Oct 2, 2020

CogniSure automates loss runs with AI platform

CogniSure
AI
Insurtech
Insurance
William Girling
2 min
Illinois-based insurtech CogniSure has released its new AI platform dedicated to extracting, analysing and validating data to drive growth opportunities
Illinois-based insurtech CogniSure has released its new AI platform dedicated to extracting, analysing and validating data to drive growth opportunities...

Illinois-based insurtech CogniSure has released its new AI platform dedicated to extracting, analysing and validating data to drive growth opportunities.

Specifically, the company is determined to mitigate the large expenditures of time, effort and money used to manually analyse documents through deep learning algorithms that deliver fast and more accurate results.

Applications for the company’s tech include: loss runs, submission insights, quote comparisons, policy checking and insurance tracking.

A passion project for Founder and CEO Sai Raman, CogniSure’s mission is the enrichment of the entire industry; a tagline on its website pointedly states, “A platform is considered a success when the economic value of everybody that uses it exceeds the value of the company that creates it.”

Already being trialled by leading carriers, brokers and lenders in the space, the industry response has, so far, been a highly positive one:

"CogniSure is changing the way insurance agents and brokers look at loss runs, literally,” said Mark Ware, Senior VP, IMA Financial Group

“The CogniSure platform is one of the easiest and most intuitive products in the insurtech arena that I have come across in quite some time, and it will drive significant efficiencies and meaningful cost savings for our firm. No longer do we need to go through hundreds of claims on a PDF document to develop a loss summary."

Realising the true value of AI

Insurance’s need to embrace digital technology and allow itself to evolve past its legacy infrastructure is an oft-cited acknowledgement of its generally risk-averse nature.

However, as old paradigms for operating are made inefficient or infeasible in the contemporary market, collaborating with tech companies has never been more important, as Chak Kolli, Global CTO of Insurance at DXC Technology, relates:

“Insurers are already reaping the rewards of AI and there is an understanding that this technology has the potential to create much more value in the future.

“However, the way to achieve that has been less clear. Taking a decentralised approach will provide data management with the necessary resources and training needed to enable the technology to grow.

“Improving model making, sharing datasets and encouraging contributions from policyholders will make this fast-evolving technology truly useful and value-added.”

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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