IntellectAI, the Insurtech division of Intellect Design Arena, has secured a significant multi-year agreement valued at I₹200 crore with a premier London Market insurance and reinsurance brokerage firm. Under this strategic partnership, the brokerage firm will implement IntellectAI’s underwriting ecosystem, featuring Magic Submission and Xponent solutions, built on its proprietary Purple Fabric AI platform, to enhance and streamline the insurance policy placement process.
This milestone underscores the growing adoption of AI-powered underwriting solutions that drive efficiency, optimize market access, and modernize the end-to-end insurance policy lifecycle. By leveraging IntellectAI’s advanced automation and data intelligence, the brokerage firm aims to transform its submission-to-bind workflow, reducing manual inefficiencies and accelerating deal flow across global markets.
Revolutionizing Underwriting with Purple Fabric AI
The brokerage firm sought a cutting-edge solution to optimize how submissions are processed, qualified, priced, and placed across its extensive market network. By integrating IntellectAI’s Purple Fabric platform and Xponent’s AI Expert Agents, the firm will harness intelligent automation to:
- Streamline submission processing by automatically extracting, analyzing, and categorizing data from incoming submissions.
- Enhance risk qualification and pricing with AI-driven insights, enabling quicker and more accurate decision-making.
- Improve broker-carrier interactions through seamless integration across underwriting, placement, and policy issuance.
- Deliver an end-to-end digital experience, covering binding, invoicing, payments, bordereaux generation, and claims management.
By incorporating the combined power of AI, automation, and data intelligence, IntellectAI is leading the charge in modernizing underwriting and creating a seamless placement process for brokers and insurers worldwide.
Purple Fabric: Driving the Future of AI-Powered Underwriting
This agreement marks a major validation of IntellectAI’s investment in its Purple Fabric platform, which integrates 217 technologies to deliver advanced AI-driven underwriting solutions. The platform enables organizations to harness connected intelligence and transform their operational efficiencies at scale. With its expertise in AI-driven automation, IntellectAI continues to unlock new efficiencies and revenue streams for brokers, managing general agents (MGAs), cover holders, and insurers globally.
Banesh Prabhu, CEO of IntellectAI, emphasized the significance of the agreement, stating: “We are thrilled to support this forward-thinking insurance intermediary in reimagining its placement process. The speed and conviction with which this deal was finalized is a testament to the value our platform brings to the industry. By leveraging our Purple Fabric Platform, we are not only enhancing the underwriting process but fundamentally transforming it. Our AI-driven ecosystem enables brokers to accelerate deal flow, expand market access, and drive operational efficiencies that were previously unattainable.”