CogniCor integrated Microsoft’s Azure OpenAI Service into its AI-enabled digital assistant solutions for the wealth management and insurance industries, the company announced.
The Palo Alto, California-based wealthtech firm’s digital assistants, which are designed with the goal of maximizing an advisor or agent’s time and enhancing the experience for insurance and wealth management professionals, will be hosted in Azure and offered through Microsoft’s Azure Marketplace.
CogniCor’s digital assistants are built on its CIRA platform, which packages operational workflows and knowledge modules tailored to the insurance and wealth management industries.
The products are based on knowledge graphs, which are conceptual maps that group firm- and industry-specific terminology to bolster the knowledge base and accuracy of their algorithms. According to the release, the firm launched the first knowledge graphs for the insurance and wealth management industries in 2021.
“The quantum leap in artificial intelligence powered by OpenAI and large language models presents incredible opportunities for all industries, especially within the highly regulated spaces of insurance and wealth management,” said Sindhu Joseph, CEO and Co-Founder of CogniCor.
She continued, “Working with one of the most respected and trusted names in business technology, we are thrilled to benefit from the power of Microsoft Azure OpenAI Service to enhance productivity, efficiency, and growth for those using these tools. The larger vision for us is to offer a fine-tuned model of the OpenAI algorithms for the wealth and insurance industries.”
Alongside the integration, CogniCor announced a pilot program with a group of “technologically progressive wealth management organizations,” including AssetMark, Steward Partners Global Advisory and Shufro Rose & Co. As the pilot group uses the Azure-based platform, it will test the digital assistants and their connections with OpenAI via Microsoft’s application programming interface (API).
Matthew Kerner, Corporate Vice President, Microsoft Cloud for Industry at Microsoft, said that the tech giant looks to work with specialized startups like CogniCor to extend its platforms “into specific domains and business processes that are critical to industries like Financial Services. We are pleased to see CogniCor enable their industry vertical AI assistants built on our AI platform to unlock value in industry verticals such as insurance and wealth management.”
Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at firstname.lastname@example.org.