Global leader in Financial Technology for Banking and Insurance, Intellect Design Arena has said that its insurance software division Intellect SEEC has launched revolutionary cloud software for commercial insurers, Intellect Risk Analyst (IRA).
This software will be initially available as enterprise software on subscription basis to underwriters, carriers and agents. IRA is considered as first ever virtual assistant for underwriters.
"Intellect Risk Analyst is aimed to change the manual approach to underwriting with the latest advancements in technology and improve loss ratios and profitability. It is designed to make underwriting faster and more efficient than it ever was. It offers quick, effective and accurate risk predictions in minutes by just entering a single company name", the company informed in a filing to the Bombay Stock Exchange.
Commenting on the development, Intellect SEEC, CEO, Pranav Pasricha said, "Traditionally underwriters spend 70 per cent of their time in low value tasks such as searching, aggregating and selecting data and only 30 per cent of time in risk selection. Often, big decisions with huge cost implications are required to be made quickly with limited time information. For this reason, we have equipped Risk Analyst with Contextual Artificial Intelligence, Machine Learning, Big Data, Cloud Computing and Natural Language Processing".
IRA has been developed and designed by underwriters, data scientists and big data professionals. It is designed for underwriters to follow a holistic approach in commercial insurance.
Meanwhile, shares of the company were trading at Rs 175.20 a piece, down 0.45 per cent from the previous close at 12:46 hours on BSE.