Intellect Design inks ₹200 Crore deal with London-based brokerage

20 Feb 2025 , 05:47 PM

Intellect Design Arena Limited announced on Thursday that its Insurtech Unit, Intellect AI, has entered into a multi-year deal worth ₹200 Crore with a leading brokerage firm based in London. Intellect AI provides AI and data-powered underwriting solutions to its clients.

Following this development, Intellect Design’s stock gained as much as 3% in Thursday’s trading session. 

However, the counter settled with a gain of 0.61% at ₹718, against the previous close of ₹713.65 on NSE. During the day, it touched an intraday high of ₹732.20.

Under the terms of agreement, the brokerage firm will leverage Intellect AI’s Purple Fabric platform, Magic Submission, and Xponent to streamline its underwriting process.

As per Intellect, the deal will simplify claims processing, enhance risk qualification and pricing, and improve broker-carrier interactions by combining underwriting, placement, and policy issuance.

As per the company’s filing with the bourses, the ₹200 crore contract includes payments, invoicing, binding, bordereaux generation, and claims management. By using Purple Fabric and Xponent’s AI-driven capabilities, the London-based brokerage business aims to simplify submission processing, increase access to market, and offer an end-to-end digital experience to customers. 

According to Intellect AI, Purple Fabric integrated 217 advanced technologies for delivering AI solutions to brokers, MGAs, cover holders, and insurers across the world.

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