By ET Bureau - September 15, 2022 4 mins read
FatBrain AI (LZG International Inc.; OTC: LZGI), the leader in powerful and easy-to-use artificial intelligence (AI) solutions for start-up and mid-market businesses (SMEs), has acquired Intellagents, an innovative insuretech platform.
The FatBrain and Intellagents combination empowers businesses, brokers and insurers to leverage Peer Intelligence technologies to optimize transactions, score risk, enhance productivity and simplify actionable insights for everyone across the insurance supply chain creating never-seen-before opportunities for growth.
“We are excited to welcome Intellagents into the FatBrain family,” said Peter B. Ritz, co-founder and CEO of FatBrain AI. “Intellagents SaaS offers powerful, easy-to-use automation to accelerate Peer Intelligence growth for all participants connecting the insurance supply chain. Adding one connection per week to the insurance knowledge market, Intellagents SaaS accelerates the pace of innovation and improvement. Each such connection means actionable insights for tens of millions of businesses, hundreds of thousands of agents, many thousands of insurers and insuretechs.”
Intellagents unifies an insurance-specific integration and API management marketplace with connectors to more than 60 insurance capabilities orchestrated within minutes into unique solutions. It enables insurers and brokers to rapidly realize improvements and efficiencies across multiple domains, including: client engagement; channel optimization; risk selection, pricing, and fraud mitigation; product speed to market; and “Book of Business” acquisitions.
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“Our clients join a comprehensive ecosystem enabling rapid innovation and growth with a simple self-service experience to harness the power of data and AI,” said Mark Stender, CEO and co-founder of Intellagents. “No single insurer, broker or software company can solve the challenges of the insurance industry alone. The power of many “best-in-class” insurance capabilities connecting together, each continuously learning to improve individual performance, expands the overall insurance knowledge marketplace. The latest advances in AI 2.0 technologies coupled with the burgeoning data availability accelerate this realization.”
Intellagents solutions are SOX, GDPR and HIPAA compliant and capable of passing any compliance exam from insurers.
“We’ve seen peer data turbo-charge the market in life insurance and annuities,” said Shawn R. Carey, chief operating officer at FatBrain AI and co-founder, CTO-emeritus at iPipeline, a Roper Technologies, Inc. ( NYSE: ROP) company. “Contributory peer insights powered by AI promise to accelerate growth beyond what we realized at iPipeline. With Intellagents ecosystem, connectivity, marketplace, team and technology we’re starting on 3rd base.”
“Our mission at FatBrain AI is to equip entrepreneurs and mid-market businesses with simple to use AI solutions that will help them reclaim time, save money and boost their bottom lines,” said Rajarshi Das, chief scientific officer at FatBrain AI. “Intellagents and FatBrain AI are united in this mission and eager to support the global community of businesses, brokers and insurers.”
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on September 13, 2022. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are based entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
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