WASHINGTON, D.C. / January 21, 2020 / Press Release / — On their list of the top 10 insurtech companies of 2020, Plug and Play Tech Center included the software company Sorcero. Sorcero’s Natural Language Processing (NLP) platform augments the workflows of experts at life science and insurance enterprises.
Participating in Plug and Play’s insurtech program has been a boost for the rapidly growing Washington, DC enterprise AI software startup. As an innovation platform, Plug and Play Tech Center runs the world’s leading insurtech accelerator, enabling select startups to pitch directly to executives and innovation teams at the world’s largest insurance corporations.
Many Fortune 100 companies partner with Plug and Play, including several insurance companies now forging formal business relationships with Sorcero. Following its memorable presence at the 2019 program, the company has had dozens of conversations with top executives and is quickly moving forward to implement cutting-edge NLP solutions within some of the largest insurance companies in the world.
The DC-based company leaped onto Plug and Play’s list after only a few months of directly working in insurtech. This rapid progress reflects the diverse applications of the Sorcero platform and its previous success across multiple domains of expert knowledge.
Dipanwita Das, founder of Sorcero, says, “Plug and Play has proven to be an invaluable partner. We were incredibly honored to be the only company in our cohort selected to three different programs–insurtech, life sciences, and supply chain–and we’ve aggressively pursued every available opportunity to show off our platform’s capabilities. While we’ve found success in each vertical, we’re seeing an extremely strong proof of product-market fit in insurtech.
In 2020, Sorcero aims to continue this development within insurtech–and elsewhere. With major opportunities, including having completed three Plug and Play accelerator programs and recent acceptance in another top-five accelerator, MassChallenge FinTech, the startup has a clear path to growth ahead.
Das explains: “Sorcero’s focus on NLP for technical language is showing some amazing dividends. We’ve seen firsthand how technical language often flows horizontally through different sectors of the economy. As we develop our product to parse, understand, and work with technical language from one industry, we find it cropping up in others. For instance, technical language that we’ve worked with for customers in the skilled trades crops up again for customers in construction, real estate, insurance, and more.
“The more customers we talk to, the more we are seeing such patterns emerge across a wide variety of sectors. Insurance is a perfect hub for these patterns, as the insurance industry understands and underwrites the risks of every other industry. We are excited about these connections and where they are taking Sorcero.”
About Sorcero: Sorcero provides a no-code NLP Platform for domain-specific AI that understands life sciences, insurance, and related subject matter areas. The applications it makes possible focus on the most valuable functions at enterprises. With their NLP suite, Sorcero augments the efforts of subject matter experts who work with vast amounts of data that is structured, unstructured, or anywhere in between.