SortSpoke provides AI-powered data entry automation software specifically designed for property and casualty insurance carriers and managing general agents (MGAs). The platform enables underwriting teams to process submissions five times faster while ensuring 100% accuracy in data extraction from unstructured documents.
Funding
$6.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
IFFounders
Product
Problem
Property and casualty (P&C) insurance carriers and managing general agents (MGAs) face challenges in efficiently processing a high volume of submissions due to understaffing and the complexity of unstructured documents. Manual data extraction from these documents is time-consuming, prone to errors, and hinders the ability to prioritize high-value submissions.
Solution
SortSpoke offers an AI-powered intelligent document processing (IDP) platform that automates data entry for P&C insurance carriers and MGAs, increasing submission processing speed by up to 5x. The platform combines machine learning with a human-in-the-loop approach, allowing underwriters to maintain control and accuracy while extracting data from various document types, including unstructured applications, emails, statements of value (SOVs), and loss runs. SortSpoke's TriageAI enables teams to prioritize high-potential risks, and its data enrichment capabilities automatically enhance submission data with verified third-party information. By augmenting underwriters with AI, SortSpoke streamlines workflows, improves decision-making, and increases underwriting capacity.
Target Audience
SortSpoke targets property and casualty insurance carriers, managing general agents (MGAs), and business process outsourcing (BPO) providers seeking to automate submission processing, improve underwriting efficiency, and increase capacity.
Features
- AI-powered data extraction from unstructured insurance documents, including ACORD forms, loss runs, and emails
- Human-in-the-loop AI ensures accuracy and allows underwriters to maintain control over the data extraction process
- TriageAI prioritizes high-value submissions based on customizable rules
- Data enrichment automatically enhances submission data with verified third-party information
- Integration with existing underwriting workflows and systems
- Support for multiple lines of business and diverse document types
- Traceability features ensure every piece of data is auditable
- Insurance Document LLM combines machine learning and large language models to process complex insurance documents