Loadsure, an insurtech managing general agent in the cargo and logistics insurance sector, has formed a strategic partnership with KoiReader Technologies.
KoiReader is a specialist in autonomous OCR AI technology.
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The collaboration is expected to enhance Loadsure’s insurance claims processing by integrating KoiReader’s OCR application programming interface into the latter’s insurance platform.
KoiReader’s technology is said to facilitate the automated ingestion and validation of cargo claims information.
It achieves this through real-time, autonomous processing of complex, multi-page documents without human intervention, in what is described as a ‘lights out’ operation.
The solution, which became operational in 2023, automates the digitalisation of data from various cargo documents, enhancing the efficiency of claims handling.
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By GlobalDataThe Autonomous OCR API from KoiReader is also adept at handling complex documents, a feature that is expected to benefit digital freight forwarding, drayage and cargo insurance platforms, among others.
As per the announcement, the OCR technology stands out from traditional OCR solutions by managing layout variations and document complexities.
KoiReader Technologies founder and CEO Ashutosh Prasad said: “When two industry disruptors come together, you can expect real value creation. This is just the start of our strategic partnership, and we are working on a much broader collaboration across multiple transportation modes and several cargo industry use cases.”
Loadsure EVP of claims Justin Murphy said: “We are delighted to integrate KoiReader into the Loadsure platform – reliably automating the ingestion of claims information relieves our customers of an unnecessary time-burden and enables the quickest-possible review, approval and payment of claims; making our assureds whole and delivering best-in-class claims service.”
Loadsure recently launched Columbia, a new insurance product tailored for the logistics industry.
Columbia is designed to leverage data to improve coverage for small and medium-sized enterprises, offering comprehensive solutions for motor carriers, freight brokers and freight forwarders, with an emphasis on cargo damage coverage.
