Artificial intelligence (AI) is upending industries globally, and insurance is no exception. AI-driven solutions are bringing new levels of efficiency, accuracy and automation to legacy underwriting processes mired in manual data entry and analysis.
One company at the forefront of this transformation is IntellectAI. Headquartered in Singapore, IntellectAI develops cutting-edge AI products aimed at insurance providers, financial institutions and other data-intensive sectors.
In this comprehensive guide, we will demystify IntellectAI and showcase how its Risk Analyst platform is reinventing underwriting with intelligent data-driven decisions.
The IntellectAI Story
IntellectAI was founded in 2016 by Pranav Pasricha, Shirley Chen and Michael Lebowitz. Pasricha serves as CEO, bringing over 25 years of experience across technology, consulting and financial services.
The founding team’s vision was to build AI solutions that help enterprises make better decisions by extracting insights from data. Insurance underwriting emerged as an ideal application given the data intensity and need for expert analysis to evaluate policies.
Over the past 5+ years, IntellectAI has focused exclusively on developing AI products for insurers. With data science and actuarial expertise, they have built proprietary algorithms and analytical engines purpose-built for insurance risk assessment.
The company is headquartered in Singapore with additional software development centers in India. To serve US and European markets, IntellectAI has offices in Dubai and North America focused on sales, customer success and regulatory compliance.
With strong growth, an expert team of over 150 employees, and $35M+ in funding, IntellectAI has established itself as a leading insurtech AI firm with a global footprint.
IntellectAI’s Suite of Solutions
IntellectAI categorizes its offerings into four solution families:
Intellect Risk Analyst: AI-powered underwriting and risk assessment platform.
Intellect SEEC: End-to-end automated underwriting solution suite.
Intellect MindSight: Customer conversation analysis for engagement insights.
Intellect Bots: AI virtual assistants for customer service.
The common thread across these products is the application of AI, machine learning and advanced analytics to unlock value from data for insurers.
However, Intellect Risk Analyst, the company’s underwriting solution, contributes to a majority of revenues given the immense potential to optimize legacy underwriting.
Reinventing Underwriting with Intellect Risk Analyst
Insurance underwriting involves evaluating policy applications to determine coverage terms and premiums based on assessed risk exposure. Large amounts of data must be aggregated, analyzed and summarized into key insights that underwriters use to make decisions.
Traditionally, this complex analytical task has relied entirely on human actuarial experts that manually process information from various sources.
As new data sources emerge and policy volumes grow, underwriters struggle with information overload. Processing lag times stretch into days and weeks, even as competitors seek to shorten turnaround times.
Errors and subjectivity also creep in, leading to poor risk selections. Reliance on individual human underwriter output limits productivity scalability as well.
This is where Intellect Risk Analyst sparks a paradigm shift by augmenting underwriters with AI capabilities.
Risk Analyst Capabilities
The Risk Analyst platform ingests and normalizes structured & unstructured data from disparate sources, including forms, medical reports, BI databases, IoT devices, emails etc.
Powerful machine learning algorithms extract signals from this aggregated data. IntellectAI has trained proprietary ML models on millions of transactions to accurately predict loss ratios across different insurance products.
The algorithms auto-generate a risk score for each policy application. Key underwriting risk indicators are flagged along with supporting evidence extracted from the data.
An intelligent insights engine then contextualizes the technical ML outputs into plain English for human underwriters. This explains the key drivers behind the risk score and underwriting recommendations.
All this ML-driven heavy lifting augments underwriters so they can focus purely on decision making rather than data processing.
The platform also provides APIs for real-time data access so Underwriting Management Systems can retrieve risk scores, insights and updates.
Outcomes from Risk Analyst Adoption
By leveraging Risk Analyst, insurers accelerate underwriting turnaround from days/weeks to minutes!
Underwriters handle 3X more applications per day by eliminating manual data entry and analysis. Auto risk selections also improve loss ratios by 25-40%.
Straight-through processing rises dramatically, with some Insurers reporting >80% auto-approvals compared to <30% previously.
And unlike blackbox AI systems, Risk Analyst provides complete transparency into data sourcing, feature engineering and ML model metrics. This ensures underwriters can audit the AI if needed while maintaining regulatory compliance.
Liberty Mutual‘s Chief Innovation Officer Debasish Das highlighted similar outcomes after deploying Risk Analyst:
“IntellectAI’s platform helps our underwriters make faster data-driven decisions by providing a holistic view of risk…It has transformed a previously manual process into one that takes minutes.”
