Mutual Innovations Announces Strategic Partnership With CogniSure AI to Digitize Commercial Underwriting Processes With Automated Ingestion of Unstructured Submission Data
CHICAGO, October 4, 2021 (Newswire.com) - CogniSure AI, a Delaware-based corporation, has announced that Mutual Innovations, an Indiana-based leading P&C Technology Company, has chosen CogniSure AI for data ingestion and analytics of unstructured submission documents using machine learning algorithms.
"As part of building a leading-edge underwriting platform for Mutual Insurance carriers and other distribution partners, we are excited to partner with CogniSure AI after evaluating their Submission Insights solution through an extensive pilot. We are thrilled to see how CogniSure AI can convert hard-to-digest, large commercial submission documents consisting of ACORD Applications, SOV schedules, and Loss Runs received from brokers into structured data that we can consume in our e-commerce platform and rating system, allowing us to save significant costs, efforts, and make better risk decisions," stated Sean Murray, Managing Partner of Mutual Innovations.
"Mutual Innovations is building a futuristic underwriting platform with best-in-class solutions, and we are extremely pleased to be chosen as an ingestion partner for providing structured data and insights buried in unstructured submission documents like ACORD, SOV, Schedules and Loss Runs. Furthermore, this solidifies our position as a leader of ingestion of unstructured data with customers across the entire value chain in insurance - from carriers, brokers, MGAs, and insurtechs like Mutual Innovations," said Sai Raman, CEO, CogniSure
Manually intensive submission data ingestion 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.
About 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.
About Mutual Innovations
Mutual Innovations provides an e-commerce platform for insurance companies and MGAs providing straight-through/low touch underwriting, an advanced customer management tool and data analytics to help partners overcome legacy technology constraints. We help companies grow by adding new products, improving their ability to deliver products, and enhancing the customer experience.
Learn more at Mutual Innovations.
Media inquiries can be directed to Katy McBride at media@cognisure.ai.
Source: CogniSure, Inc.
