Indico Data’s new Agentic AI decisioning application for underwriting triage and clearance has been developed specifically for the commercial insurance sector. By automating the ingestion of unstructured submission data and analysing complex decision criteria, the application speeds up the quoting process, leading to improved risk selection and higher premium growth.
Indico Data, an Intelligent Document Processing (IDP) provider, announced on October 16, 2024, that it has launched its new Agentic AI decisioning solution for commercial insurance underwriting clearance and triage. According to Indico Data, at the heart of the application is its recently developed suite of Agentic AI capabilities, Intelligent Insights.
Tom Wilde, CEO of Indico Data, commented: “We are thrilled to introduce the industry’s first agentic decision application for underwriting triage and clearance. 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.”
Dan Lucarini, Senior Analyst at Deep Analysis, wrote: “Just as we predicted last year when GenAI blew onto the scene, IDP vendors are expanding outside the traditional “classify-extract-export” box to create insights and take actions based on that data. This is a smart move by Indico, allowing it to capture more of the customer value chain and further differentiating itself from the crowded IDP pack. While the platform could handle many diverse unstructured data use cases, we also commend Indico’s decision to focus resources on the commercial insurance sector and going much deeper into solving an underwriter’s pain points.”
Just a week ago, Indico Data announced the establishment of an Insurance Industry Advisor Network. With this strategic initiative, which initially consists of eight industry veterans, the IDP provider aims to strengthen its position in the commercial insurance sector.
Headquartered in Boston, Indico Data’s Decision Automation Platform transforms data processing and accelerates decision-making for insurance companies by automating the creation of structured data from unstructured sources.
You can find the full press release here.
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