IntellectAI secures major insurtech deal with Across America Insurance Services

IntellectAI, a division of Intellect Design Arena, has secured a significant partnership with Across America Insurance Services to enhance underwriting accuracy through artificial intelligence (AI). The deal will see Across America integrating IntellectAI’s Magic Submission and Xponent platforms, both powered by the company’s proprietary Purple Fabric AI platform.

Across America, a wholesale insurance provider specialising in commercial transportation, sought a solution to streamline its underwriting process, particularly in handling loss runs extraction. These documents, which provide an insurer’s claims history, play a crucial role in determining risk levels. By leveraging Magic Submission’s AI-driven extraction technology, Across America aims to eliminate inefficiencies and enhance decision-making in underwriting.

AI-Driven Solutions to Improve Underwriting Efficiency

At the core of this transformation is Purple Fabric AI, a technology that integrates generative AI with underwriting workflows. Magic Submission, IntellectAI’s automated ingestion and extraction tool, is designed to process vast volumes of loss runs with near-perfect accuracy. According to IntellectAI, this solution enables insurers, brokers, and managing general agents (MGAs) to reduce processing times significantly.

Additionally, Across America will use Xponent, an AI-powered underwriting platform, to visualise and analyse loss data, allowing underwriters to make faster and more accurate decisions. By automating administrative tasks, these solutions enable insurers to focus more on risk assessment and policyholder needs rather than manual paperwork.

Why Across America Chose IntellectAI

Across America CEO Harish Kapur stated that the company’s underwriting process had long been hindered by the manual handling of loss run documents. He explained that automation would allow underwriters to focus on customer needs rather than administrative burdens. With the integration of Magic Submission and Xponent, Across America expects to improve underwriting accuracy and efficiency, reducing errors and speeding up policy approvals.

“Automation helps underwriters shift their focus from paperwork to the people they serve,” Kapur noted. He added that IntellectAI’s solutions offer a clear and accurate analysis of loss run data, supporting better decision-making.

A Strategic Move for IntellectAI’s Insurtech Growth

For IntellectAI, this partnership represents another milestone in its push to revolutionise commercial and specialty insurance. CEO Banesh Prabhu expressed enthusiasm about the deal, stating that Across America is precisely the type of forward-thinking organisation that IntellectAI aims to support.

“We are excited to welcome Across America as a client for Magic Submission and Xponent. Their adoption of our solutions underscores the growing demand for AI-powered underwriting tools in the insurance industry,” said Prabhu.

IntellectAI has positioned itself as a key player in insurtech transformation, offering a broad portfolio of AI-driven solutions. With expertise in AI, machine learning, and data analytics, the company provides tools that streamline operations across global insurance markets.

Market Impact and Industry Trends

The insurance sector has been increasingly adopting AI to handle large volumes of claims and policy data. Automation in underwriting is particularly gaining traction as insurers look to cut costs and improve decision accuracy.

The partnership between Across America and IntellectAI highlights a broader trend where AI and predictive analytics are reshaping risk assessment in insurance. The use of loss runs extraction powered by AI could set a new benchmark for the industry, reducing reliance on manual data processing and improving policy turnaround times.

Investor Sentiment and Financial Implications

Intellect Design Arena, IntellectAI’s parent company, has been expanding its footprint in financial technology and insurtech. Following this announcement, market analysts are closely watching how the adoption of Purple Fabric AI will contribute to the company’s revenue growth.

While the exact financial details of the Across America deal have not been disclosed, successful implementation of AI underwriting tools could position IntellectAI as a preferred partner for wholesale insurance providers and MGAs. Given the insurance industry’s increasing reliance on digital transformation, the demand for AI-driven risk analysis is expected to rise.

What’s Next for AI in Insurance?

As AI adoption accelerates in the insurance sector, more companies are expected to invest in underwriting automation. With IntellectAI’s solutions demonstrating tangible benefits, competitors may follow suit in integrating AI-powered submission and risk evaluation tools.

For Across America, the immediate focus is on rolling out Magic Submission and Xponent to enhance underwriting speed and accuracy. If successful, the company may expand AI integration across additional processes, potentially setting a precedent for other wholesale insurance providers.