Jan 3: Intellect SEEC, the insurance software division of Chennai-based Intellect Design Arena Ltd, on Wednesday said that it has won seven new clients in the first seven months of this fiscal year for its new cloud-native platform.
According to the company, the platform, which supports both life and property and casualty carriers, has 10 different applications across distribution and underwriting. Five of these new client wins were in the United States and the others were in Canada and Europe, it said.
Commenting on the development, Pranav Pasricha, Intellect SEEC’s CEO, said, “we have been pioneering cloud, big data and AI solutions in insurance since 2014. The industry has struggled to improve loss ratio or expense ratio because traditional core systems projects do not add business value despite their high cost and the long period of time required to implement them. On the other hand, cloud-native solutions driven by AI and big data can go live in months and significantly improve underwriting and pricing, automate distribution and improve loss ratios by three to five percent. We are proud to have delivered such efficiency to our clients and can see our initial vision of transforming the industry turning into a reality.”
Intellect Design Arena Ltd is engaged in the business of financial technology for banking, insurance and other financial services verticals. The $100-million company is a product developer and a start-up approach-based business model with the maturity of an established specialist in designing advanced technology products for global financial platforms.
Shares of the company were trading at Rs 165.70, up 2.51% from the previous closing of Rs 161.65, on BSE at 3.09 pm today.