Innodata Lands Two New Synodex Platform Deals as Life Insurance Companies Seek to Leverage Technology to Manage Cost

NEW YORK, NY / ACCESSWIRE / November 9, 2022 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has won Synodex platform deals with two new customers - each a Fortune 500 diversified financial services company with over $200 billion in assets. Innodata estimates the two engagements collectively at $1.1 million per year of ongoing annual revenue. One of the engagements is due to kick off this week and the other is anticipated to begin in Q1 of 2023.

"We're seeing life, disability and long-term care insurers prepare for the recession by focusing on robust management of risk, protective value, and operational efficiency," said Jack Abuhoff, Innodata Chief Executive Officer. "Our Synodex managed service platform supports all of these needs."

Innodata's Synodex managed service platform turns medical information from traditional and EHR medical records into human-readable summaries and digital data feeds used to power automated/augmented underwriting and analytics. With Synodex, companies are able to simplify underwriting processes, improve time service, and reduce costs."

In a recent article, Gartner Group asserted that "accelerating the right digital initiative lies at the core of must-take actions in today's economy," recommending that companies automate activities with technologies such as AI and robotics that can reduce labor costs, shore up production, and free up scarce, high-cost talent to focus on value-creating activities.

"We believe our Synodex platform offering is well-aligned to what matters most right now," Abuhoff concluded.

Learn more about Innodata's Synodex medical data extraction and summarization here and stay up to date on recent Innodata news here.

About Innodata

Innodata (NASDAQ:INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.

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Company Contact:

Marcia Novero

mnovero@innodata.com

201-371-8015

SOURCE: Innodata Inc.