Meet the insurtech: IntellectAI
The insurance industry is entering the era of “Insurtech 2.0,” a period where insurtechs have shifted focus on improving carriers’ technology and customer experience to a more concentrated approach on enhancing efficiency and transforming business models.
IntellectAI is an insurtech business of Intellect Design Arena, which has been working with insurers globally for over two decades, and provides cloud-native, AI-enabled and data-centric underwriting products for reinsurers, wholesalers and MGAs. The insurtech was born out of core system modernization, but has since evolved into a technology partner that provides large scale innovative technologies, like generative AI products, to transform and enhance underwriting speed and accuracy.
Sandeep Haridas, EVP and insurance business head at IntellectAI, is an insurance and technology professional with over 20 years of experience. As a previous customer of IntellectAI for nearly three years, Haridas was happy to join the organization in 2022 based on his positive experiences with its solutions.
Sandeep Haridas, EVP and insurance business head at IntellectAI
IntellectAI
“I was always very interested in the AI and engineering talent that Intellect has and their desire to go to extreme lengths to satisfy their customers’ needs and really be a partner in that transformation journey…” said Haridas. “The mission of the company, on the insurance side, is to make the underwriter look like a superhero in front of their brokers, insured and their organizations.”
IntellectAI offers multiple solutions that target underwriting effectiveness.
The Magic Submission product is an AI-enabled extraction tool that reads both structured and unstructured documents across all lines of business – according to IntellectAI, Magic Submission boasts 87% time reduction and 50% cost reduction.
The tool automatically classifies each document based on text and images, extracts relevant information and performs checks for global clearance rules. Submission data is normalized to target carrier data models and validated through business rules or external sources. Magic Submission also enriches data with additional exposure data, triangulated from external sources, and prioritizes submissions.
The insurtech also uses generative AI with its solutions and has seen significant results in the ability to read loss runs, statements of values and supplemental applications.
Haridas noted, however, that IntellectAI also continues to emphasize the importance of the underwriter’s role.
“Generative AI is definitely a game-changer in the space, but generative AI by itself is useless unless you build the right infrastructure and set of capabilities that can connect AI to the human, because at the end of the day, the human is going to make the determination of whether AI got it right,” Haridas explained. “Magic Submission has a lot of capabilities to empower the human being in the loop and ensures that what goes to the underwriter is exactly what the underwriter should be looking at, exactly what was in the submission and is enriched by third-party data.”
IntellectAI also offers Risk Analyst, a data aggregation and insights platform with generative AI assistance that enhances underwriter productivity by triangulating information from thousands of structured and unstructured data sources. Risk Analyst provides submission data validation, ESG insights with custom scoring for improved specialty underwriting and generative AI-powered summaries and recommendations for accounts, risks and coverages. According to IntellectAI, the solution cuts down time in underwriting decision-making by 60%.
Haridas is especially proud of IntellectAI’s Intellect Xponent product; a full suite, end-to-end P&C underwriting workbench that includes submission ingestion and full policy administration support for more than 11 lines of business.
“We are one of the only vendors in this marketplace that sells a fully built-out underwriting workbench,” stated Haridas. “It’s pre-built; it has built-in sophistication tools, knows how referrals, appetite checks and task reassignment need to work. It knows how to plug in predictive models that the carrier has built to do target pricing or other complex calculations… It has all those capabilities built out of the box.”
Haridas shared that the company is currently working on more solutions powered by generative AI, such as no-touch loss run extraction capabilities. IntellectAI is planning to introduce a standalone product that is a full end-to-end ecosystem, for any cyber carrier or any carrier that has a cyber vertical, from submission ingestion to third-party data enrichment to a full underwriting workbench. The team is also working on a Magic Placement solution, which once the binders or policies are issued, allows brokers to rapidly analyze and perform error checks between policies through a hands-free process.
