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Intellect Design Arena Ltd. on Friday said that IntellectAI collaborated with InsureMO to provide artificial intelligence (AI) enabled underwriting and policy admin technology.

As part of the partnership, the company will offer a complete underwriting solution for commercial lines carriers and managing general agents (MGAs) planning to replace their existing policy admin system by implementing automated underwriting with integrated policy admin services.

IntellectAI is a suite of artificial intelligence products from Intellect Design Arena, and InsureMO is an insurance middle office provider for the global insurance industry.

Intellect Design Arena is a cloud-native, API (Application Programming Interfaces) led multi-product fintech platform that provides technology products for companies in banking, insurance, and capital markets.

The tie-up combines InsureMO insurance APIs with Intellect's Xponent underwriter workbench to offer an underwriting solution for commercial lines carriers and MGAs.

Intellect Xponent, an advanced P&C underwriting platform, now provides complete quote and policy lifecycle management, including ISO-based rating, from the use of the InsureMO solution.

Last month, Hem Securities recommended a buy rating on the Intellect Design Arena stock with a target price of Rs 524 in its research report dated November 28, 2022.

Shares of Intellect Design Arena are trading at Rs 429.10, up 0.36 percent.

(Edited by : Rukmani Krishna)