In the past, reviewing large stacks of documents was a mind-numbing chore for junior attorneys — a process that could literally consume months of multiple employees’ lives. But innovations in artificial intelligence have enabled Cortical.io to automate the document review process with software, and the company today announced a new version of Contract Intelligence with accuracy and speed improvements that promise to reduce data analysis time by as much as 80%.
Using large quantities of documents as inputs and a semantic folding theory-based natural language understanding system to parse content, Contract Intelligence can transform structured agreements and unstructured documents into comprehensible data. The software is able to search, extract, classify, and compare data from contracts, policies, financial reports, and other documents, including the ability to understand the meanings of concepts and whole sentences — more than just keywords, which might previously have been extracted and searchable using basic optical character recognition.
Cortical.io’s update is significant for technical decision-makers because it demonstrates how AI is enabling computers to cut through formerly time-consuming human data processing tasks like a hot knife through butter — including formerly complex legal tasks. The new software speeds up the data extraction process, renders documents in higher fidelity, and enables advanced searches that can look for ranges of dates or numbers. Contract Intelligence’s date range searches can quickly identify coverage gaps in insurance policies or the application dates of key contract provisions, concepts that would have previously required human analysis.
Although it might go without saying in some industries, the labor involved in reviewing documents is a prime example of the saying “time is money,” as lawyers tasked with going through contracts can each bill hundreds of dollars per hour of review time, making computerized review potentially very valuable. Cortical.io’s solution promises “quick training” — it can get moving with only 50 sample documents — and doesn’t require AI expertise, instead relying on subject matter experts who use the app to fine-tune the results over time.
Overall, the system promises to reduce contract review time by four-fifths, a potentially massive savings for what might otherwise have been multi-day or multi-month document analysis tasks. It also promises “human-level accuracy.” The system can automatically output processed data to a contract management system and/or business intelligence tools, depending on the client’s needs.
Cortical.io prices Contract Intelligence based on the annual volume of documents, making the software a useful long-term solution for businesses that frequently review large collections of contracts, including those in the insurance industry. A demonstration video is available for companies that might be interested in learning more about the technology, along with a free online demo for potential customers.
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform
- networking features, and more
Source: Read Full Article