Intellect and Coherent partner to boost digital transformation in underwriting
By Leandra Monteiro
IntellectAI, a Suite of Artificial Intelligence products from Intellect Design Arena, and Coherent, the global software as a service (SaaS) company fast becoming the ubiquitous standard for business logic, announced a strategic partnership designed to help accelerate underwriting transformation for commercial carriers, brokers, and MGAs. Spreadsheets are a significant part of the underwriting process for commercial carriers, brokers, and MGAs.
Speaking about the partnership, Sandeep Haridas, Chief Strategy Officer and Business Head, North America, IntellectAI explained, “We are very excited about this partnership with Coherent and the ability to now offer our customers the ability to rapidly introduce new insurance products in the market using Intellect’s sophisticated suite of Underwriting capabilities and Coherent Spark’s ability to rapidly turn Excel models and raters into APIs.”
Haridas continued, “Spreadsheets are not going away; everyone is still using them in some capacity in their underwriting process. However, this partnership is a way for our customers to overcome one more challenge in their digital transformation journey by no longer having to worry about extracting that core business logic manually. Now they will be able to see the results quicker and more efficiently.”
Spreadsheets are a significant part of the underwriting process for commercial carriers, brokers, and MGAs. Because of their ease of use and the sophistication contained with these spreadsheets, they are used in all facets of commercial lines underwriting. However, the apprehension to rewrite the logic from Excel spreadsheets into an automated portion of the underwriting process has made carriers and MGAs reluctant to drive large-scale projects around digital transformation.
This partnership brings together the ability of Coherent Spark technology to quickly and efficiently convert the business logic trapped in spreadsheets, such as business rules, calculations or data models of any complexity, into ready-to-use APIs that will be used within Intellect’s Xponent, Intellect’s no-code underwriting workbench.
As a result, Intellect can now offer its customers a simple and intuitive way to use the logic contained in the spreadsheets as part of their underwriting process. With the integration between Xponent’s no-code product configurator and Coherent Spark, Intellect’s customers can intuitively transform business, perform rating and pricing, and quickly launch products into the market, in a matter of weeks as opposed to months.
According to Todd Buchanan, CEO – USA, Coherent said, “Intellect is a well-known player in the commercial lines underwriting industry in North America. Their suite of AI solutions for underwriters is helping to accelerate digital transformation and innovation in an industry that has a lot of manual and inefficient processes. Our technologies complement each other very well. This integration will have an awesome impact on carriers, brokers, and MGAs—all of whom directly benefit when their underwriting processes start to move at Spark speed.”
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