Intellect Design Arena Ltd.’s shares were up by 0.42 per cent, after the company reported that IntellectAI, the Insurtech and Wealthtech brand of the company, unveiled a technology that processes loss runs instantly and accurately, with greater than 95 per cent accuracy, and without any human intervention.
This solution will ease the way insurers, agents, brokers, wholesalers, and MGAs extract data from loss runs, saving both time and money, per the company.
The company said this technology leverages Large Language Models (LLMs) to extract data from loss runs across all document formats, including handwritten notes, Excel sheets, images, and PDFs and is powered by Gen AI and built on Intellect’s eMACH.ai architecture,
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Sandeep Haridas, Insurance Business Head at IntellectAI, said, “We have solved a problem that the industry has struggled with since generating the first loss run output. We are now able to accurately extract loss run information and summarise it from different document types, irrespective of content complexities, with no human involvement during the extraction process.”
Loss runs can vary significantly in format and structure, making them challenging for AI models to read and extract accurately, per the company. Historically, this has forced those involved in the insurance submission process to choose between accuracy and speed, it added.
The shares advanced 1.15 per cent to close at ₹1,070 on the BSE.