Coforge And Microsoft Collaborate To Launch Copilot Innovation Hub For Generative AI

Coforge and Microsoft join forces to launch the Copilot Innovation Hub, aiming to accelerate business adoption of generative AI with industry-specific solutions.  This collaboration includes the introduction of AI tools like the Underwriter Copilot to boost productivity in insurance.

CoForge on Tuesday announced the launch of the CoPilot Innovation Hub in collaboration with Microsoft, which aims to step up enterprise adoption of generative artificial intelligence (AI) technology. Coforge’s shares closed 1.22% higher on NSE at ₹4,787.20 per share on May 21.

The Copilot Innovation Hub will focus on developing industry-specific AI products in partnership with Microsoft, integrating these new products with Microsoft's generative AI offerings such as Microsoft Copilot, Microsoft Power Platform, and Microsoft Azure OpenAI Service.

As part of this initiative, Coforge introduced two new AI tools: the Underwriter Copilot for Insurance and the Advisor Copilot for Financial Services. The Underwriter Copilot is designed to assist insurance underwriters in making more informed decisions, delivering better control, and improving return on investment (ROI). The Advisor Copilot will help financial advisors by providing widespread data on funds, eliminating the need for detailed searches.

Coforge claims that the Underwriter Copilot will enhance the productivity and efficiency of insurance underwriters by 30-35%, while the Advisor Copilot is expected to increase the productivity of financial advisors and asset managers by more than 30%.

David Smith, Vice-President of Worldwide Channel Sales at Microsoft, referenced the 2024 Work Trend Index Annual Report, noting that the use of generative AI in the workplace has nearly doubled in the past six months, with 75% of employees now utilizing AI tools at work.

In addition to this collaboration, Coforge recently announced a partnership with Fiorano to offer ISO 20022 compliance as a service (ICaaS) also. This partnership aims to help companies transition to and adapt to ISO 20022 standards cost-effectively.

Coforge, a global digital services and solutions provider, operates in 21 countries with 26 delivery centers across nine countries. Despite a nearly 23% decline in its stock value since the beginning of the year, the company’s stock has gained over 9% in the past year.