Gen AI in Underwriting - IntellectAI - Intellect Xponent

20 August 2024

ABOUT THE SHOWCASE

Gen AI is the hottest topic in the industry right now. Insurers are reaching out daily with questions and the need for advice through bootcamps, presentations, and requests for information about relevant vendors. We’ve created this showcase to allow insurers to see actual demos of available Gen AI products across the insurance value stream from a number of vendors.

ACCESS AND LENGTH:

The short introduction (2:45) is available to all. Click the image below to access.

The full demo (14.01) is available only with vendor permission. To access the full demo, please send an email to Karlyn Carnahan kcarnahan@celent.com and we’ll request authorization. Once you've been authorized, the webinar link below will be activated for you.

This demo includes an interview by Jaspaul Saini with Sandeep Haridas. Sandeep is the Chief Strategy Officer and head of the insurance practice for Intellect.Ai. He is an xperienced insurance executive and thought leader, spending 15 plus years in individual and leadership positions at Liberty Mutual. At IntellectAI, Sandeep leverages his unique blend of strategic insight, underwriting expertise, and technological acumen to ensure his customers receive tailored strategies that enhance their operational efficiency, mitigate risks, and drive business growth. Sandeep holds an MS in Computer Science (concentration in Cryptographic Security) from Boston University, an MBA from University of New Hampshire and is a CPCU in good standing.

OVERVIEW OF PRODUCT:

IntellectAI is your underwriting and distribution tech transformation partner with a deep understanding of the insurance industry. As an organization led by industry leaders, IntellectAI understands the need to create solutions to address challenges in commercial underwriting and employ cutting-edge technologies to deliver sophisticated solutions for every phase in the insurance lifecycle. We’ve harnessed the power of Gen AI for Commercial, E&S and Specialty carriers, agencies, MGAs, Brokers and Wholesalers with our end to end, AI-powered underwriting ecosystem to deliver efficiency and sophistication.

Our underwriting ecosystem showcases the use of generative AI and large language models to extract data, summarize a submission, auto generate text to communicate with brokers and agents, use plain English to generate reports, and aid in unique underwriter requests. With these tools, we can incorporate AI into your underwriting process.

Some of the most common use cases of Gen AI within our ecosystem are in extraction, summarization, text generation, Generative BI and AI Expert Agents.

The best use case for Gen AI in extraction is with Loss Runs, delivering greater than 95% accuracy across all formats with minimal touch, utilizing the power of multi-modal LLMs.
With Gen AI, we provide summarized risk recommendations based on underwriting guidelines and the account’s characteristics. The underwriting workbench offers an insightful overview of the account and opportunity, allowing the underwriter to make faster decisions.
We have the ability to auto-generate text for broker communications, and up to 70% of an underwriter’s risk analysis documentation.
Generative BI is a feature that allows users to generate a report or search for accounts by simply stating the criteria in plain English.
AI Expert Agents that use Gen Ai frameworks like RAGs, chain of thought and ReAct to adapt and execute on unique requests from UWs.

Discover more in our underwriting ecosystem demo.

https://www.intellectai.com/