Jul 27, 2023

How IntellectAI’s Magic Submission uses AI to intelligently automate the submission intake and routing stages of an underwriting process for the commercial insurance industry

Intelligent document processing in insurance revolutionizes submission processing by harnessing the power of artificial intelligence. This cutting-edge technology automates the extraction, classification, and validation of data from various documents and sources, such as, submission documents including prior policies. 

At IntellectAI, we’re excited to present Magic Submission, our AI-based intelligent document processing, i.e. contextual submission intake solution in the InsurTech space that exemplifies the power of AI in maximizing ROI.

We understand that the real magic lies not just in our product’s standard features, but in the innovative AI modules that make it truly exceptional. 

Let’s explore the remarkable technology behind Magic Submission – our Docusights Framework – and discover how it’s revolutionizing the industry.

Unraveling the Challenge Addressed by Magic Submission

At IntellectAI, we set out to tackle a significant challenge in the underwriting submission process – extracting contextual information from a diverse set of documents within the underwriting process. We know that documents such as ACORD, Loss Run, SoV, Broker Specifications, Supplemental Apps, and AOR/BOR letters come in varying formats, structures, and layouts, making the task incredibly complex.

Our AI solution, Magic Submission, aims to extract data from these documents with utmost accuracy and confidence.

The Heart of Magic Submission – IntellectAI’s Docusights Framework

Our secret sauce lies in the foundation of Magic Submission – the Docusights Framework. It forms the backbone supporting various AI products that derive insights from documents. With this comprehensive framework, we’ve integrated different model frameworks and base models, empowering downstream tasks like Classification, Entity Extraction, and Q&A.

By working on complex problems across verticals, we leverage cutting-edge technologies like Language Models, Vision Transformers, and Layout Aware Multi-Modal Architectures.

Tailored AI Models for Unprecedented Accuracy in commercial underwriting

While transformer-based language models have gained popularity, we take a more focused approach to ensure optimal performance for underwriting documents. Instead of relying solely on vanilla language models, we’ve developed proprietary, domain-focused, and customized models built upon open-source models and frameworks, including large language models (LLM) and Generative AI.

This approach considers the specific document types involved, allowing us to cater to both structured and unstructured documents effectively.

Driving Value through AI and Human Expertise

At IntellectAI, we firmly believe that our AI solutions shine when combined with human expertise. Our AI solution for Magic Submission is driven by use-case-specific goal-grids, which encompass key performance indicators (KPIs) such as Accuracy, Latency, and Straight-Through Coverage.

We understand that human involvement is crucial for achieving optimal outcomes. Therefore, we embrace a human-in-the-loop design, fostering a seamless integration between AI and human creativity.

In Summary

Our technology landscape revolves around IntellectAI’s Docusights Framework, empowering Magic Submission to transform any document source into actionable insights throughout the underwriting process. We’re proud of our customized language models and AI technology, but we remain humble in acknowledging that true success comes from combining AI’s capabilities with human intelligence.

As Fei-Fei Li wisely said, “Artificial intelligence is not a substitute for human intelligence; it is a tool to amplify human creativity and ingenuity.” At IntellectAI, we embrace this sentiment, striving to make our solutions a testament to the synergy of AI and human brilliance.

Author:

Deepak Dastrala
CTO, intellectAI