San Jose, California | December 14, 2023 Guidewire (NYSE: GWRE) and Kanverse.ai (Kanverse) announced that Kanverse’s new Ready for Guidewire validated accelerator is now available to Policy Center users in the Guidewire Marketplace.
Powered by its patented, proprietary multi-stage artificial intelligence (AI) engine, Kanverse provides end-to-end automation of insurance document processing for insurers. Its technology ingests and extracts data from a variety of insurance documents with up to 99.5% accuracy, validates the documents with business rules to filter unwanted risks, then files the extracted data into Guidewire. The Kanverse user interface is intuitive and highly collaborative, allowing users to communicate with each other within the platform. Kanverse’s powerful AI can adapt to changes in the intake documents and learn from users using auto-learning.
With Kanverse’s Accelerator for Submission Intake, insurers can:
-
Automatically file the extracted data directly in Policy Center;
-
Reduce cycle times from days and weeks to minutes;
-
Reduce operational costs and manual labor through Kanverse’s automation; and
-
Focus resources on strategic activities and write more policies without impacting quality with resulting boosted productivity.
Kanverse can extract data from a wide range of documents, including ACORD documents, custom forms, supplemental forms, loss run reports, statement of values, and quotation request slips. It can also extract from various document formats with extremely high accuracy, like structured, semi-structured, and unstructured documents in Excel, PDF, Word, and image formats.
“The inconvenient, highly manual submission intake process is tedious, time consuming, error-prone, and causes unprecedented delays and bottlenecks for insurers,” said Dr. Akhil Sahai, Chief Product Officer, Kanverse.ai. “Our powerful technology completely transforms this process, reducing operations costs while eliminating redundant, labor-intensive data entry and allowing insurers to focus their resources on strategic activities.”
“Congratulations to Kanverse on the release of its new Policy Center app,” said Will Murphy, Vice President, Global Technology Alliances, Guidewire. “Kanverse modernizes document intake for insurers. Making AI the cornerstone of its advanced technology ensures accuracy and adaptability as the industry evolves, helping to future-proof insurers for years to come.”
About Kanverse.ai
Kanverse.ai, a Hyperautomation company, offers a cloud-based platform and a suite of products that can support various use cases across the enterprise to remove bottlenecks, streamline business processes, and minimize manual touch points across workflows. Our flagship product is AI-powered Kanverse Intelligent Document Processing (IDP) that supports the processing of unstructured, semi-structured, and structured documents. Kanverse delivers solutions for Insurance Document Processing Automation, AP Invoice Automation, Sales Order Automation, and KYC & KYB Automation. Learn more at: www.kanverse.ai
About Guidewire Partner Connect ecosystem and Ready for Guidewire
Guidewire’s solution ecosystem is the largest in the P&C industry, with over 185 solution partners providing over 215 integrations in the Guidewire Marketplace. Guidewire Partner Connect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire
For more information about Guidewire Partner Connect, please visit http://www.guidewire.com/partners.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and machine learning to deliver our platform as a cloud service. More than 540 insurers in 40 countries, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,600+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.