IntellectAI has recently announced the launch of a new technology which may have the potential to revolutionize the insurance industry.
This innovative solution is the world’s first no touch loss run extraction technology, leveraging the capabilities of Gen AI within Intellect’s proprietary eMACH.ai framework. The technology stands out for its ability to process data from loss runs instantly, boasting an impressive accuracy rate of over 95% across a variety of document formats, including handwritten notes, Excel files, images, and PDFs.
Sandeep Haridas, the Insurance Business Head at IntellectAI, highlighted the significance of this breakthrough. “We have solved a problem that the industry has struggled with since generating the first loss run output,” he stated. The technology not only accurately extracts and summarises loss run information from diverse document types, irrespective of content complexities such as borderless tables and headerless sheets but also identifies and understands intrinsic hierarchies without requiring human intervention during the extraction process. Haridas emphasized the immediate time and cost savings this technology offers to insurers, agents, brokers, wholesalers, and MGAs.
The challenge with loss runs lies in their varying formats and structures, dictated by the carrier, complicating the task for AI models to read and extract data accurately. Traditionally, insurance professionals had to balance the trade-off between the accuracy of loss run data and the speed of extraction. This often necessitated human involvement, which slowed down risk analysis and quote provision, potentially affecting deal outcomes.
Deepak Dastrala, CTO of IntellectAI, pointed out the broader implications of this development. “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,” he remarked.
The application of Gen AI technology by IntellectAI not only addresses a longstanding industry issue but also demonstrates the potential for immediate return on investment for clients, marking a significant leap forward in the insurance underwriting process.
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