CogniSure Announces Strategic Partnership With Pega to Help Drive Commercial Underwriting Transformation
CHICAGO, September 20, 2022 (Newswire.com) - CogniSure AI, an Illinois-based corporation, has entered into a partnership with market-leading low-code platform provider Pegasystems Inc. (NASDAQ: PEGA) that will allow insurance companies to exponentially gain underwriting efficiencies while enhancing their risk decision-making capabilities.
CogniSure's Submission Insights platform unlocks insights trapped in unstructured documents such as loss runs, applications, schedules, and SOVs - in real-time with high accuracy levels. CogniSure's platform not only extracts data from these documents but also normalizes the data in an insurance industry canonical model delivered through APIs and ready for business consumption.
This partnership will combine Pega's low-code platform for AI-powered decisioning and workflow automation with CogniSure's Submission Insights platform for real-time data capturing and risk profiling of commercial lines submissions. With CogniSure, Pega's insurance clients can seamlessly bring submission and third-party data into their Pega-powered underwriting solutions, allowing underwriters to spend less time manually gathering data and make more meaningful AI-driven decisions that drive new business.
"Many of the world's largest commercial insurance carriers use Pega to automate their commercial underwriting processes and power profitable growth at scale," said Doug Stitzer, Global Head of Insurance, Pega. "However, a significant portion of commercial underwriting submissions still come via emails with attachments, making it challenging to structure the critical data buried in these documents, let alone take immediate action on triage, orchestration, or underwriting decisioning. The CogniSure API integration will help our clients take yet another transformational step to help insurers further automate the process so underwriters can focus on high-value work."
"We see tremendous market traction in digitizing commercial underwriting operations. Large insurance carriers are exploring options to build a modern underwriting workbench that aggregates data, workflow, and insights for streamlining the submission emails to underwriting and binding policies. We are thrilled to partner with Pega in structuring the data buried in submission emails such as applications, schedules, and loss runs into Pega workflows," said Sai Raman, CEO, CogniSure.
About CogniSure AI:
CogniSure helps commercial lines companies to transform unstructured insurance documents into actionable insights. Its deep learning algorithms accurately extract, normalize, validate, and analyze data from documents to develop insights that will enhance risk decision-making capabilities, improve customer experience and prevent losses. For more details, please visit www.cognisure.ai.
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Source: CogniSure, Inc.