InsurTech Startup CogniSure Launches AI Platform for Commercial Loss Run Automation With 9 Pilot Customers
Cognisure AI, Focused on Providing Actionable Insights From Unstructured Insurance Documents Such as Policies, Loss Runs, Quotes, and Submission Emails, Announces Their Launch of “Lossrun Insights” Solution.
The insurance industry spends a significant amount of manual effort, time and money analyzing PDF and Excel loss runs that are in nonstandard, carrier-specific, unstructured document formats. The CogniSure patent-pending algorithms extract data with high accuracy levels and normalize to a common loss run format. It further converts this data into actionable insights that can be a valuable input into the risk management decision-making process. CogniSure has trained the top 25 carrier loss run formats and expects to have the top 100 insurance carrier loss runs trained in the platform by the end of 2020. The CogniSure AI LossRun Insights platform is currently being piloted by commercial insurance carriers, brokers/MGAs, and lenders.
“CogniSure is changing the way insurance agents and brokers look at loss runs, literally. The CogniSure platform is one of the easiest and most intuitive products in the insurtech arena that I have come across in quite some time, and it will drive significant efficiencies and meaningful cost savings for our firm. No longer do we need to go through hundreds of claims on a PDF document to develop a loss summary.”
– Mark Ware, Senior Vice President, IMA Financial Group, Inc.
“Data has long been an important, yet challenging, component of the insurance industry. Loss run data is critical but has proven to be difficult to harness. We are thrilled that CogniSure is working hard to solve this challenge for the industry.”
– Seth Hausman, Managing Director, Kraus-Anderson Risk Innovation
“We are excited to partner with CogniSure and their loss run analytical insights solution. The historical loss profiles and trending reports that take our teams hours to prepare are generated in seconds. We also see it as a valuable sales tool as producers are able to provide real-time feedback relating to loss prevention strategies. It’s fantastic to see AI starting to have a tangible and material impact on sales and productivity.”
– John R. Prichard, Jr. Executive Vice President, Heffernan Insurance Brokers
“CogniSure’s ability to quickly map and normalize loss data from multiple carriers is a game-changer. In an industry with very little data standardization, CogniSure provides producers and account teams with
the ability to deliver insights into customer loss information that was previously too difficult to make use of in an efficient manner.”
– Mike McIntire, CTO, Graham Company
“Historically, collecting and analyzing data has been an important but challenging and time-consuming process for our team members, often taking hours to prepare accurate loss run reports. CogniSure’s platform will be an enormous improvement by easily and efficiently converting carrier data into well- organized summaries for clients. We are excited to see the progress CogniSure has made and can’t wait to see the results of our pilot program.”
– Brett Tiagwad, VP, Conner Strong & Buckelew
“It has been energizing to see the progress the CogniSure team has made during their journey as a part of our BrokerTech Ventures Accelerator. We could not be more pleased with the traction that CogniSure is seeing with our BTV Agencies, Carrier Partners, and the broader insurance industry. We look forward to being a part of their continued success and evolution with the launch of LossRun Insights.”
– Susan Hatten, COO, BrokerTech Ventures
“We are very thankful for all our customers’ support and excited about the opportunity to enhance the loss run review process.”
– Sai Raman Founder & CEO, CogniSure, Inc.