IntellectAI partners with Aspen Insurance to streamline underwriting process
IntellectAI, an insurtech transformation partner owned by Intellect Design Arena, has announced its collaboration with Aspen Insurance Holdings Limited, a global specialty insurance and reinsurance carrier.
The partnership involves the adoption of IntellectAI’s Magic Submission platform, an artificial intelligence (AI) and data-powered Intake and Routing solution, by Aspen Insurance. The primary goal is to reduce the time taken for the submission process between ingestion and rating.
Additionally, Aspen Insurance plans to leverage IntellectAI’s Risk Analyst to enhance third-party data enrichment, enabling better application of scoring rules and appetite determination.
Ashley Orth — Aspen Insurance Senior Vice President and Head of US Insurance Operations said: “We have been thoroughly impressed with IntellectAI’s solutions, which have a great track record of enabling meaningful digital transformation and automation for insurance carriers.
“With their domain expertise and talented workforce, Magic Submission and Risk Analyst will help us enrich Aspen’s data quality, reduce our operating costs and streamline processes.”
By implementing Magic Submission and Risk Analyst, Aspen Insurance aims to achieve significant improvements in manual processes, resulting in reduced turnaround times from days to hours in certain cases.
This advancement will facilitate the delivery of consistent and standardized underwriting decisions, leading to streamlined operations and increased efficiency for Aspen Insurance.
Sandeep Haridas — IntellectAI Chief Strategy Officer and Business Head of North America said: “We are thrilled to have this opportunity to collaborate with Aspen and partner with them on their digital transformation journey to improve their submission processing, specifically when it comes to ingestion and rating.
“Selecting Magic Submission continues to emphasize and further validate the need for technology that intelligently automates processes to improve many of the manual, inefficient tasks that slow underwriting.”