(Image source: CogniSure.)
CogniSure, a Chicago-based InsurTech focused on providing actionable insights from unstructured insurance documents such as policies, loss runs, quotes, and submission emails, has announced the launch of its LossRun Insights solution, currently in pilot with nine customers. CogniSure is an alumnus company of the BrokerTech Ventures Accelerator (Des Moines).
Sai Raman Founder and CEO, CogniSure.
“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,” says Seth Hausman, Managing Director, Kraus-Anderson Risk Innovation (Minneapolis). “We are thrilled that CogniSure is working hard to solve this challenge for the industry.”
CogniSure seeks to address the widespread inefficiency in the insurance industry caused by spending manual effort, time and money analyzing PDF and Excel loss runs that are in nonstandard, carrier-specific, unstructured document formats. A vendor statement says that its patent pending algorithms extract data with high accuracy levels and normalize to a common loss run format. The CogniSure statement adds that its solution then converts this data into actionable insights that can be provide valuable input into the risk management decision-making process.
John R. Prichard, Jr., EVP, Heffernan Insurance Brokers.
“CogniSure is changing the way insurance agents and brokers look at loss runs, literally,” comments Mark Ware, SVP, IMA Financial Group (Denver). “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.”
CogniSure reports that it 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.
Tangible, Material Impact of AI on Sales and Productivity
“We are excited to partner with CogniSure and their loss run analytical insights solution,” comments John R. Prichard, Jr., EVP, Heffernan Insurance Brokers. “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.”
Susan Hatten, COO, BrokerTech Ventures.
CogniSure was a member of the BrokerTech Ventures Accelerator’s first cohort, announced in Feb. 2020. “It has been energizing to see the progress the CogniSure team has made during their journey as a part of our BrokerTech Ventures Accelerator,” comments Susan Hatten, COO, BrokerTech Ventures. “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.”
“We are very thankful for all our customers’ support and excited about the opportunity to enhance the loss run review process,” comments Sai Raman Founder and CEO, CogniSure.
BrokerTech Ventures Selects 12 Startups for 2020 Accelerator