Business Reporter: eliminating manual processes from handling insurance contracts and claims

0

How a New Approach to NLU Can Revolutionize Data Mining

LONDON, UK, March 16, 2022 /EINPresswire.com/ — In an article published on Business Reporter, Cortical.io explains why AI analysis of unstructured documents is essential for automating data extraction and processing in the insurance industry. Conventional natural language processing (NLP), based on statistical models, is not suitable for processing unstructured data due to the variability and ambiguity of natural language. This is an area where a new approach to natural language understanding (NLU) comes into play. Starting from Jeff Hawkins’ Hierarchical Temporal Memory (HTM) theory, it was Francisco Webber of Cortical.io who created Semantic Folding, a data encoding mechanism for capturing language semantics in HTM networks.

This new methodology was then applied to create a Contract Intelligence solution that insurance professionals can use to review different policies and other key documents to extract, identify and classify information. Automating this process is key to increasing efficiency and speed for insurers when reviewing and extracting key information from insurers’ previous plans and submissions and entering it into their own system. It can also save the insurer thousands of man-hours, reduce turnaround times, and improve pricing as quotes become more accurate.
Meanwhile, Message Intelligence, Cortical.io’s other major solution applies the same capability to emails and their attachments to streamline data extraction from digital communications. However, Cortical.io solutions can be quickly trained without supervision in the specialized vocabulary not only of insurance but also of any other field of activity in several languages.

To learn more about the benefits of intelligent document processing, read the article.

About Business Reporter

Business Reporter is an award-winning company that produces supplements published in The Guardian and City AM, as well as content published on Business Reporter’s online hubs at Bloomberg.com, Independent.com, Business Insider Germany and Le Figaro, providing news and problem analysis. affecting the international business community. It also hosts conferences, debates, breakfasts and exclusive summits.

www.business-reporter.co.uk

About Cortical.io

Cortical.io provides AI-powered solutions that help businesses find, extract, and analyze information more efficiently from unstructured text. These meaning-based solutions, including Contract Intelligence and Message Intelligence, cover a wide range of intelligent document processing use cases with proven implementations in Fortune 500 companies. They leverage patented language understanding technology natural to process complex business documents accurately and efficiently with little training data and without the need for in-house AI experience. The company is working to enable semantic supercomputing, the ability to process large-scale natural language content streams in real time through the use of hardware acceleration.

Cortical.io has offices in the United States (New York and San Francisco) and in Europe (Vienna).

For more information, visit https://www.cortical.io. follow us on LinkedIn and Twitter @Cortical_io.

business journalist
hurry
+44 20 8349 4363
write to us here

Share.

About Author

Comments are closed.