CHICAGO, January 4, 2022 (Newswire.com) - CogniSure AI, a Delaware-based corporation, has announced that West Bend Mutual Insurance, a Wisconsin-based leading P&C Insurance carrier, has chosen CogniSure AI to help automate the process of ingesting the Loss Runs received from hundreds of carrier loss runs in PDF/Excel into usable Loss Summaries and Loss Insights saving significant amount of underwriting effort and time.
The insurance industry receives a significant number of commercial submissions through emails with attachments such as ACORD, Schedules, Ex Mods, Loss Runs, and more. Manually intensive submission processes often lead to delays in quotes, gaps in risk selection, and loss of business. A recent Novarica study estimates that on average 20% of small commercial, 3% of large commercial, 3% of specialty, and 10% of workers comp submissions go to straight-through processing with significant opportunity for automation and enhanced risk evaluation.
"As part of our commercial underwriting transformation, we are excited to partner with CogniSure AI after evaluating their loss run insights solution through an extensive pilot," said Murali Natarajan, West Bend's senior vice president - chief information officer. "We are thrilled to see how CogniSure AI can convert hard-to-digest large commercial loss runs received from other carriers into underwriting summaries in minutes, allowing us to make better risk decisions."
"Extracting data from non-standard, unstructured carrier loss runs and converting into a common structure with actionable insights is an extremely complex challenge. We are deeply pleased to see the tremendous traction from carriers, brokers, and MGAs using our solution. This strategic partnership with West Bend is a tremendous opportunity to enhance our Submission Insights solution to ingest a wide range of submission documents attached to Commercial Underwriting submissions," quotes Sai Raman, Founder, CEO of CogniSure
The CogniSure AI platform provides actionable insights from unstructured data buried in insurance documents such as submissions, loss runs, policies, and schedules. Created by insurance professionals, CogniSure goes beyond data extraction and provides unrivaled insights to address the complexity of insurance document processing. Learn more at CogniSure AI.
West Bend Mutual Insurance Company has been insuring homes, autos, and businesses for more than 125 years. Headquartered in West Bend, Wisconsin, the company employs more than 1,400 associates and partners with 1,500 independent insurance agencies in 16 states to bring these products and services to their valued customers. Learn more at West Bend Mutual Insurance.
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Source: CogniSure, Inc.