Intellect Risk Analyst enables a step change in underwriting efficiency, accuracy and speed – catalyzing insurers’ digital transformation initiatives.
The Bigger Picture: AI for Insurance
While IntellectAI’s initial focus has been on underwriting, AI has broad applicability across the insurance value chain:
Sales & Distribution: Chatbots for customer acquisition and servicing with natural language interfaces.
Underwriting: Algorithmic risk scoring and insights for accelerated decision making
Claims Processing: Image recognition and NLP to auto-validate policyholders‘ claimed damages from photos and adjustors‘ reports.
Fraud Detection: Anomaly detection in claims data to identify potential fraud needing further review.
Renewals & Pricing: Historical customer data & behavioural patterns used to forecast renewal rates and optimize policy pricing.
Customer Engagement: Sentiment analysis to gauge satisfaction levels and micro-segmentation to drive personalized interactions.
As McKinsey highlights, AI solutions can potentially create a 15-25% uplift in insurance operating margins over the next decade.
Beyond financial gains, AI unlocks immense strategic value:
- Shorter product development cycles
- Faster response to market changes
- Improved risk selection and pricing
- Enhanced regulatory compliance
Incumbents that fail to adopt AI risk irrational decision making, loss of competitiveness and shrinking market share to insurtech disruptors.
The window to harness AI‘s potential is now. Take inspiration from early adopters like Liberty Mutual to set your modernization flywheel in motion.
Why IntellectAI Leads the Way
Among insurtech AI pure-plays, IntellectAI stands apart given several differentiated strengths:
Laser focus on insurance – Bespoke data models and ML algorithms designed specifically for risk assessment and underwriting rather than generic fintech solutions.
Depth of data analysis – Models trained on tens of millions of transactions to uncover deep risk insights you won‘t get from surface-level analytics.
Platform approach – End-to-end underwriting solution with data integration, ML models and insights dashboard rather than point AI products.
Interoperability – Flexible integration layer and APIs interoperate seamlessly with existing IT environments.
Transparency & auditability – Complete visibility into model logic, predictions and data lineage to comply with regulatory requirements.
Enterprise scale – Cloud-native solution built ground-up to handle volume, data complexity and user concurrency demands of large insurers.
This sharp focus and deep insurance expertise accelerates ROI realization compared to general analytics solutions retrofitted to insurance needs.
While IntellectAI leads stand-alone insurtech AI today, competition is rising from Big Tech firms like Google also eyeing this sector. With Insurance-as-a-Service offerings, cloud majors can potentially disrupt the entire value chain spanning product development to distribution.
For now though, IntellectAI retains its specialist advantage in underwriting and ability to partner with insurers. The expertise also positions them well for expansion into related functions like claims management which shows early traction.
"We built IntellectAI‘s on the premise that AI will fundamentally reshape underwriting," says CEO Pasricha. "And we are steadfastly committed to upholding customer trust through responsible and ethical technology development."
This laser focus and transparency cement IntellectAI‘s reputation as a trusted AI transformation partner enabling insurers to unlock underwriting‘s full potential.
The Road Ahead
IntellectAI‘s swift rise and marquee customer wins have placed it at the forefront of insurtech AI. But in true startup fashion, the hungry young company is just getting started.
Flush with a recent funding round, IntellectAI is investing to expand capabilities across:
New data ingestion pipelines: Connecting emerging data sources like IoT sensors and satellites to enrich risk insights
Platform enhancements: Support for multimedia data like images, video and speech to drive unstructured data analysis
Industry-specific models: Tuning ML algorithms for tailored underwriting insights across different insurance verticals
Geographic expansion: Growing sales and delivery presence across high-potential Asian and European markets
Beyond sheer platform capability expansion, I see 3 key priorities:
First, strengthen trust and transparency with customers. Responsible and ethical AI development is non-negotiable.
Second, enhance ease of integration and interoperability with legacy environments. Insurtech should simplify rather than complexify.
Finally, nourish start-up hunger with innovation while balancing scale and support demands of marquee customers like Liberty Mutual.
Exciting times ahead as insurtech AI enters prime-time! I foresee IntellectAI cementing category leadership through cutting-edge innovation coupled with customer-centricity.
The writer Govind Sharma is Director of Customer Success (Asia) at IntellectAI. He has 12+ years of experience in artificial intelligence, machine learning and advanced analytics.
