Leveraging Indico's Agentic AI architecture, the application delivers massive acceleration of time to quote for leading Global Insurance Carriers
BOSTON, Oct. 16, 2024 /PRNewswire/ -- Indico Data, The Decision Automation Company™, today announced the launch of the industry's first Agentic AI decision application for underwriting triage and clearance at the ITC Insurtech Expo in Las Vegas. This application revolutionizes the underwriting process by leveraging Indico Data's Intelligent Intake, a comprehensive set of capabilities for ingesting and processing unstructured data, and Intelligent Insights, a suite of Agentic AI-powered capabilities for enterprise decision-making. The announcement reflects Indico Data's continued investment in enabling global insurance carriers to make better decisions across the policy life cycle, which is critical given the vast array of unstructured data inputs and complex decisioning criteria that drive underwriting decisions.
Designed specifically for the commercial underwriting sector, this solution automates the traditionally manual and time-consuming clearance process, reducing delays and inaccuracies. By automating the ingestion of unstructured submissions data and analysis of complex decision criteria, it significantly speeds up the quoting process, leading to improved risk selection and premium growth. This application disrupts the Insurtech market with a comprehensive set of capabilities that leverage Indico Data's Agentic AI architecture including:
"Out of the Box" clearance data extraction leveraging Indico's award-winning intelligent intake technology that turns unstructured data into actionable, structured data.Advanced "inbox" capabilities that unbundle, classify, and extract data, suggest next best actions, create and update submissions, and auto-decline based on underwriting guidelines.Submission summarization and data validation, including confidence scored data extraction with contextual links back to source documents for easy validation or correction.Submission copilot which unlocks "ask my document" functionality for document interrogation.Elapsed time and "In Good Order" checklists which show the progress of each submission to ensure rapid time to quote.Dynamic Risk Appetite scoring, including integrations with powerful rating and pricing engines including Aon APP, Hyperexponential and Guidewire.Submission explainability enabling complete audit trail of all underwriting operations performed as well as underlying AI Agent actions.Robust downstream integrations with underwriting workbenches such as Unqork and Policy Administration Systems such as Guidewire.
Core to the launch of Indico Data's Underwriting Clearance and Triage application is the newly developed set of Agentic AI capabilities, Intelligent Insights. Building on its pioneering use of enterprise large language models since 2018, Indico sets a new standard with its Agentic AI architecture. Key capabilities include:
Next Best Action (NBA) AI Agents that analyze data to provide tailored, optimal recommendations for the most effective next steps.Hybrid AI Technology Stack which supports discriminative, generative, or heuristic-based agents.Safe and Scalable Deployment that is compatible with multiple cloud LLMs including Azure OpenAI and customer-hosted LLMs.Full Explainability which ensures auditability and compliance.
"We are thrilled to introduce the industry's first agentic decision application for underwriting triage and clearance," said Tom Wilde, CEO of Indico Data. "This groundbreaking solution not only automates and accelerates the traditionally manual clearance process but also enhances decision-making accuracy and efficiency. Our commitment to leveraging advanced AI technologies enables global insurance carriers to navigate the complexities of unstructured data and make more informed decisions, ultimately driving better outcomes across the policy life cycle."
About Indico Data
Indico Data revolutionizes data processing and accelerates decision-making for insurance companies by automating the creation of structured data from unstructured sources. Our first-to-market hybrid Discriminative and Generative AI technology powers our Intelligent Intake and Intelligent Insights solutions, empowering users to make better decisions with better data. Visit IndicoData.ai to learn more
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SOURCE Indico Data
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