LEWES, Del., Oct. 03, 2022 (GLOBE NEWSWIRE) — 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. The two libraries come with a series of new pre-trained models and state-of-the-art algorithms, able to carry out Entity Recognition, Relation Extraction, Assertion Status Detection, Entity Resolution, De-identification, Text Classification, and more. Spark NLP is used by 50% of practitioners in the finance industry, signaling a demand for a dedicated offering.
John Snow Labs commands a 59% market share in Healthcare & Life Science, with customers including half of the world’s top 10 pharmaceutical companies and the three largest US healthcare companies, among others. Many of the same challenges within healthcare—highly 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 the new libraries will therefore benefit from widely validated solutions to these challenges.
With more than 335 legal models and 60 finance models, John Snow Labs is powering new and innovative NLP applications in each field. In finance, the software can be used to analyze annual reports, carry out competitive analyses, enhance customer support, and help with mission-driven investments. For example, an investor can validate how the companies they’re exploring apply ESG practices. For legal applications, NLP can be used for contract understanding, summarization, comparison, compliance, and more.
“The highly specific jargon and nuanced semantics in legal and financial documents, paired with the sheer amounts of text these industries generate present a massive opportunity for natural language processing to help automate, simplify, and optimize operations,” said David Talby, CTO, John Snow Labs. “Finance NLP and Legal NLP enable that by providing current state-of-the-art accuracy, a broad set of out-of-the-box models for common use cases, and ease of use building 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 the finance and legal fields are significant, and the event program reflects that. Case studies, such as automating legal document review and information extraction, automating compliance checks for invoices, and using social media to determine credit scores, are topics that are being covered at the event.
To register for the free NLP Summit, taking place Oct. 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-premise, 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 for healthcare company, provides state-of-the-art software, models, and data to help healthcare and life science organizations put AI to good use. 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, further educating and advancing the NLP community.