Intellect Design share price jump 7% after tie-up with US insurance firm
A specialist in applying digital technologies, Intellect Design Arena, on November 4, reported a net loss of Rs 17 crore for the second quarter ended September 30, 2019.
November 19, 2019 / 12:46 PM IST
Intellect Design Arena share price jumped 7 percent in intraday trade on BSE on November 19 after the company announced its new business association with KSKJ Life, an Illinois-based life insurance company.
"KSKJ Life, a fraternal organization founded by Slovenian immigrants, goes live with Intellect SEEC’s AI-powered, cloud-native Fraternal Suite," the company said in a media release.
Intellect SEEC is the insurance software division of Intellect Design Arena. The Fraternal Suite supports seven powerful business apps that are multi-device and multi-channel and they come out-of-the-box with a single codebase, the company said.
“Going live with Intellect SEEC’s AI-Powered Fraternal suite is an important step for our customers. Intellect SEEC’s digital-led, innovative approach allowed us to support our growth strategy and position ourselves to take advantage of the market," said Tony Mravle Jr, CEO of KSKJ Life.
A specialist in applying digital technologies, Intellect Design Arena, on November 4, reported a net loss of Rs 17 crore for the second quarter ended September 30, 2019, as against a net profit of Rs 31 crore for the corresponding quarter last year.
Revenue declined nearly 15 percent to Rs 327 crore from Rs 383 crore.
Shares of the company traded 5.82 percent up at Rs 150.85 on BSE at 1235 hours.