Foresight selects the IntellectAI suite of products for intelligent automation of their Workers Comp line of business

IntellectAI, a Suite of Artificial Intelligence products from Intellect Design Arena, announced today that Foresight-the tech-enabled Workers Compensation MGU that sees a future where workplace injuries are a thing of the past-recently signed to use Intellect's AI-powered, full suite of underwriting platform. The use of the IntellectAI products (Magic Submission, Risk Analyst and Xponent) will enable Foresight to intelligently automate the quote intake process, and leverage data for submission prioritization and risk selection.

By selecting IntellectAI's underwriting platform, Foresight can continue to support their mission of preventing workplace accidents and reducing claims through best-in-class workers' compensation insurance, powered by data-driven safety engagement technology. Foresight's proactive approach to the commercial middle market has already resulted in an ability to reduce claims frequency for clients by 18%.

Speed and accuracy are critical in underwriting for innovative tech-enabled insurers like Foresight. IntellectAI is a full suite, AI powered commercial property, casualty and specialty end to end underwriting platform. Foresight's goal for intelligent automation throughout the intake process is a key area where Intellect can bring its experience working with other clients around ingestion to Foresight to enable accuracy and efficiency.

"Intellect combines exceptional support with exceptional products to help us process our submissions quickly while gaining deeper insights into the risks we are writing. The Intellect team has proven to be a great partner who demonstrates a vested interest in the success of our business," said Kelly McLaughlin, Head of Insurance, Foresight. "This initial launch is another step on our continuing journey to automate manual process steps for our underwriters, empowering the team to spend their time evaluating risks, building relationships with our business partners, and helping to solve our customers' most pressing risk management problems."

Commenting about the Foresight deal win, Sandeep Haridas, Chief Strategy Officer and Business Head, North America, IntellectAI, said "We are excited to be collaborating with the team at Foresight to advance their underwriting sophistication and continue to keep their customers on the cutting edge of innovation. With the combined power of IntellectAI's products, Foresight is going to change the workers comp insurance game like no one before them. With this technology supporting them, Foresight's underwriters can do more of what they do best - design contemporary solutions for their customers with state-of-the-art risk management and rewards companies for their successful safety initiatives with better rates."

Haridas continued, "Foresight is an innovative MGA themselves, looking to advance the industry with technology that will yield greater ROI and improve the businesses they underwrite. Selecting the IntellectAI suite of products further validates how important an innovative solution partner can be for underwriting automation and efficiency."

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 512.30 as compared to the previous close of Rs. 511.50. The total number of shares traded during the day was 5906 in over 665 trades.

The stock hit an intraday high of Rs. 516.35 and intraday low of 505.05. The net turnover during the day was Rs. 3030445.00.

Source : Equity Bulls

Keywords

IntellectDesignArena INE306R01017 INTELLECTAI UnderwritingPlatform Foresight