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IntellectAI is an artificial intelligence company that offers a range of AI-powered products for various industries. This article provides an introduction to IntellectAI and a guide to using one of its flagship products – Intellect Risk Analyst – for underwriting and risk assessment.
About Intellect AI
Founded in 2016, IntellectAI develops artificial intelligence solutions for the insurance and financial services industries. The company is headquartered in Singapore and has offices in India, Dubai and North America.
IntellectAI aims to improve productivity, efficiency and decision-making using contemporary AI techniques. The products use technologies such as natural language processing, deep learning and predictive analytics.
Some of the key products offered by IntellectAI include:
- Intellectual risk analyst: AI-powered risk assessment and underwriting platform.
- Intellect SEE: End-to-end AI suite for optimizing adoption.
- Intellect MindSight: Analyzes customer interactions and provides insights.
- Intellectual bots: AI virtual assistants for customer service.
These tools help streamline operations, improve risk assessment and increase customer engagement for insurers and financial institutions.
Overview of Intellect Risk Analyst
Intellect Risk Analyst is an AI-driven data analysis platform aimed at insurers. It processes diverse data sources and provides actionable insights for accelerated adoption.
Key features of Intellect Risk Analyst:
- Data aggregation: Integrates structured and unstructured data from multiple sources.
- Normalization of data: Cleans and standardizes inconsistent data.
- Risk score: Analyzes data and calculates custom risk scores using AI models.
- Insights engine: Summarizes data and highlights key insights for insurers.
- API integration: Provides real-time data access for underwriting systems.
- Scalability: Processes large data volumes within various industries.
- Verifiability: Maintains transparency about data and models.
By taking advantage of these capabilities, insurers can make data-driven decisions about policy applications faster.
How to use Intellect Risk Analyst
Here’s a step-by-step overview of using Intellect Risk Analyst for underwriting:
1. Data recording
First, raw data from internal systems and external sources is entered into the platform. This can include structured data such as forms and tables as well as unstructured data such as images, emails and documents.
2. Data processing
The AI algorithms normalize, clean, extract and transform the aggregated data into a standardized format. This compiled data is then made available for analysis.
3. Risk analysis
Proprietary machine learning models analyze the processed data to detect signals, patterns and insights relevant to risk assessment. The most important risk indicators are highlighted.
4. Generating insights
An AI insights engine summarizes the data, risk analysis and underwriting factors into easily actionable insights for human insurers.
5. Decision making
The insurer assesses the interactive dashboards, risk scores and insights to quickly make an informed decision about the policy application.
6. Real-time updates
As new data comes in, the platform keeps risk assessments and insights updated in real-time through API integrations into underwriting systems.
By using Intellect Risk Analyst’s automated risk assessment and insights, insurers can evaluate policies more efficiently and make informed, data-driven decisions.
Benefits of using Intellect Risk Analyst
Using Intellect’s AI adoption solution provides the following key benefits:
- Accelerated adoption by quickly extracting insights from large amounts of data.
- Improved risk assessment with adjusted risk scores.
- Higher approval rates through accurate decision making.
- Increased productivity of insurers.
- Less dependence on manual processes.
- Verifiability of data and models for transparency.
- Real-time data access via API integration.
Case Study: Liberty Mutual
Liberty Mutual has deployed Intellect Risk Analyst to improve its underwriting processes. Main results:
- The acceptance time has been reduced from days to minutes.
- 30% improvement in loss ratio.
- Increased straight-through processing by 60%.
- Another 10-15% efficiency gains are predicted.
This shows the business impact possible with IntellectAI solutions.
Conclusion
IntellectAI offers powerful AI products such as Risk Analyst to improve underwriting and risk management. By aggregating data, generating insights, and enabling accurate decisions, tools like Risk Analyst can transform adoption for the digital age. Companies like Liberty Mutual have already demonstrated significant process improvements. As AI capabilities continue to evolve, IntellectAI solutions are poised to reveal even deeper data insights for the insurance industry.
🌟Do you have burning questions about Intellect AI? Do you need some extra help with AI tools or something else?
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