Cortical.io specialises in developing solutions that automate time-consuming insurance tasks such as intake, submission and quoting. Credit: Scott Graham/Unsplash.

Swiss Re has formed a partnership with AI company Cortical.io for digital transformation in the group insurance sector.  

The collaboration will focus on facilitating the adoption of IDP to optimise policy processing workflows for group insurance carriers. 

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Cortical.io, an Austrian company established in 2011, specialises in developing solutions that automate time-consuming insurance tasks such as intake, submission and quoting.  

Its IDP tool, SemanticPro, will now be accessible to Swiss Re’s clients, offering a way to expedite the intake process and refine the accuracy and efficiency of preparing quotes and comparing policies. 

Cortical.io claims that following the deployment of SemanticPro, the tool’s extraction and classification features have decreased review times by up to 30% and enhanced quote precision by 17% compared with traditional manual methods. 

It is anticipated that the implementation of Cortical.io’s solution will enable Swiss Re to enhance support for its insurance clients by minimising quote errors, curtailing customer response times and heightening overall operational efficiencies. 

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Swiss Re head of group life & LTD reinsurance and vice-president of Americas Chris Howley said: “The insurance industry grapples with legacy systems, manual workflows and siloed data that hinder operational efficiency. We quickly realised that one of the areas where we could add value was in helping our clients adopt automation and integrate AI-driven tools that streamline their processes and increase efficiency.” 

Cortical.io senior vice-president North America Hans-Peter Riecken said: “We are impressed by Swiss Re’s commitment to facilitating its clients’ access to innovative technologies, and deeply honoured to have been chosen to help them deliver the best value for its clients.  

“It is highly gratifying to see our expertise in the insurance industry recognised by one of the leaders of the sector and we look forward to offering Swiss Re’s clients the same benefits that our own insurance customer base enjoys with Cortical.io SemanticPro.” 

Last month, Swiss Re introduced an updated version of its life & health underwriting manual, Life Guide.  

This enhanced manual now includes the Swiss Re Life Guide Scout, a generative AI-powered underwriting assistant that leverages Microsoft Azure OpenAI Service.  

The assistant is designed to simplify the underwriting process by swiftly providing responses to underwriters’ questions.