InsurTech startup CogniSure has launched an AI platform for commercial loss run automation with nine pilot customers.
The platform is designed to identify insights from unstructured documents such as loss runs, submissions, quotes and policies.
The company claims that the platform will help insurers to considerably minimise the manual effort, time and cost spent on analysing PDF and Excel loss run.
The CogniSure patent pending algorithms is said to extract data with ‘high accuracy’ levels and standardised loss run format.
It then converts the data into actionable insights to make the risk management decision-making process more efficient.
CogniSure said it has trained the top 25 carrier loss run formats and plans to have the top 100 insurance carrier loss runs trained in the platform by the end of this year.
The CogniSure AI Loss Run Insights platform is currently being piloted by commercial insurance carriers, brokers/MGAs, and lenders including IMA Financial Group, Kraus-Anderson Risk Innovation, Heffernan Insurance Brokers, and Graham Company.
Commenting on the partnership with CogniSure, IMA Financial Group senior vice-president Mark Ware said: “CogniSure is changing the way insurance agents and brokers look at loss runs, literally.
“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.”
CogniSure founder and CEOSai Raman said: “We are very thankful for all our customers’ support and excited about the opportunity to enhance the loss run review process.”