The firm’s Policy and Process Assistant and Meeting Assistant using Azure OpenAI Service are available in Azure Marketplace
PALO ALTO, Calif., Jan. 18, 2024— CogniCor (the “firm”), a provider of artificial intelligence (AI) enabled digital assistants and business automation platform for the financial services industry, today announced the launch of its Microsoft Azure OpenAI Service-enabled enterprise-ready digital assistants for the insurance and wealth management industries.
Intended to maximize an agent or advisor’s time, the firm launched its AI-enabled digital assistants to redefine the professional experience for insurance and wealth management professionals. CogniCor’s digital assistants that offer guidance on compliance processes and forms, and optimize workflows for onboarding, client review meetings, and financial planning use Azure OpenAI Service and are offered through Azure Marketplace and hosted in Azure.
CogniCor carefully selected a client pilot group of technologically progressive wealth management organizations including large broker-dealers, RIAs (registered investment advisors) and TAMPs (turnkey asset management programs). This group includes AssetMark, a TAMP that serves 9,300 financial advisors and supports roughly $100 billion in platform assets1, Steward Partners Global Advisory, a 2022 Barron’s Top 100 RIA firm supporting hundreds of advisors across 40 locations, and Shufro Rose & Co., a multi-generational RIA based in New York City.
The pilot group will deploy Azure OpenAI Service-enabled platform enabling them to scale their operations efficiently while providing a differentiated experience to their home office staff, advisors and their clients. This will also allow the firms to test the AI-enabled digital assistants and their connections with OpenAI through Microsoft’s application programming interface (API).
“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 Dr. Sindhu Joseph, CEO and Co-Founder of CogniCor. “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.”
CogniCor’s digital assistants are built on the firm’s proprietary CIRA platform, which packages insurance and wealth management-specific operational workflows and knowledge modules and uses large language models to understand the user intent returning accurate, appropriate responses or courses of action that directly address users’ needs. At the heart of CogniCor’s approach is the use of knowledge graphs — conceptual maps that group firm- and industry-specific terminology to give algorithms the much-needed knowledge base and context to accomplish their tasks. CogniCor launched the first-ever knowledge graphs for the insurance and wealth management industries in 2021.
Matthew Kerner, CVP, Microsoft Cloud for Industry at Microsoft said, “At Microsoft, we are pleased to work with specialized startups like CogniCor to extend our 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.”
CogniCor is a venture-funded, female-founded fintech firm based in Palo Alto, California that is focused on using artificial intelligence solutions to accelerate productivity and growth for wealth management firms, insurance businesses and other financial services companies across the country. Central to the firm’s offerings is CIRA, CogniCor’s scalable enterprise platform for deploying and managing AI-powered business automation to help wealth management and financial services firms drive client engagement and business efficiency. For more information, please visit https://www.cognicor.com/.
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