CogniCor Launches Insurance Industry's First Knowledge Graph For Digital Assistants
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Dynamic, Customizable Framework Allows Companies to Seamlessly and Immediately Integrate Industry Standard AI-Enabled Digital Assistant into Critical Processes
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PALO ALTO, Calif., Oct. 5, 2021 /PRNewswire/ -- CogniCor, the leading provider of artificial intelligence-powered digital assistants for highly regulated industries, today announced the launch of a highly customizable and scalable knowledge graph, designed for insurance companies employing AI-powered digital assistants to streamline their user-support functions. Built on CogniCor's years of experience deploying digital assistants in the insurance and wealth management industries, the new knowledge graph gives its digital assistants crucial context and background information to support insurance carriers, enabling firms to seamlessly integrate AI-enabled digital assistants into their operations, maximizing efficiency, reducing costly errors and streamlining critical processes.
Knowledge graphs are conceptual maps that group together firm- and industry-specific topics, terminology and content to give CogniCor's AI algorithms a knowledge base and context to interpret the intent behind users' requests and return appropriate guidance. They act as an AI-powered digital assistant's "brain," enabling it to quickly call upon a body of consistent, pre-approved content to accurately address users' questions.
CogniCor's knowledge graph-enabled digital assistants provide accurate responses in 95 percent requests, while digital assistants utilizing data-based machine learning only achieve a 70 percent level of accuracy. The deployment time for the firm's digital assistants is 10 times faster than conventional digital assistants, and maintenance effort is considerably lower.
CogniCor Founder and CEO Sindhu Joseph said, "For an insurance firm to successfully and efficiently address user questions demands a highly detailed understanding of its regulatory constructs and terminology, as well as a consistent application of this knowledge when completing everyday tasks. This makes knowledge graph-supported solutions a great fit for this sector."
"A knowledge graph-enabled digital assistant functions more like an experienced team member who has all the industry-specific context and background knowledge to hit the ground running, because it already 'understands' critical information about regulations, industry terms and product offerings. When combined with the profile of the user, we can give highly personalized digital care to the customers and insurance providers," Dr. Joseph continued.
The firm's library of pre-built, knowledge graph-enabled digital assistants are tailored with expertise and knowledge in specific industries to address the most common reasons for support calls, the issues that take the most time to address, and more. The digital assistants can be further configured to leverage firm-specific knowledge, information and data. When deployed, CogniCor's digital assistants can mitigate the volume of calls from users to live call-center staff without affecting the critical mid- and back-office functions they need to drive business.
CogniCor's client firms have reduced support calls by 25 percent and achieved more than 80 percent first-call resolution with the company's suite of digital assistants. CogniCor's digital assistants do not eliminate the need for user support staff but instead allow the team to focus time and resources on complex requests, enhancing overall service to all users.
Dr. Joseph concluded, "With artificial intelligence-driven applications, it's not enough to simply 'turn algorithms loose' on data and have them learn from scratch. For these applications to provide real value, they need a helping hand – a way to contextualize and organize information that points them in the right direction. Knowledge graphs provide our digital assistants a leg up as they leverage the power of artificial intelligence to support insurance company employees and other users in carrying out their duties, and we are thrilled to provide this important technology to the industry."
About CogniCorCogniCor is a venture-funded, female-founded and female-led fintech firm based in Palo Alto, Calif. that is focused on using artificial intelligence solutions to accelerate productivity and growth for wealth management firms, insurance businesses and other financial services companies across the country. Central to the firm's offerings is CIRA, CogniCor's scalable enterprise platform for deploying and managing AI-powered digital assistants to help wealth management and financial services firms drive client engagement and business efficiency. For more information, please visit https://www.cognicor.com/.
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