Intellect Design ties up with InsureMO for underwriting, policy admin tech

Intellect Design Arena announced a strategic partnership with InsureMO to offer fully integrated AI-enabled underwriting and policy admin technology suite.

InsureMO is a cloud-native insurance middle office platform for insurers, brokers, agents, channels, insurtechs and start-ups; enabling use cases for any product and channel.

The strategic partnership is designed to offer a complete underwriting solution for commercial lines carriers and MGAs looking to replace their existing policy admin system or accelerate their digital transformation by implementing automated underwriting with integrated policy admin services, the company said.

Intellect Xponent, the P&C underwriting platform, now offers complete quote and policy lifecycle management, including ISO-based rating, through the use of InsureMO solution. InsureMO is a cloud-native insurance middle office platform for insurers, brokers, agents, channels, insurtechs and start-ups; enabling use cases for any product and channel.

Sandeep Haridas, chief strategy officer, IntellectAI, said, "Intellect's Xponent is capable of driving underwriting sophistication at any carrier or MGA that uses any off-theshelf PAS system. But several of our prospects and existing customers asked us to extend Xponent's capabilities to include quote and policy lifecycle maintenance."

Further he added, InsureMO was a natural choice and an amazing technology fit for us. Their cloud-native, API-first approach resonated with how we build our products. With InsureMO, the number of pre-built capabilities in Xponent jumps from 97 to more than 120.

Chuck Gomez, head of InsureMO North America, said, IntellectAI is wellknown in the industry as an underwriting technology vendor with a very happy client base for the quality products and service that they provide to the insurance industry. Integrating InsureMO's cloud-native policy admin technology into IntellectAI's underwriting platform will enable their client base to leverage the most modern and high-performing policy solution on the market.

Intellect Design Arena has a comprehensive portfolio of products across global consumer banking, central banking, risk & treasury management, global transaction banking and Insurance and is engaged in the business of software development.

The company's net profit declined 42.2% to Rs 45.77 crore despite of 16.7% rise in net sales to Rs 527.54 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.71% at Rs 430.60 on the BSE.

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