Apr 11, 2024

Product Check w/Intellect: Monthly Product Recap – March 2024

Bringing you up to speed on the trending features within our underwriting workbench

ICYMI – We recently introduced a new series on LinkedIn called Product Check w/Intellect. This series introduces our potential clients to our products and relevant features that  can help in their day-to-day.  Here is a recap of this month’s exciting developments, highlighting key features and improvements across our suite of products.

Week 1: Loss Runs

In the first week of March, we kicked things off by introducing an update to our  loss run extraction feature. Analyzing loss runs is a current pain point for many in the industry. Historically, underwriters, brokers and agents were forced to choose between speed and accuracy due to the sheer volume of losses and the lack of a standardized format across insurers. We are now leveraging AI to extract losses from any loss run format, up to 95% accuracy with zero touch. If you’re interested in hearing more, and seeing how this new technology can help your organization, schedule a demo today!

Week 2: Generative AI: Account Summaries

In week 2, we discussed IntellectAI’s Xponent product and the advantages of utilizing Generative AI to summarize complex and lengthy documents quickly and efficiently.  Xponent can provide Underwriters with a quick and insightful overview of any account, document and opportunity. These summaries empower users to rapidly grasp essential points on an account and enhance productivity and decision-making. Visit our webpage to learn more about these summaries in Xponent. 

Week 3: Policy Admin System and Xponent

Week 3 we continued with our underwriting workbench, Xponent. Xponent offers a comprehensive solution to seamlessly manage the entire lifecycle of insurance policies. From issuing and endorsing to auditing and renewing, our workbench streamlines the process for underwriters. It ensures seamless communication between underwriting and policy administration systems, providing powerful tools for handling policies from issuance to renewal. With Xponent, underwriters can efficiently manage tasks such as issuing, endorsing, reinstating, renewing, and auditing policies, all within a single platform. You can learn more here.

Week 4: Clearance and Magic Submission

In week 4, we introduced you to Magic Submission, our intake and routing engine. Magic Submission offers a sophisticated solution for underwriters to streamline the evaluation process of submissions received from brokers. By defining global clearance rules and leveraging advanced scanning capabilities, Magic Submission swiftly processes each submission, identifies quick declines and handles exceptions. The platform extracts and enriches relevant information from submissions, automatically clearing those that align with the underwriter’s risk appetite. Additionally, it provides confidence indicators to help underwriters determine the significance of risks with ease. With its world class intake and routing engine, Magic Submission enhances the efficiency and accuracy of submission evaluation, enabling underwriters to confidently focus on critical tasks. Learn how Magic Submission can help you be more efficient today!

Week 5: ESG Insights With Risk Analyst

In the last week of March, we rounded out the month by explaining how to integrate custom Environmental, Social and Governance (ESG) insights into your underwriting process. By providing custom scoring and ESG insights, underwriters can conduct a more comprehensive risk assessment for each risk. With these capabilities, underwriters can:

• Assess risks more holistically- By considering ESG factors alongside traditional financial metrics, underwriters gain a more complete understanding of the risks associated with a particular policy

• Identify and select risks aligned with sustainability goals- With built-in ESG insights, underwriters can prioritize risks that align with their organization’s sustainability objectives, promoting responsible underwriting practices
• Make informed underwriting decisions- IntellectAI’s Risk Analyst empowers underwriters to make informed decisions by considering not only financial aspects but also ESG factors, ensuring a more well-rounded approach to risk assessment

Click here to schedule a demo to explore Risk Analyst’s capabilities and unlock the potential of making more informed and sustainable decisions.

The new features and enhancements highlighted in this month’s blog represent a glimpse of our ongoing efforts to empower underwriters with cutting edge tools and technologies. Stay tuned for more exciting updates in the coming months as we continue to drive innovation in the commercial and specialty underwriting space!

Author:

Cara (Forloney) Carlone, CPCU, API, AINS,
Solutions Consultant, IntellectAI