AdvantageGo, the leading global commercial insurance and reinsurance software provider, part of Coforge, announces an Ecosystem Alliance with Insurants, a leading document processing solution for global insurance companies. Powered by proven artificial intelligence (AI), this partnership enables data transformation within AdvantageGo's Underwriting Workbench.
LONDON, Oct. 8, 2024 /PRNewswire-PRWeb/ -- AdvantageGo, the leading global commercial insurance and reinsurance software provider, part of Coforge, today announces an Ecosystem Alliance with Insurants, a leading document processing solution for global insurance companies. Powered by proven artificial intelligence (AI), this partnership enables data transformation within AdvantageGo's Underwriting Workbench.
Amid increasing data volumes and complexity, and the continued challenges posed by unstructured documents, Insurants, powered by AntWorks, has demonstrated a high standard for document processing in commercial insurance, regardless of document format, for faster and more efficient data ingestion.
The AdvantageGo Ecosystem offers insurers the choice of leading technology providers through a single source to accelerate digitisation.
Command of data will be crucial to determining who wins out in a competitive insurance market. The challenge here is that inefficiency in data processing plagues the commercial insurance industry, generating inefficiency in low-level tasks, double keying, triggering errors and omissions that continue to be problematic.
Insurants has shown it can enable effective and automated data transformation, from broker submissions and exposure schedules to policy comparisons and indexing, providing a smart solution to the data ingestion challenge, regardless of document types, and including structured and unstructured data.
Submission workflow is digitally transformed through AdvantageGo's Underwriting Workbench platform. An Outlook Add-In extracts and transforms data directly from the underwriter's inbox. The Insurants' AI engine is a true differentiator at this point, proven in practice and pre-trained to recognise and extract insurance-specific data, regardless of document type.
This is because Insurants has already partnered with one of the world's biggest insurance brokers, Marsh McLennan. Through this experience it has been able to improve document processing speeds by 70%, while simultaneously training its AI engine with the task of learning a multitude of international industry formats, practiced by hundreds of insurance companies. This invaluable experience has honed its AI, providing a decisive edge against competitors.
For user confidence, an additional capability is designed to ensure visibly smooth continuity of data extraction. Insurants provides a data transformation review screen. This function shows a preview of the data attributes in the context of the original document format. The user can adjust individual data attributes before committing to the extraction for automated ingestion to a new risk submission in the Underwriting Workbench.
Ian Summers, Global Business Leader, AdvantageGo, commented:
"Insurants is a great new addition for the AdvantageGo Ecosystem. You don't need to take my word for it, because it's already been proven as a transformative solution in the market, bringing an AI that is already well trained to the task of dealing with data within myriad document formats.
"It's a real solution to a serious problem, because commercial insurers are drowning in documents and unstructured data. At its core, Insurants is about amplifying productivity by more intelligent document ingestion. This aim sits perfectly with our own goals, particularly through our flagship Underwriting Workbench platform, and the two pieces of technology complement each other perfectly. Knowing it works in practice should bring real confidence to underwriters.
"Providing this solution through the Ecosystem provides our clients with additional choice, unlocking great benefits for them, as the Ecosystem project continues to flourish and expand across (re)insurance markets."
Laurence Trigwell, Chief Revenue Officer, Insurants, commented:
"Partnering with AdvantageGo represents a pivotal step in expanding the reach of our AI and GenAI driven automation capabilities within the commercial insurance sector. By integrating our Insurants capabilities with AdvantageGo's market leading Workbench capability, we're enabling organizations to optimize workflows, boost efficiency, and deliver superior client outcomes. This collaboration reflects our dedication to providing innovative solutions that address the dynamic challenges faced by the insurance industry."
About AdvantageGo
AdvantageGo helps insurance companies to look from an increasingly precarious future back to today. The difference is clarity. And profit. By bringing the future more efficiently and effectively into the present, we position insurers´ profits at the heart of their business – today, not tomorrow. Our pioneering platform and 25 years of experience mean AdvantageGo offers insurers the IT agility they need to create an intelligent digital strategy.
Learn more at www.advantagego.com
About Coforge
Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries, and partnerships with leading platforms provide us with a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration, and Automation technologies to transform client businesses into intelligent, high-growth enterprises. Coforge's proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 25 delivery centers across nine countries.
Learn more at www.coforge.com
About Insurants
Insurants is an innovative solution designed to revolutionize the commercial insurance industry by automating and streamlining key processes throughout the policy lifecycle. Built on advanced AI, GenAI and machine learning technologies, Insurants delivers operational efficiency and accuracy, enabling insurance companies to better serve clients, govern risk exposure, optimise capital and remove the manual drudgery.
By reducing manual effort and minimizing errors, Insurants empowers commercial insurers to focus on delivering exceptional customer service while optimizing their workflows. The platform's robust analytics capabilities provide valuable insights, driving strategic decision-making and fostering business growth.
With Insurants, commercial insurers can transform their operations, improve customer satisfaction, and gain a competitive edge in the rapidly evolving insurance landscape. For more information.
Learn more at https://www.insurants.com
Media Contact
André Fuochi, AntWorks, 1 469-394-7274, [email protected], https://www.insurants.com
SOURCE AdvantageGo
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