the accuracy and turnaround time for reviewing policies as part of the underwriting process. It is based on an innovative approach to Natural Language Understanding that provides better accuracy than manual review and can be quickly and easily customized to the specific needs of the organization, without the need for AI experts.

Who is Cortical 

Cortical.io was founded in 2011 in Vienna, Austria, by Francisco Webber who wanted to apply recent learnings from computational neurosciences to natural language processing. Created with research funds from the Austrian government, the first prototype proved that the efficiency of the brain could be replicated for text processing. Seed funding was provided by an angel investor to hire a team of developers who first developed a set of APIs and libraries, then began implementing projects for large companies in the US and Europe.

The year 2017 saw the sale of Cortical.io’s first enterprise license to a major US bank and the opening of their New York office. In 2019, a shift was made towards a product-driven business model with the launch of Contract Intelligence, and of Message Intelligence one year later. The company has raised $34 million in funding and employs about 47 persons in Europe and in the US.

Cortical.io has been awarded an Innovation Index Award from Deep Analysis and were recognized as a Cool Vendor in AI Core Technologies by Gartner.

”We have developed a game-changing approach to natural language understanding that enables highly accurate and flexible intelligent document processing solutions by replicating the efficiency of the brain.”

Francisco Webber, Founder and CEO

Explore their website here!

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