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Artificial leverages ACORD Transcriber to further automate data extraction within underwriting platform

Artificial leverages ACORD Transcriber to further automate data extraction within underwriting platform

LONDON, 2nd May 2024 - Artificial, the London-based leading algorithmic technology provider, today announced that it has added ACORD Transcriber to its suite of machine learning and generative AI data extraction tools for its clients in the commercial and specialty insurance space.

ACORD Transcriber is ACORD Solutions Group’s intelligent document processing solution for fast, accurate data extraction and digitisation from any structured or unstructured insurance document, including the full library of ACORD Forms. By licensing ACORD Transcriber, Artificial enables its clients to automate even more of their data extraction, reducing the need to manually rekey information into their solutions.

Implementation of ACORD Transcriber allows Artificial to further streamline underwriting workflows with organisations that send and receive ACORD Forms, improve data accuracy, and reduce the cost of data processing. As an existing member of the ACORD Solutions Group Licensed Integrator Partner program, Artificial will further connect with clients in the London Market to facilitate accurate data extraction, on top of its existing machine learning and generative AI capabilities.

Alexis Renaudin, Head of Data at Artificial said:

Integrating ACORD Transcriber is fantastic for Artificial, enabling us for the first time to process all ACORD Form types alongside our existing supported files in our platform.” “This automation further streamlines the entire underwriting workflow for our clients—from initial document reception from brokers to data extraction and decision-making. It dramatically cuts down the time spent on manual data entry of complex forms to a matter of seconds, accelerating our ability to deliver precise and rapid decisions, for the benefit of our brokers and underwriting partners.

Chris Newman, EVP and Global Managing Director, ACORD Solutions Group said:

It is through partnerships with organisations like Artificial that ACORD Solutions Group can continue to reach London Market stakeholders with fast, accurate data extraction capabilities. We are pleased to facilitate the seamless processing of insurance documents to clients leveraging Artificial’s underwriting platform, further enabling efficiency and accuracy within the insurance space.