Purpose-built for commercial underwriting across multiple business lines.
Purpose-built AI models to identify and prioritize accounts for the best-fit bind potential. Highest data quality and coverage through the largest insurance data platform for underwriting across business lines.
The numbers presented represent the benefits that our customers have experienced, your results may differ.
AI polls the email server and cognitively extracts key information on producer, policy and request type. Documents from the attachments are classified and intelligently reviewed for missing requirements. External and internal parties are automatically notified of missing information. Knock outs are performed and internal communications are sent in the case of declines.
Global clearance checks are run after key information is validated via third party data triangulation. Broker validations are performed and any exception handling is flagged to the user.
Necessary information is fully extracted from submissions (ACORD, SOV, Loss Runs, Custom Forms) and validations/enrichments performed in real time via dynamic business rules and 3rd party data. Reverse engineering is automatically performed through AI/ML (such as free text conversion to location level NAICS, ISO, and RMS). Additional risk and exposure information is appended via 3rd party triangulation, and risk scores are generated.
Submissions are prioritized and assigned to respective branches and underwriters based on predefined business rules. API may be triggered to downstream systems and to the CAT system in parallel.
An effective way to implement change is by lifting and shifting in a manner that minimally disrupts the organization. Intellect has proven methods to measure the success of AI implementations in a short period of time.
The AI powered tool contextually reads unstructured and structured documents across all lines of business much like humans do in 87% less time.
Automatic document classification based on text and images features.
Extract contextually relevant information from unstructured and structured documents.
Perform global clearance rules check and handle exceptions with your underwriters.
Submission data is normalized to target carrier data models.
Input data is validated leveraging business rules or external sources.
Append with additional exposure data for company or location, triangulated from external data sources.
Prioritizes submissions to your branches and underwriters based on prioritization rules.
All types – Excel, ACORD, Custom, PDF, Email
60% reduction in UW time on search/aggregate of risk & exposure information
85% reduction in triage time (hours/days to seconds/ minutes)
27% improved data quality of submissions
99.5% consistency in interpretations of free text
99.3% accuracy in data extraction and validation
800+ additional risk insights
Advantages observed in the core underwriting process of commercial insurance companies
Amerisure wins Celent Model Insurer Award 2022 in the Legacy and Ecosystem Transformation category for their underwriting transformation project using Intellect Xponent
“IntellectAI’s Magic Submission is positioned as an Intelligent Text Ingestion (ITI) Solution for Advanced Underwriting”, by Novarica
-Intelligent Text Ingestion: Overview and Prominent Providers
IntellectAI powered St. James's Place Wealth Management wins Celent’s ‘Model Wealth Manager’ award in the ‘Emerging Technologies’ category for ‘New Business Innovative’ initiative. 2020
How StarStone Specialty Insurance leveraged unstructured data to improve underwriting and went on to win Celent’s 2017 Model Insurer Award.
IntellectAI recognized as a “Full AI Suite Provider” who can help carriers streamline their underwriting workflows
Intellect Risk Analyst implementation at Liberty Mutual featured as a case study in the Data and Analytics category by Novarica in their 9th Annual case study compendium report , “Insurance Technology Case Study Compendium 2020”
Check out the articles, blogs, webinars, case studies and industry reports from Intellect
Connect with a product expert to see how the product automates workflow for underwriters.