VIENNA & SAN FRANCISCO--(BUSINESS WIRE)--
Cortical.io today announced a new release of Cortical.io Contract Intelligence,an AI-based solution for enterprises that need to review and manage a large corpus of contracts and other legal documents. Cortical.io Contract Intelligence utilizes its patented natural language understanding (NLU) approach to automatically and quickly extract, classify and analyze relevant information in documents with a degree of accuracy that is difficult to achieve with manual labor or with other automation tools.
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AI-based Cortical.io Contract Intelligence with semantic search improves contract management workflow, significantly reducing the time it takes to review contracts and providing an increased level of accuracy. (Graphic: Cortical.io)
Cortical.io Contract Intelligence 4.0 for the first time incorporates semantic search functionality, which enables the search of an entire database or individual documents with a meaning-based approach to find items with similar meanings even if the wording is different.
Cortical.io Contract Intelligence is ideal for organizations that need to review and/or search thousands of legal documents a year. “Contract analysis and review has remained a time-consuming and painstaking undertaking for these organizations,” said Thomas Reinemer, COO of Cortical.io. “Now we can meet their challenge by providing a more efficient AI-based solution that provides a faster time and minimal effort to train the system to handle new documents, as well as quicker and easier customization of models, with higher accuracy and recall than other solutions.”
Since it was first introduced in 2017, Cortical.io Contract Intelligence has been vetted and implemented by some of the leading insurance, banking, accounting and management consulting firms. It has been found to provide up to an 80% reduction in manual review and data extraction time along with reduced processing costs.
Unum implements Cortical.io Contract Intelligence
Unum, a leading employee benefits provider, is currently in the process of putting Cortical.io Contract Intelligence into full production to automate and increase the efficiency and quality of workflow in insurance quoting.
“The Cortical.io solution is uniquely suited to the challenges of large-scale document search and analysis. During our pilot program with Cortical.io, we saw a reduction in the time it takes to review contracts with an increased level of accuracy that enables Unum to deliver more timely and higher quality quotes to our brokers and customers” said Tim Harper, AVP, Benefits Operations, Unum.
Other new features in Cortical.io Contract Intelligence 4.0 are integration with other Business Intelligence solutions, increased administrative ease and workflow improvements. These include:
- A dashboard to enable specialists to manage and track the review progress.
- Task assignment for specialists to assign documents and annotation or review tasks to individual subject matter experts.
- Built-in OCR capabilities to detect scanned pdf files and convert them into machine-readable files capable of being annotated.
- Sophisticated table extraction to parse and extract information from tables regardless of the row/column format in the PDF document.
- Active assistance that includes inline messages pop up to guide users when creating new annotations.
“We’ve really focused on giving enterprise Subject Matter Experts (SMEs) control over their processes, versus a need to have AI experts that remain a scarce commodity in most enterprises,” Reinemer noted.
Availability and Pricing
Cortical.io Contract Intelligence is available immediately as a stand-alone application or can be integrated into a workflow through the use of REST APIs. The product can be delivered on-premises, in a private cloud or a public cloud. Cortical.io also is partnering with integration partners, as well as other product solution vendors. Current pricing is based on the number of documents (regardless of size) imported into the system. The solution is licensed on an annual basis and includes maintenance and support.
Cortical.io delivers AI-based business solutions which are quicker and easier to implement and more capable than current approaches. The company’s patented method of Natural Language Understanding enables enterprises to more effectively search, extract, and analyze information from unstructured text. The company’s solutions, including Contract Intelligence and Message Intelligence, cover a wide spectrum of use cases with proven implementations in Fortune 500 companies. Cortical.io is working to enable Semantic Supercomputing, the ability to process streams of natural language content at massive scale in real time through the use of hardware acceleration. Cortical.io has offices in the US (New York and San Francisco) and in Europe (Vienna). For more information, go to https://www.cortical.io. Follow us on LinkedIn and Twitter @Cortical_io.
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