Intellect Design Arena (Intellect) surged 4.04% to Rs 459.15 after the company announced collaboration with Amazon Web Services (AWS) for its underwriting customers to gain immediate access to the latest innovation, technology and resources.
AWS will accelerate Intellect's go-to-market strategy around co-build, co-market, and co-sell for IntellectAI, the insurance and wealth line of business, with Artificial Intelligence products designed for commercial underwriting, wealth and capital markets.Intellect will work closely with AWS to bring AWS's innovation and emerging technology directly to their customers. This will entail dedicated support from AWS across technology and strategy as well as collaboration between the sales teams of both organizations. These joint go-to-market initiatives will help commercial insurers, managing general agents (MGAs), and brokers streamline and automate their underwriting.
With IntellectAI's end-to-end underwriting platform, Intellect Xponent, an AWS financial services competency partner on the AWS partner network (APN), this collaboration will enable IntellectAI to offer the latest access, innovation and collaboration to its customers.
Sandeep Haridas, chief strategy officer, IntellecAI, said, "Amazon Web Service's ecosystem of partners as well as comprehensive and broadly available cloud platform will allow us to offer so much more in terms of capabilities, strategy and technology to our customers who use our underwriting suite of products, with the new collaboration , Intellect and AWS will work jointly and provide commercial carriers with new ways to improve efficiency, automation and realize greater ROI in their technology initiatives."
Intellect Design Arena has a comprehensive portfolio of products across global consumer banking, central banking, risk & treasury management, global transaction banking and Insurance and is engaged in the business of software development.
The company's consolidated net profit declined 38.5% to Rs 62.03 crore despite of 7.6% rise in net sales to Rs 546.92 crore in Q3 FY23 over Q3 FY22.
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