HARNESS is announcing a new partnership with CLS Risk Solutions, the leading property development and transaction insurance specialist. CLS Risk Solutions will adopt the PDFx solution by HARNESS to improve underwriting efficiency. CLS is driving forward innovation in the insurance market by adopting this industry-leading technology, in particular, using a tailored version of PDFx self-service user interface to rapidly unlock valuable data from complex PDF documents and seamlessly structure it into formats for better analysis. The partnership also marks a milestone for commercial property data enablers HARNESS in growing their offering in the insurance market.
PDFx’s algorithms enable the automated extraction of data from previously inaccessible documents at a significantly faster rate and with high accuracy. Launched last year, user testing demonstrated it can extract 1,200 PDFs with complex tables in the time it takes a human to extract one, which brings significant costs savings and commercial advantage to those using PDFx.
PDFx will enable greater efficiency across CLS’ multiple and high-performing business units, which include CLS Risk Solutions, CLS Property Insights and CLS Data. Renowned as experts in the property development and transaction insurance sector, the additional use of PDFx will help them further strengthen their reputation for exemplary and efficient underwriting processes, and bring significant benefits to their compliance procedures relating to claims. PDFx will assist CLS in their myriad of services, including the ability to rapidly analyse a wide range of documents such as Rights of Light documents and policies, some of which present exceptionally complex tables and vector graphics that would otherwise takes hours to extract and use.
PDFx by HARNESS uses data science methods and machine-learning to extract and structure data from other PDF documents including investment brochures, landlord agreements, legal documentation, property marketing brochures, tenancy schedules and more. These are instantly converted into Excel or CSV formats, or other usable formats the client requires. In turn, this data can also be used for deeper modelling and data forecasting.
Ben Mein, CEO of HARNESS Data Intelligence, comments, “We are sure that CLS Risk Solutions will find PDFx enormously helpful in processing information and delivering the excellent client service that they are known for. This is also a major milestone for HARNESS, demonstrating the significant impact of helping clients unlock their often vast repositories of trapped and siloed data intelligence. Our PDFx solution enables automation and machine-learning driven release of siloed commercial property data. Now these benefits can be extended to the insurance industry, focusing on gaining valuable time savings, increase accuracy of underwriting analysis and automate compliance processes, which are more crucial in today’s economy than ever before.”
Rob Best, Managing Director at CLS Risk Solutions commented, “As a market innovator, we are always looking for better, more efficient ways to serve our clients. We are excited to work with HARNESS as we believe their solution will bring significant benefits to our market-leading proposition for our property development and investment clients.”
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