IntellectAI, an Insurtech Transformation Partner with end to end, AI and data powered underwriting solutions from Intellect Design Arena Ltd, announced today that Aspen Insurance Holdings Limited (“Aspen”), a globalspecialty insurance and reinsurance carrier,signed on to use Magic Submission, IntellectAI’s AI and Data powered Intake and Routing platform, to reduce the turnaround time of a submission between ingestion and rating. The insurer plans to use Risk Analyst for third party data enrichment to apply scoring rules and better determine appetite.

By implementing Magic Submission and Risk Analyst, Aspen plans to dramatically improve manual processes and to reduce turnaround time from days to hours in some cases, delivering standard and consistent underwriting decisions.

Ashley Orth, Aspen Insurance Senior Vice President andHead 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 forinsurance 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. We are excited to be partnering with Sandeep and his team on this project, and we look forward to delivering ‘Clarity from ComplexityTM’ through increased collaboration and a premium user experience.”

Commenting about the Aspen win, Sandeep Haridas, Chief Strategy Officer and Business Head, North America, IntellectAI, 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.”

Haridas continued, “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.”

Source : Press Release