Coforge to collaborate with Microsoft to launch Copilot Innovation Hub. Introduces two new copilots.

Coforge on Tuesday announced its collaboration with Microsoft to launch the Copilot Innovation Hub to accelerate enterprise adoption of generative artificial intelligence (AI) technology. Following the announcement, shares of Coforge were trading higher by 0.92%. The firm’s Copilot Innovation Hub will develop new industry-specific AI products with the help of Microsoft and will work towards integrating these products with Microsoft’s generative AI products such as Microsoft Copilot, Microsoft Power Platform, and Microsoft Azure OpenAI Service.

As part of the collaboration, Coforge launched the Underwriter Copilot for Insurance and Advisor Copilot for financial services. The Underwriter Copilot for Insurance is a generative AI tool that will aid insurance underwriters in making more informed decisions, provide better control, and help achieve a better return on investment (ROI), the company said. The Advisor Copilot for financial services will provide access to comprehensive data regarding funds eliminating the need to do detailed searches.

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

David Smith, vice-president of worldwide channel sales at Microsoft cited the 2024 Work Trend Index Annual Report to say that the use of generative AI has nearly doubled in the last six months, with 75% of people using AI at work.

Coforge recently announced its partnership with Fiorano to introduce ISO 20022 compliance as a service (ICaaS). Coforge and Fiorano’s partnership will help companies migrate and cost-effectively adapt to ISO 20022.

Coforge is a global digital services and solutions provider which has a presence in 21 countries with 26 delivery centres across nine countries. Shares of the company have declined by nearly 23% since the beginning of the year. The stock has gained over 9% in the last one year.