IntellectAI Unveils Breakthrough Technology for Instant Loss Run Processing with Over 95% Accuracy

IntellectAI has unveiled a revolutionary technology designed to process loss runs instantaneously, boasting over 95% accuracy without any manual intervention. Utilizing Gen AI and Intellect’s eMACH.ai architecture, this groundbreaking system can extract data from loss runs in various formats, including handwritten documents, Excel sheets, images, and PDFs.

According to Sandeep Haridas, the Insurance Business Head at IntellectAI, this innovation addresses a longstanding challenge in the industry, offering precise extraction and summarization of loss-run information from diverse document types. This advancement eliminates the need for human involvement during the extraction process, allowing insurers, agents, brokers, wholesalers, and MGAs to save both time and money.

Historically, the complexity of loss runs made it difficult for AI models to interpret accurately, often requiring a trade-off between speed and accuracy. However, IntellectAI’s technology bridges this gap by delivering fast, accurate results without compromising on data integrity.

Deepak Dastrala, the CTO at IntellectAI, highlights how this technology leverages Large Language Models (LLMs) to enhance the underwriting process significantly. By employing Gen AI technology, insurers can now extract loss data swiftly, with easy-to-follow outcomes and a high level of accuracy, ultimately transforming a historically cumbersome process into a streamlined operation.