Piscataway ,New Jersey : Today, IntellectAI, the Insurtech and Wealthtech brand of Intellect Design Arena, has unveiled 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 harnesses the capabilities of Large Language Models to extract data from loss runs instantly. Achieving over 95% accuracy across all document formats, including handwritten notes, Excel sheets, images, and PDFs, this innovation marks a significant advancement in the industry.
Loss runs exhibit varying formats and structures depending on the carrier, rendering them more complex and challenging for AI models to accurately read and extract. Historically, individuals involved in the insurance submission process faced a trade-off between the accuracy of the extracted loss run data and the speed at which it was obtained. Achieving higher accuracy often necessitated human intervention, thereby slowing down the risk analysis and quotation process. This delay could ultimately impact the outcome of deals, as time is of the essence in securing contracts.
“We have addressed a longstanding challenge that has plagued the industry since the inception of loss run outputs,” remarked Sandeep Haridas, Insurance Business Head at IntellectAI, during the launch. “We can now accurately extract and summarize loss run information from various document types, regardless of content complexities such as borderless tables and headerless sheets. Importantly, this extraction process does not require any human involvement. Through the power of AI, we have developed a capability that enables insurers, agents, brokers, wholesalers, and MGAs to immediately save time and money,” added Haridas.