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Automate your intake and routing with Intellect Magic Submission

Purpose-built for Commercial, Specialty and E&S Lines.

Magic Submission

Transform your business with the Power of AI

Submission Reviewed
100%

Submission
Reviewed

  • Mailbox Extraction
  • Completeness Check
  • Quick Decline
Submission Reviewed
60%

Top
Interest

  • Global Clearance Check
  • Full Extraction & Validation
  • Risks & Exposures Enriched
Submission Reviewed
47%

Prioritize

  • Prioritize Best Fit
  • Route CAT & UV

Magic Submission – Intake & Routing

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.

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Document
Types

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Extraction
Accuracy

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Data
Insights

0%

Time
Reduction

>0%

Cost
Reduction

The numbers presented represent the benefits that our customers have experienced, your results may differ.

Magic Submission can extract Loss Runs from documents in any format, achieving over 95% accuracy, all without manual intervention and in minutes.

What: Value-driven for customers

What: Value-driven for customers

  • Capacity Expansion without adding headcount
  • Speed to Quote and Bind
  • Standardization and consistency of UW decisions
  • Improved Loss Ratios
  • New Talent Attraction & Retention
How: Sophistication of AI

How: Sophistication of AI

  • Cognitive ingestion of all documents
  • Early knockouts & clearance
  • Third-party data validation and enrichment
  • Automatic conversion of descriptions to location NAICS, ISO
  • Submission prioritization
  • Auto quote or route to underwriter
  • AI guided quick exception handling
  • Loss summarization for business usage

Our approach to data-driven commercial underwriting

“Any sufficiently advanced technology is indistinguishable from magic.” – Arthur C. Clark

The Magic Formula: Intake & Routing

The Magic Formula: Intake & Routing
Ingest
Ingest

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. Ingestion is also done quickly and seamlessly from documents
submitted through links. External and internal parties are automatically notified of missing information. Knock outs are performed and internal communications are sent in the case of quick declines.

Clear
Clear

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.

Enrich
Enrich

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.

Route
Route

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 Magic Formula: Extraction Engine

The AI powered tool contextually reads unstructured and structured documents across all lines of business much like humans do in 87% less time.

The Magic Formula: Extraction Engine
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  • 1.

    Classify Classify

    Classify

    1

    Automatic document classification based on text and images features.

  • 2.

    Extract Extract

    Extract

    2

    Extract contextually relevant information from unstructured and structured documents, including
    emails, hyperlinks, loss runs, excel schedules, broker specifications, carrier supplemental and
    ACORD form.

  • 3.

    Clear Clear

    Clear

    3

    Perform global clearance rules check and handle exceptions with your underwriters.

  • 4.

    Normalize Normalize

    Normalize

    4

    Submission data is normalized to target carrier data models.

  • 5.

    Validate Validate

    Validate

    5

    Input data is validated leveraging business rules or external sources.

  • 6.

    Enrich Enrich

    Enrich

    6

    Append with additional exposure data for company or location, triangulated from external data sources.

  • 7.

    Route Route

    Route

    7

    Prioritizes submissions to your branches and underwriters based on prioritization rules.

Accelerate your underwriting operations!

All types – Excel, ACORD, Custom, PDF, Email

60% reduction in UW time on search/aggregate of risk & exposure information

60% reduction in UW time on search/aggregate of risk & exposure information

85% reduction in triage time (hours/days to seconds/ minutes)

85% reduction in triage time (hours/days to seconds/ minutes)

27% improved data quality of submissions

27% improved data quality of submissions

99.5% consistency in interpretations of free text

99.5% consistency in interpretations of free text

99.3% accuracy in data extraction and validation

99.3% accuracy in data extraction and validation

800+ additional risk insights

800+ additional risk insights

Advantages observed in the core underwriting process of commercial insurance companies

Recent Analyst & Industry Awards and Recognition

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Datos Insights

Magic Submission is recognized as an 'AI Insights & Language AI Solution Provider' in Datos Insights report 'AI Solution Providers for Insurance'.

Celent Model Insurer

Amerisure wins Celent Model Insurer Award 2022 in the Legacy and Ecosystem Transformation category for their underwriting transformation project using Intellect Xponent

Novarica

“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

Model Wealth Manager Award

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

Starstone

How StarStone Specialty Insurance leveraged unstructured data to improve underwriting and went on to win Celent’s 2017 Model Insurer Award.

Aite

IntellectAI recognized as a “Full AI Suite Provider” who can help carriers streamline their underwriting workflows

Novarica

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”

Additional Resources

Check out the articles, blogs, webinars, case studies and industry reports from Intellect

Ready when you are!

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