CogniCor launches AI-enabled digital assistants for wealth management, insurance

The digital assistants will be driven by Microsoft’s Azure OpenAI Service.

CogniCor, which provides digital assistants for the financial services industry, has launched digital assistants for the wealth management and insurance industries powered by Microsoft’s Azure OpenAI service, the company announced Thursday.

The digital assistants can help advisors with onboarding, client review meetings and financial planning, as well as providing guidance on compliance.

CogniCor’s technology combines operational workflows and knowledge models that are specific to the wealth management and insurance industries, along with large language models. Its knowledge graphs map firm- and industry-specific terminology to give algorithms the context they need to get the job done.

“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,” Sindhu Joseph, CogniCor’s CEO and co-founder, said in a statement.

“We are thrilled to benefit from the power of Microsoft Azure OpenAI Service to enhance productivity, efficiency, and growth for those using these tools,” she added. “The larger vision for us is to offer a fine-tuned model of the OpenAI algorithms for the wealth and insurance industries.”

Industry firms that are piloting the digital assistants include AssetMark, Steward Partners Global Advisory and New York City-based RIA Shufro Rose & Co.

The digital assistants will be available at Microsoft’s Azure Marketplace.