IntellectAI, a Suite of Artificial Intelligence products from Intellect Design Arena, and Coherent, have inked a strategic partnership, designed to help accelerate underwriting transformation for commercial carriers, brokers, and MGAs.
Spreadsheets are a significant part of the underwriting process for commercial carriers, brokers, and MGAs. Because of their ease of use and the sophistication contained with these spreadsheets, they are used in all facets of commercial lines underwriting. However, the apprehension to rewrite the logic from Excel spreadsheets into an automated portion of the underwriting process has made carriers and MGAs reluctant to drive large-scale projects around digital transformation.
This partnership brings together the ability of Coherent Spark technology to quickly and efficiently convert the business logic trapped in spreadsheets, such as business rules, calculations or data models of any complexity, into ready-to-use APIs that will be used within Intellect’s Xponent, Intellect’s no-code underwriting workbench.
As a result, Intellect can now offer its customers a simple and intuitive way to use the logic contained in the spreadsheets as part of their underwriting process. With the integration between Xponent’s no-code product configurator and Coherent Spark, Intellect’s customers can intuitively transform business, perform rating and pricing, and quickly launch products into the market, in a matter of weeks as opposed to months.
Intellect Design Arena, a global leader when it comes to applying true digital technology, is the world’s first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products.
