IntellectAI, the Insurtech and Wealthtech brand of Intellect Design Arena, announced the release of the world’s first no touch loss run extraction technology powered by Gen AI and built on Intellect’s eMACH.ai architecture. This groundbreaking technology utilizes the strength of Large Language Models to extract data from loss runs in an instant with greater than 95% accuracy across all document formats including handwritten, Excel, images, and PDFs.
“We have solved a problem that the industry has struggled with since generating the first loss run output,” said Sandeep Haridas, Insurance Business Head, IntellectAI, speaking about the launch. “We are now able to accurately extract loss run information and summarize it, from different document types irrespective of content complexities such as borderless tables and headerless sheets, while identifying and understanding intrinsic hierarchies with no human involvement during the extraction process. Using AI, we’ve created this capability that now allows insurers, agents, brokers, wholesalers and MGAs to start saving time and money right away.” Haridas added.
Loss runs vary in format and structure depending on the carrier, which makes them more complex and challenging for AI models to read and extract with high accuracy. Historically, those involved in the insurance submission process were forced to choose between the accuracy of the loss run data or the speed at which the data was pulled. Increased accuracy also often requires humans in the loop, slowing down the time it takes to analyze a risk and provide a quote. This additional time can ultimately make the difference between winning or losing a deal.
“From a technology perspective, what we are doing perfectly illustrates how LLMs can be used to dramatically enhance the underwriting process without compromising the trust and accuracy of the extracted data. We are able to channel groundbreaking technology and show immediate ROI to clients into a process that has historically plagued the industry,” said Deepak Dastrala, CTO, IntellectAI.
He continued, “Insurers should be able to extract loss data quickly, with outcomes that are easy to read, easy to follow and with a high rate of accuracy. We’ve been able to make this possible through our advanced use of Gen AI technology.”
