IntellectAI, the Insurtech business unit of Intellect Design Arena offering artificial intelligence and data-powered underwriting solutions, announced a breakthrough agreement with London’s premier Market Insurance and Reinsurance Brokerage firm. Under this multi-year engagement, the brokerage firm will deploy Intellect’s underwriting ecosystem which consists of Magic Submission and Xponent solutions, built on IntellectAI’s proprietary Purple Fabric platform, to enhance and streamline its insurance policy placement process.
This strategic engagement underscores the increasing demand forartificial intelligence-powered solutions that enhance underwriting efficiency, optimise market access, and streamline the end-to-end insurance policy placement process. By integrating IntellectAI’s advanced and connected intelligence capabilities, the brokerage is set to transform its submission-to-bind workflow, eliminating manual inefficiencies and accelerating deal flow across a broad network of global markets.
Elevating the Underwriting Ecosystem with Purple Fabric artificial intelligence and Automation
The customer, a leading insurance broker/re-insurer, wanted a cutting-edge solution for their newest facility to optimise how submissions are processed, qualified, priced, and placed across a broad network of markets.
By leveraging Purple Fabric and Xponent’s artificial intelligence Expert Agents, the firm will harness intelligent automation to:
- Streamline submission processing by automatically extracting, analysing, and categorising data from incoming submissions.
- Enhance risk qualification and pricing with artificial intelligence-driven insights, allowing quicker and more accurate decision-making.
- Improve broker-carrier interactions through seamless integration across underwriting, placement, and policy issuance.
- Deliver an end-to-end digital experience covering binding, invoicing, payments, bordereaux generation, and claims management.
Through this partnership, IntellectAI is bringing the combined power of artificial intelligence, automation, and data intelligence to the forefront of underwriting, enabling a frictionless placement process for sophisticated facilities.
A Transformational Win for IntellectAI’s Purple Fabric Platform
This latest win highlights IntellectAI’s strategic investment in creating Purple Fabric platform which brings the power of 217 technologies to deliver cutting-edge Artificial Intelligence solutions. This artificial intelligence platform gives the opportunity to quickly design and realise the potential of connected intelligence for an organisation to transform its operations. With its deep domain expertise and cutting-edge artificial intelligence technology, IntellectAI is uniquely positioned to unlock new efficiencies and revenue streams for brokers, MGAs, cover holders, and insurers worldwide.
Banesh Prabhu, CEO of IntellectAI, emphasised the significance of this milestone agreement, stating “We are thrilled to support this forward-thinking insurance intermediary in reimagining its placement process. The speed and conviction with which this deal was finalised is a testament to the value our platform brings to the industry. By leveraging our Purple Fabric Platform, we are not only enhancing the underwriting process but fundamentally transforming it. Our artificial intelligence-driven ecosystem enables brokers to accelerate deal flow, expand market access, and drive operational efficiencies that were previously unattainable.”
