Cortical.io announced the release of Contract Intelligence 4.5, an artificial intelligence software that automatically and accurately searches, extracts, classifies and compares key information from agreements, contracts, and other unstructured documents like policies and financial reports. Contract Intelligence uses Natural Language Understanding (NLU) to analyze relevant information from large quantities of documents quickly and with an accuracy that is difficult to achieve at scale with manual labor or with other contract analysis tools.
"In production for over a year, we recently conducted an internal study that reported a decrease in the error rate of quotes generated by users and an overall improvement in quality by using Cortical.io Contract Intelligence," said Tim Harper, Head of Quote, UNUM Operations.
"While many companies are selling off-the-shelf solutions that cannot be easily customized or NLU platforms that need months of development, businesses are looking for solutions that deliver quick results, while meeting their specific requirements," said Thomas Reinemer, COO at Cortical.io. "So, we’ve built Contract Intelligence as a solution that is easy to customize and quick to implement in an enterprise environment."
Off-the-shelf contract review and analysis software are often limited to pre-defined contract types, whereas Cortical.io offers the capability to easily customize the extraction and classification to any type of document and to the specific corporate requirements with comparatively little training data. Because it is meaning-based, it reaches higher levels of accuracy even when extracting whole sentences and paragraphs, which makes it very reliable. Cortical.io Contract Intelligence is the only solution on the market which can compare documents and interpret terms and provisions with a high level of confidence, reducing human intervention to a minimum.
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Published: Wednesday, August 11, 2021
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