Cortical.io updates Intelligent Document Processing Suite
Cortical.io has announced new releases of solutions that improve document processing speed, accuracy and usability for the most challenging business documents, messages, and attachments.
Contract Intelligence 4.6 automatically and accurately searches, extracts, classifies and compares key information from agreements, contracts, and other business documents like insurance policies and financial reports.
The company says Contract Intelligence uses a unique Natural Language Understanding (NLU) approach to analyze relevant information from a document quickly and accurately. It achieves at scale what is difficult for manual labour or other contract analysis tools.
The new version models relations between extractions, and includes performance and scale improvement. It also has a newly refined user interface for ease of use.
Message Intelligence 2.4 automatically and accurately classifies and processes messages, attachments, and unstructured text based on meaning. When leveraging models built with Contract Intelligence, it also extracts and can leverage information buried in messages, attachments, and unstructured text.
The new version contains explainable AI-supported classifiers, improved handling of messages and attachments, high availability, and an enhanced dashboard.
“Intelligent document processing is increasingly important to create operational efficiencies in business processes that need to extract information from semi-structured and unstructured data for further analysis,” according to Gartner “These processes currently are majorly human-centric.”
There are a wide variety of vendors offering IDP solutions. Most focus on structured documents such as forms or semi-structured documents such as invoices. Cortical.io claims what sets it apart is its ability to deal with unstructured documents such as contracts, insurance policies, proposals, leases, emails with attachments, social media posts, etc. with both high accuracy and speed.
The company’s semantic technology is based on a unique approach to NLU called Semantic Folding which can process thousands of incoming documents, messages or attachments annually. For instance, insurance carriers and brokers can automatically review, extract and compare information from documents including policies and claims, speeding up the quoting process and improving responsiveness.
“While many companies are selling NLU platforms that require months of implementation effort, or off-the-shelf solutions that cannot be easily customized for challenging use cases with unstructured content, businesses are looking for solutions that deliver quick results, while meeting their specific requirements,” said Thomas Reinemer, COO at Cortical.io.
“So, we’ve built IDP solutions that are easy to customize and quick to implement in an enterprise environment, while achieving unmatched levels of accuracy when processing unstructured text.”