Coforge Partners with Microsoft to Launch Copilot Innovation Hub

On May 21, 2024, Coforge Limited informed the stock exchanges about the collaboration with Microsoft to establish the Coforge Copilot Innovation Hub.

The Hub will develop a pipeline of new industry-specific generative AI solutions and work closely with Microsoft to integrate these solutions with its generative AI products and technologies, including Microsoft Azure OpenAI Service, Microsoft Copilot and Microsoft Power Platform.

As part of the Copilot Innovation Hub, Coforge has introduced two new copilots: Underwriter Copilot for insurance carriers and Advisor Copilot for financial services organisations.

The Underwriter Copilot for Insurance is a cutting-edge solution designed to empower insurance underwriters with enhanced decision-making capabilities and control. This leads to better ROI and a smoother approach to the complexities of underwriting. This solution aims to improve carriers’ combined ratios by 2-3%, creating new revenue opportunities. By utilising Underwriter Copilot, insurance carriers can boost their underwriters’ productivity and efficiency by 30-35%.

The Coforge Advisor Copilot solution lets financial advisors quickly access comprehensive fund information and performance data through a user-friendly interface. It eliminates the need for time-consuming searches across different documents, tools, and data sources. The solution is expected to improve the productivity of financial advisors and asset managers by more than 30%.

These copilots will utilise Microsoft’s generative AI products and technologies to improve productivity by automating manual tasks, making decisions based on enterprise data, and improving operational efficiency by streamlining and optimising business processes. These solutions will speed up the transformation and create new client value streams.

The Coforge Copilot Innovation Hub will facilitate frictionless adoption of Microsoft’s generative AI offerings for greater efficiencies and superior business outcomes.

Speaking of this collaboration, Sudhir Singh, the Executive Director and CEO of Coforge, said, “Coforge is taking advantage of its deep industry strengths and customer partnerships in building industry-specific generative AI solutions on the Microsoft platform to drive transformation and enhance productivity.”

He further added, “This collaboration with Microsoft will further accelerate our efforts to deliver industry-leading generative AI solutions to our customers. We are today introducing two new copilots: Underwriter Copilot for insurance carriers and Advisor Copilot for financial services organisations.”

The Vice President of WW Channel Sales at Microsoft, David Smith, said, “The Coforge Copilot Innovation Hub is a testament to our joint commitment to transform and scale organisational capabilities of financial services organisations worldwide. The use of generative AI has nearly doubled in the last six months, with 75% of people using AI at work, according to the 2024 Work Trend Index Annual Report. Together, Coforge and Microsoft are committed to leading the way in AI adoption, driving innovation, and unlocking business value for enterprises globally,”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.