PriyaPatel
TLDR:
- IntellectAI is an insurtech focused on enhancing efficiency and transforming business models in the insurance industry.
- They provide AI-enabled underwriting products for reinsurers, wholesalers, and MGAs to improve underwriting accuracy and speed.
Full Article:
The insurance industry is seeing a shift towards “Insurtech 2.0,” where companies like IntellectAI are focusing on efficiency and transforming business models. IntellectAI, a business of Intellect Design Arena, provides cloud-native, AI-enabled underwriting products for reinsurers, wholesalers, and MGAs. They offer solutions like Magic Submission, an AI-enabled extraction tool that reduces time and cost in document processing by 87% and 50% respectively.
Sandeep Haridas, EVP and insurance business head at IntellectAI, emphasizes the importance of human input alongside generative AI solutions. While generative AI can be a game-changer, it is crucial to connect AI with human capabilities for effective decision-making. IntellectAI also offers solutions like Risk Analyst, which enhances underwriter productivity through data aggregation and insights platform.
IntellectAI’s Intellect Xponent product is a full suite, end-to-end P&C underwriting workbench that includes submission ingestion and policy administration support for various lines of business. The company is continuously working on new solutions powered by generative AI, such as no-touch loss run extraction capabilities and a standalone end-to-end ecosystem for cyber carriers.
In conclusion, IntellectAI is at the forefront of leveraging AI and data-centric approaches to improve efficiency and accuracy in the insurance industry. With a focus on enhancing underwriting processes and providing innovative solutions, they aim to make underwriters look like superheroes in front of their stakeholders.
