Intact Insurance Uses AI to Speed Broker Response
Intact Insurance is using AI and automation to streamline its underwriting process and accelerate response times for brokers. The company's enhancements focus on data ingestion and automated workflows. The goal is to improve efficiency and provide faster service to its distribution partners.
- The AI and automation initiative is part of a broader commercial lines technology and workflow transformation program led by Sally NG, Intact Insurance's Change and Technology Delivery Director. The goal is to assist underwriters, not replace them, by automating manual tasks and providing deeper insights. - Intact's parent company, Intact Financial Corporation, has a stated goal of becoming the "best AI insurance shop in the world" and has deployed over 500 AI models that generate $150 million in annual benefits. The company invests over C$500 million annually in technology and innovation. - A key feature of the new system is an AI tool that scans data submitted by brokers, extracts key underwriting information, and integrates it into Intact's systems. This tool also supplements internal data with publicly available information to provide a more comprehensive risk profile. - This technology enables the processing of submissions at a large scale, including those for business that Intact does not ultimately write. Analyzing this broader data set helps the company identify emerging market trends and unmet needs, which can inform product innovation. - The company is also leveraging AI in other areas, such as claims processing. Predictive models are used to make over 1,000 decisions daily, leading to faster settlements and improved fraud detection. - To handle the massive influx of data from up to 20,000 customer calls per day, Intact developed an automated "Call Quality" solution with Amazon Web Services. This system uses Amazon Transcribe for speech-to-text and has increased call auditing capacity by 1,500%. - Intact's AI strategy extends to using geospatial tools like drones, satellites, and high-resolution aerial imagery to assess property risks, particularly for climate-related events like hurricanes and floods. - The company's innovation efforts are supported by Intact Lab, a research and development hub with offices in Canada and Hong Kong, staffed by over 120 experts. The lab collaborates with academic institutions like Université Laval to develop new technologies for extracting information from text and images.
