CogniSure ML algorithms convert hundreds of lossy media PDF runs into summary and loss information in minutes.
CogniSure – West Bend
CogniSure – West Bend
CHICAGO, Jan. 04, 2022 (GLOBE NEWSWIRE) – Delaware-based CogniSure AI has announced that West Bend Mutual Insurance, one of Wisconsin’s leading property and casualty insurers, has selected CogniSure AI to help automate the process of Ingest the received loss sets from hundreds of carrier loss sets in PDF / Excel format into loss summaries and usable loss information, saving a lot of underwriting effort and time.
The insurance industry receives a significant number of commercial email submissions with attachments like ACORD, Schedules, Ex Mods, Loss Runs, etc. Intensive manual submission processes often result in delays in quotes, gaps in risk selection and loss of business. A recent Novarica study estimates that on average 20% of classifieds, 3% of large announcements, 3% of specialized claims and 10% of workers’ compensation claims are handled directly with a significant opportunity for automation and improved risk assessment.
“As part of our transformation of commercial underwriting, we are delighted to partner with CogniSure AI after evaluating their loss analysis solution as part of an in-depth pilot project,” said Murali Natarajan, vice president senior and chief information officer of West Bend. “We are excited to see how CogniSure AI can convert the hard-to-digest large batches of business loss received from other carriers into underwriting summaries in minutes, allowing us to make better risk decisions. “
“Extracting data from non-standard, unstructured carrier loss series and converting it into a common structure with actionable information is an extremely complex challenge. We are excited to see the huge appeal of carriers, brokers and MGAs using our solution. This strategic partnership with West Bend is a great opportunity to enhance our Submission Insights solution to ingest a wide range of submission documents attached to commercial subscription submissions ”, quotes Sai Raman, Founder, CEO of CogniSure
The CogniSure AI platform delivers actionable insights from unstructured data buried in insurance documents such as quotes, claims, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data mining and provides unparalleled insights to meet the complexity of insurance document processing. Learn more about CogniSure AI.
West Bend Mutual Insurance:
West Bend Mutual Insurance Company has insured homes, automobiles and businesses for over 125 years. Headquartered in West Bend, Wisconsin, the company employs more than 1,400 associates and partners with 1,500 independent insurance agencies in 16 states to deliver these products and services to their valued customers. Learn more about West Bend Mutual Insurance.
Media inquiries can be directed to Katy McBride at [email protected]
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