Expert System Advances Artificial Intelligence for the Insurance Sector
ROCKVILLE, Md., May 29, 2018 /PRNewswire/ — Artificial Intelligence company Expert System continues its growth strategy. By consolidating the position of its Cogito technology in high-potential vertical markets, the company today released new products for the insurance sector that strengthen the solutions recently adopted by clients such as Zurich Insurance Group, Lloyd’s of London and Generali.
Digital transformation processes are driving new paths of innovation for the insurance market. Being competitive depends on higher levels of efficiency and a focus not only on the quality of the offer, but also on the ability to reduce costs, simplify compliance and to meet ever-increasing customer demands. It is no coincidence that two of the most relevant insurance processes—which require handling large volumes of data that contain high-risk, unstructured information—are central to digital transformation in the sector: claims management and underwriting.
To automate these processes, Expert System has developed an offer based entirely on the application of Artificial Intelligence (AI) for Robotic Process Automation (RPA) to enable the automation of complex, information-rich processes. Thanks to the ability to provide both accurate analysis and text comprehension that distinguishes the cognitive Cogito technology, Expert System supports primary insurance activities where it delivers rapid implementation, easy integration and optimized ROI.
Expert System’s offer is based on two new products:
Cogito for Claims Management: Cogito automatically recognizes different documents (claims, medical forms, first notification of loss, legal documentation, etc.) and identifies relevant information to easily compare quotes and coverage, and to provide useful suggestions for final evaluations. Automating the entire process reduces operating times, improves customer service and provides early detection of fraud indicators.
Cogito for Underwriting: Using customer and risk profile data, Cogito proposes a premium estimate and other elements to complete a quote or to draw up a policy. Through automation, customers can manage the underwriting process faster and with greater accuracy for audits, compliance analysis and risk assessment.
“Today, we are presenting a truly world-class offering for the insurance sector,” said Pamela Negosanti, Global VP of Insurance, Expert System. “We are extremely satisfied with the results obtained with some of the world’s leading insurance companies. Despite the hype around the potential of AI, our offering confirms our robust focus on both business value and innovation and extends the unique capabilities of Cogito to accelerate the adoption of artificial intelligence in the insurance sector.”
About Expert System
Expert System (EXSY:MIL) is a leader in Artificial Intelligence applied to text. Its flagship Cogito® platform, based on a unique blend of semantic technology and machine learning, helps organizations deploy cognitive automation to accelerate business processes, improve information management and take smarter decisions. Expert System’s solutions have been deployed in media, customer care, compliance, third party risk mitigation and intelligence applications by leading organizations such as Agence France-Presse, BASF, Bayer, Bloomberg BNA, BNP Paribas, Chevron, Clarivate, Eli Lilly, Gannett, Generali, IMF, Lloyd’s of London, Sanofi, US Department of Agriculture, US Department of Justice and Zurich Insurance Group.
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