Automate Document Intake with AI using Kanverse.ai’s New Guidewire Marketplace App

Rhea-AI Summary

Guidewire (NYSE: GWRE) and Kanverse.ai (Kanverse) have launched a new Ready for Guidewire validated accelerator for PolicyCenter users in the Guidewire Marketplace. Kanverse's AI technology automates insurance document processing with up to 99.5% accuracy, reducing cycle times, operational costs, and manual labor for insurers. The technology extracts data from various insurance documents, including ACORD documents, custom forms, loss run reports, and more, with high accuracy and adaptability. The Ready for Guidewire accelerator allows insurers to file extracted data directly in PolicyCenter, enhancing productivity and strategic focus for insurers.

Positive

• Kanverse's AI technology provides end-to-end automation of insurance document processing with up to 99.5% accuracy, reducing cycle times, operational costs, and manual labor for insurers.
• The technology extracts data from various insurance documents with high accuracy and adaptability, allowing insurers to focus resources on strategic activities and write more policies without impacting quality.
• Kanverse's new Ready for Guidewire validated accelerator for PolicyCenter users in the Guidewire Marketplace enhances productivity and strategic focus for insurers by allowing them to file extracted data directly in PolicyCenter.

Negative

• None.

SAN MATEO & SAN JOSE, Calif.--(BUSINESS WIRE)-- Guidewire (NYSE: GWRE) and Kanverse.ai (Kanverse) announced that Kanverse’s new Ready for Guidewire validated accelerator is now available to PolicyCenter 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 PolicyCenter;
• 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 PolicyCenter 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 PartnerConnect 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 PartnerConnect 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, and can be found on the Guidewire Marketplace.

For more information about Guidewire PartnerConnect, 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 more than 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.

For more information, please visit www.guidewire.com and follow us on X (formerly known as Twitter) and LinkedIn.

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231214813065/en/

Melissa Cobb

Senior Public Relations Manager

Guidewire Software, Inc.

+1.650.464.1177

mcobb@guidewire.com

Dr. Akhil Sahai

Chief Product Officer, Founding Member

Kanverse.ai

408.219.2196

akhil.sahai@kanverse.ai

Source: Guidewire

FAQ

What is the new Ready for Guidewire validated accelerator launched by Guidewire (NYSE: GWRE) and Kanverse.ai (Kanverse)?

The new accelerator is designed for PolicyCenter users in the Guidewire Marketplace, providing end-to-end automation of insurance document processing with high accuracy and adaptability.

How does Kanverse's AI technology benefit insurers?

Kanverse's AI technology automates insurance document processing, reducing cycle times, operational costs, and manual labor for insurers. It allows insurers to focus resources on strategic activities and write more policies without impacting quality.

What types of insurance documents can Kanverse's technology extract data from?

Kanverse's technology can extract data from a wide range of documents, including ACORD documents, custom forms, loss run reports, and more, with high accuracy and adaptability.

Who commented on the release of Kanverse's new PolicyCenter app?

Will Murphy, Vice President, Global Technology Alliances, Guidewire, congratulated Kanverse on the release of its new PolicyCenter app, emphasizing the modernization of document intake for insurers and the use of AI technology to future-proof insurers.