LOSS RUN INSIGHTS

COGNISURE LOSSRUN INSIGHTS AUTOMATES the END to END PROCESS of LOSS RUNS

Jessica Tan
Jeff Goldberg, EVP
Jessica Tan

 Loss run processing is a major pain point for insurers, and improving and automating the intake of loss runs is a significant opportunity for growth, reduction of operating costs, and improvement of risk assessment.

Insurers are losing business due to long turnaround times driven by loss run processing, insurers are miscategorizing and improperly pricing risks due to the error prone manual loss run process, and insurers are wasting time and money on every incoming new business and renewal application that can be better spent on higher value tasks. 

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Procurement of Loss Runs

  • With the Robotic Process Automation (RPA) Bots – loss runs can be downloaded from carrier websites at the desired frequency.
  • Loss runs can be directly forwarded to the CogniSure AI Platform.

Extract Structured data

  • The CogniSure AI Platform is trained to understand the top 50 carrier loss runs, and the list continues to grow. We expect to have the top 100 carrier loss runs trained by June 2021. PDF and Excel loss runs are converted to structured data using CogniSure proprietary algorithms.
  • The data is then converted into an industry common loss run format.
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Insights

  • One page loss summaries are created from multiple carrier loss runs.
  • Structured data is available as actionable insights in the CogniSure LossInsights portal.