KoiReader Technologies has announced a strategic partnership with Loadsure, designed to enhance insurance claims processing by integrating KoiReader’s specialized Optical Character Recognition (OCR) API into Loadsure’s platform.
The integration is expected to result in a leap in efficiency for processing insurance claims within the supply chain, leveraging KoiReader’s autonomous technology for real-time processing and validation of cargo claims information.
The technology, KoiReader says, specifically targets the logistics industry, is capable of handling complex documents seamlessly in a fully automated, lights-out operation. It went live in 2023, facilitating the digitization of a broad array of cargo documentation, such as commercial invoices and bills of lading, among others.
“When two industry disruptors come together, you can expect real value creation. This is just the start of our strategic partnership, and we are working on a much broader collaboration across multiple transportation modes and several cargo industry use cases,” KoiReader CEO and founder Ashutosh Prasad said.
Justin Murphy, EVP of claims at Loadsure, expressed enthusiasm about the integration, noting its impact on simplifying the claims process for customers.
“We’re delighted to integrate KoiReader into the Loadsure platform - reliably automating the ingestion of claims information relieves our customers of an unnecessary time-burden and enables the quickest-possible review, approval and payment of claims; making our assureds whole and delivering best-in-class claims service,” Murphy said.
Elsewhere for the insurtech MGA, Loadsure recently unveiled Columbia, a new insurance product designed for the logistics industry.
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