Automate your intake and routing with Intellect Magic Submission

Purpose-built for commercial underwriting across multiple business lines.

Novarica

Transform your business with the Magic of AI.

Submission Reviewed
100%

Submission
Reviewed

  • Mailbox Extraction
  • Completeness Check
  • Quick Decline
Top Interest
60%

Top
Interest

  • Global Clearance Check
  • Full Extraction & Validation
  • Risks & Exposures Enriched
Prioritize
47%

Prioritize

  • Prioritize Best Fit
  • Route CAT & UV

Magic Submission – Intake & Routing

AI powered efficiency for identifying accounts with highest bind potential. Purpose-built AI models for underwriting across commercial business lines.

500 +

Document
Types

99 %

Extraction
Accuracy

800 +

Risk
Insights

87 %

Time
Reduction

>50 %

Cost
Reduction

What: Value-driven for customers

What: Value-driven for customers

  • Capacity Expansion without adding headcount
  • Speed to Quote and Bind
  • Standardization and consistency of UW decisions
  • Improved Loss Ratios
  • New Talent Attraction & Retention
How: Sophistication of AI

How: Sophistication of AI

  • Cognitive and purpose-built ingestion early knockouts & clearance
  • Dynamic business rule application & data normalization
  • Third-party data enrichment (additional risks & exposures)
  • AI/ML reverse engineering (free text to location level NAICS, ISO, RMS)
  • Submission prioritization
  • Auto quote or route to underwriter
  • AI powered user interface for quick exception handling
  • API driven and widely compatible (JSON, XML, CSV)
  • Intrinsic machine-learning (supervised and unsupervised learning)

Our approach to data-driven commercial underwriting

“Any sufficiently advanced technology is indistinguishable from magic.” – Arthur C. Clark

The Magic Formula: Intake & Routing

Automated intake from email
Ingest
Ingest

AI polls the email server and cognitively extracts key information on producer, policy and request type. Documents from the attachments are classified and intelligently reviewed for missing requirements. External and internal parties are automatically notified of missing information. Knock outs are performed and internal communications are sent in the case of declines.

Clear
Clear

Global clearance checks are run after key information is validated via third party data triangulation. Broker validations are performed and any exception handling is flagged to the user.

Enrich
Enrich

Necessary information is fully extracted from submissions (ACORD, SOV, Loss Runs, Custom Forms) and validations/enrichments performed in real time via dynamic business rules and 3rd party data. Reverse engineering is automatically performed through AI/ML (such as free text conversion to location level NAICS, ISO, and RMS). Additional risk and exposure information is appended via 3rd party triangulation, and risk scores are generated.

Route
Route

Submissions are prioritized and assigned to respective branches and underwriters based on predefined business rules. API may be triggered to downstream systems and to the CAT system in parallel.

Rate
Rate

Existing systems may be leveraged via APIs for rating purposes and document synchronization.

An effective way to implement change is by lifting and shifting in a manner that minimally disrupts the organization. Intellect has proven methods to measure the success of AI implementations in a short period of time.

Sibmission Reviewed Focused

The Magic Formula: Extraction Engine

The AI powered tool contextually reads unstructured and structured documents across all lines of business much like humans do in 87% less time.

How does it work?
  • 1
  • 2
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  • 5
  • 6
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  • 8
  • 1.

    Classify Classify

    Classify

    1

    Automatic document classification based on text and images features.

  • 2.

    Extract Extract

    Extract

    2

    Extract contextually relevant information from unstructured and structured documents.

  • 3.

    Clear Clear

    Clear

    3

    Perform global clearance rules check and handle exceptions with your underwriters.

  • 4.

    Normalize Normalize

    Normalize

    4

    Submission data is normalized to target carrier data models.

  • 5.

    Validate Validate

    Validate

    5

    Input data is validated leveraging business rules or external sources.

  • 6.

    Enrich Enrich

    Enrich

    6

    Append with additional exposure data for company or location, triangulated from external data sources

  • 7.

    Route Route

    Route

    7

    Prioritizes submissions to your branches and underwriters based on prioritization rules.

  • 8.

    Rate Rate

    Rate

    8

    Magic Submission easily integrates with your existing systems and can be leveraged via APIs for rating purposes and document synchronization.

Accelerate your underwriting operations!

All document types – Excel, ACORD, Custom, PDF, Email

60% reduction in UW time on search/aggregate of risk & exposure information

60% reduction in UW time on search/aggregate of risk & exposure information

85% reduction in triage time

85% reduction in triage time (hours/days to seconds/ minutes)

27% improved data quality of submissions

27% improved data quality of submissions

99.5% consistency in interpretations of free text

99.5% consistency in interpretations of free text

99.3% accuracy in data extraction and validation

99.3% accuracy in data extraction and validation

800+ additional risk insights

800+ additional risk insights

Recent Analyst & Industry Awards and Recognition

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Novarica

“Intellect SEEC’s Magic Submission is positioned as an Intelligent Text Ingestion (ITI) Solution for Advanced Underwriting”, by Novarica

-Intelligent Text Ingestion: Overview and Prominent Providers

Celent

Intellect SEEC powered St. James’s place wins Celent’s “Model Wealth Manager Award” In Emerging Technology category for “New Business Innovative” initiative – 2020

Starstone

How StarStone Specialty Insurance leveraged unstructured data to improve underwriting and went on to win Celent’s 2017 Model Insurer Award.

Aite

Intellect SEEC recognized as a “Full AI Suite Provider” who can help carriers streamline their underwriting workflows

Novarica

Intellect Risk Analyst implementation at Liberty Mutual featured as a case study in the Data and Analytics category by Novarica in their 9th Annual case study compendium report , “Insurance Technology Case Study Compendium 2020”

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