Incarnation Specialty partners with IntellectAI to redefine Marine Insurance Underwriting

Incarnation Specialty, a managing general agency (MGA) specialising in inland and ocean marine insurance, has partnered with IntellectAI and InsureMO to overhaul its underwriting and policy administration processes. This collaboration leverages IntellectAI’s AI-powered underwriting solution, eMACH.ai Xponent, and InsureMO’s middleware platform to deliver a seamless, end-to-end ecosystem for insurance lifecycle management.

Steven Weiss, President of Incarnation Specialty, explained that the partnership aligns with the company’s goal to modernise operations and expand its market footprint. IntellectAI’s scalable and cost-effective solutions stood out after a rigorous evaluation of competing systems. Weiss noted that previous systems often underdelivered despite substantial investments, whereas IntellectAI’s marine insurance solutions offered superior configurability and rapid deployment capabilities.

How Does AI Transform Underwriting?

eMACH.ai Xponent is a next-generation policy administration system designed to streamline complex underwriting tasks. Built on IntellectAI’s Purple Fabric platform, it incorporates a low-code, self-service framework that enables MGAs to handle submission intake, quoting, binding, and policy renewals with ease.

The platform’s adaptability allows businesses like Incarnation to respond swiftly to market demands, reducing operational costs while enhancing service quality. With features such as automated risk assessment, account-centric management, and data-powered insights, the solution offers a comprehensive approach to insurance operations.

Banesh Prabhu, CEO of IntellectAI, stated that the platform’s ability to integrate front and back-end systems quickly was instrumental in achieving a rapid go-live for Incarnation. He emphasised that the partnership validates IntellectAI’s commitment to empowering specialty underwriters with AI-powered underwriting tools.

InsureMO: Bridging Efficiency with Flexibility

Complementing IntellectAI’s offerings, InsureMO provides a middleware policy administration system that connects MGAs with insurers, brokers, and other ecosystem players. Its APIs and microservices enable seamless integration, ensuring efficient management of insurance workflows.

Rajat Sharma, Chief Revenue Officer of InsureMO, remarked that their platform’s advanced features have given Incarnation the flexibility to operationalise their underwriting processes efficiently. By integrating IntellectAI’s eMACH.ai Xponent with InsureMO’s middleware, Incarnation benefits from a holistic solution that enhances productivity and scalability.

Why Marine Insurance Needs AI

The marine insurance sector faces unique challenges, including complex risk factors and fluctuating market conditions. Solutions like eMACH.ai Xponent and InsureMO address these issues by offering tailored tools for risk assessment, data management, and workflow automation. This enables MGAs to deliver accurate quotes faster, improve client satisfaction, and maintain a competitive edge.

Incarnation Specialty’s current portfolio includes cargo, stock throughput, and project cargo insurance on the ocean side, as well as auto physical damage and motor truck cargo insurance for inland operations. The adoption of AI-powered underwriting solutions supports their goal to expand into new insurance lines and strengthen their market position.

The Road Ahead for Incarnation Specialty

This partnership signals a new era for Incarnation Specialty as they embrace digital transformation. By implementing advanced marine insurance solutions, the MGA is well-positioned to deliver faster and more accurate underwriting services. The integration of AI-driven technologies ensures that Incarnation can adapt to industry trends and capture emerging opportunities.

The success of this collaboration highlights a growing industry shift towards AI and machine learning. For MGAs, adopting innovative tools like eMACH.ai Xponent and InsureMO’s middleware platform is not just an option but a necessity to thrive in today’s competitive landscape.

As the insurance sector evolves, partnerships like the one between Incarnation Specialty, IntellectAI, and InsureMO demonstrate how technology can transform traditional operations. By leveraging AI-powered underwriting and robust policy administration systems, Incarnation is setting a benchmark for efficiency and innovation in marine insurance.