Intelligent Document Processing software improves productivity of enterprise customers, insurance carriers and brokers
Cortical.io announced the release of Contract Intelligence 4.5, an artificial intelligence software that automatically and accurately searches, extracts, classifies and compares key information from agreements, contracts, and other unstructured documents like policies and financial reports. Contract Intelligence uses Natural Language Understanding (NLU) to analyze relevant information from large quantities of documents quickly and with an accuracy that is difficult to achieve at scale with manual labor or with other contract analysis tools.
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The continuous improvement of the product meets the needs of customers, especially the necessity to interpret complex provisions. The latest capabilities include a new extraction service leveraging incremental learning, the ability to handle relations within documents (a key requirement for the insurance industry), enterprise-class access management, and further OCR improvements. The newest version has already generated a lot of interest from the insurance industry, which is keen on automating the review and extraction of information from a wide variety of complex documents but requires a high level of confidence.
“In production for over a year, we recently conducted an internal study that reported a decrease in the error rate of quotes generated by users and an overall improvement in quality by using Cortical.io Contract Intelligence,” said Tim Harper, Head of Quote, UNUM Operations.
Other verticals which benefit greatly from Cortical.io Contract Intelligence include management consulting, business process outsourcing and finance. From a horizontal market perspective, any organization that needs to review and extract information from many unstructured documents, such as large retailers with numerous leased outlets that need an automated process to manage their lease agreements, will see improved efficiencies.
“While many companies are selling off-the-shelf solutions that cannot be easily customized or NLU platforms that need months of development, businesses are looking for solutions that deliver quick results, while meeting their specific requirements,” said Thomas Reinemer, COO at Cortical.io. “So, we’ve built Contract Intelligence as a solution that is easy to customize and quick to implement in an enterprise environment.”
Off-the-shelf contract review and analysis software are often limited to pre-defined contract types, whereas Cortical.io offers the capability to easily customize the extraction and classification to any type of document and to the specific corporate requirements with comparatively little training data. Because it is meaning-based, it reaches higher levels of accuracy even when extracting whole sentences and paragraphs, which makes it very reliable. Cortical.io Contract Intelligence is the only solution on the market which can compare documents and interpret terms and provisions with a high level of confidence, reducing human intervention to a minimum.
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Benefits include:
- Improves operational efficiency and speeds up processes by reducing extraction and review time by up to 80%
- Reduces the company risks related to mistakes made when reviewing and interpreting documents (for example, coverage gaps in insurance policies)
- Increases revenues (more accurate quotes, pricing indexation clauses not missed)
- Improves resources allocations (business users can spend more time on more strategic tasks)
- Overall, it has a positive effect on the bottom line, with an ROI ranging from 100% to 300% per year.
In early testing, customers were impressed by the meaning-based capabilities of the software and the capacity to correctly interpret provisions. They also highlighted the responsiveness of Cortical.io working with them as a partner to evolve Contract Intelligence to meet their needs.
