Processing insurance quotes has long been one of the most time-consuming and error-prone tasks facing commercial brokers.
IntellectAI is looking to change that with its Magic Placement platform, which uses artificial intelligence to automatically extract, structure, and validate complex quote documents, eliminating the need for manual data entry.
The challenge is a familiar one across the industry. Quote documents arrive from carriers in a wide variety of formats, often covering multiple locations, coverage types, and policy options. Handling these manually is slow, inconsistent, and costly, driving up operational overheads and slowing underwriting turnaround times at a moment when speed and accuracy are increasingly competitive differentiators.
IntellectAI’s answer is a five-step AI pipeline built into Magic Placement that ingests unstructured quote documents and converts them into clean, normalised JSON data ready for downstream use.
According to the company, the workflow delivers meaningful efficiency gains: a 60% reduction in manual data effort, 50% faster quote review turnaround, and up to a 40% improvement in operational productivity. Overall extraction accuracy sits at 96%, with operational processing costs falling by around 30%.
The platform’s core capabilities extend beyond simple data capture. It can automatically extract key fields including line of business, coverage details, premiums, total insured value, fees, dates, and TRIA information. A human-in-the-loop review function preserves oversight, allowing teams to edit outputs and trace data back to its original source through field-level lineage tracking.
Crucially, Magic Placement is designed to slot into existing technology stacks without disruption. It supports both UI-driven workflows and headless API deployments, making it compatible with broker portals, carrier policy administration systems, and enterprise workbenches alike.
For more insights, read the full story here.
Copyright © 2026 FinTech Global
