LEWES, Delaware, October 3, 2022 — John Snow Labs, the healthcare AI and NLP company and developer of the Spark NLP library, today announced the launch of two new products: Finance NLP and Legal NLP. Both libraries come with a series of new pre-trained models and state-of-the-art algorithms, capable of performing entity recognition, relationship extraction, assertion status detection, entity resolution , de-identification, text classification, etc. Spark NLP is used by 50% of financial industry practitioners, signaling demand for a dedicated offering.
John Snow Labs has a 59% market share in healthcare and life sciences, with customers including half of the world’s top 10 pharmaceutical companies and the top three US healthcare companies, among others. Many of the challenges faced in the healthcare industry—very domain-specific language, stringent privacy and compliance regulations, and a mix of structured and unstructured data—apply to the legal and financial industries. Customers of new libraries will therefore benefit from widely validated solutions to these challenges.
With over 335 legal models and 60 financial models, John Snow Labs powers innovative new NLP applications in every area. In finance, the software can be used to analyze annual reports, perform competitive analysis, improve customer support, and help with mission-driven investments. For example, an investor can validate how the companies he explores apply ESG practices. For legal applications, NLP can be used for contract understanding, summarization, comparison, compliance, etc.
“The highly specific jargon and nuanced semantics of legal and financial documents, coupled with the massive amounts of text these industries generate, present a huge opportunity for natural language processing to help automate, simplify and optimize operations,” said said David Talby, CTO, John Snow Laboratories. “Finance NLP and Legal NLP enable this by providing current industry-leading accuracy, a wide range of out-of-the-box models for common use cases, and ease of use by integrating them into production systems.”
The news will be presented in a keynote session at the annual NLP Summit, the world’s largest gathering on the topic of applied NLP. The growing demand and use cases for NLP in finance and legal are significant, and the event program reflects this. Case studies, such as automating legal document review and information retrieval, automating invoice compliance checks, and using social media to determine credit scores, are topics discussed during the event.
To register for the free NLP Summit, taking place October 4-6, visit: https://www.nlpsummit.org.
Finance NLP and Legal NLP are supported on all major data platforms, including public cloud providers, Databricks, Kubernetes, on premises or on single machines. One-click installation with a 30-day free trial is available through AWS Marketplace and Azure Marketplace.
About John Snow Labs
John Snow Labs, the AI and NLP company for healthcare, provides cutting-edge software, models and data to help healthcare and life science organizations make good use of AI. AI. Developer of Spark NLP, the world’s most widely used NLP library in the enterprise, John Snow Labs’ award-winning clinical NLP software powers leading healthcare and pharmaceutical companies including Kaiser Permanente, McKesson, Merck, and Roche. The company is the creator and host of the NLP Summit, which educates and advances the NLP community.
Source: John Snow Labs
#John #Snow #Labs #Brings #Natural #Language #Processing #Finance #Legal